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Automobile Insurance Agent in Waterford, MI offers Tips about Gap Insurance
Most people are not familiar with gap insurance and why it is so important to have.  You should consider purchasing gap insurance if you owe money on your vehicle so that in the event of an accident or theft, you will not have to continue paying on a vehicle you no longer have. 
What is gap insurance? 
Most people finance their new cars rather than paying cash for them.  Gap insurance is a product offered by car dealers to ensure the vehicle is paid off in the event of theft or an accident resulting in a total loss (meaning the vehicle is not worth repairing).  Gap insurance protects you from the obligation of continuing to make payments when the vehicle is no longer in your possession, leaving you free to purchase another car without having to pay off your previous car loan. 
The value of a car quickly depreciates, beginning right when you drive the new car away from the dealership.  Even if you make a large down payment, chances are that if you're in a serious accident or if your car is stolen, your insurance will not be sufficient to cover the balance owed on your car loan.  You are ... more

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