Every driver in the U.S. only needs to have car insurance. And most of drive around confident that we have sufficient coverage to protect to us, we must always be involved in an accident.
However, almost 97% of all drivers do not adequately protected .... and not even know it. That's what I mean.
However, almost 97% of all drivers do not adequately protected .... and not even know it. That's what I mean.
Suppose you been involved in an accident serious enough that the car a "total loss" by your insurance is valid. Or perhaps your car is stolen. A few weeks later you receive a check from your insurance company.
If you look to see the amount that shocked. In thousands of dollars less than you owe on your car. How can that be, you ask?
Well, like most, your policy has this short article somewhere in all that legalese buried -
"In the case of total loss, the insured will receive the value of the vehicle, minus the deductible."
Did you catch the 3, very important words in this article? The three words - "true value".
Actual value means that you get a check ....
not: "What You Need" What the value is "".
Is it not a surprise.
And like most, a little more than the car or truck is interesting. What do you with your bank or credit union, if your vehicle suffering now guilty?
So how to avoid this situation?
Well, if you buy a new or used vehicle, add a "corridor" of your policy or purchase a "pilot".
If you contents insurance or rent a "pilot" may sound familiar. Policy for home owners, if you own expensive items like jewelry, you have a clause in your contract. The reason - insurance companies do not cover the concepts as part of a regular insurance.
Therefore, you pay an extra $ 5 or $ 6 per month to have the elements completely covered by the pilot. "
If something happens, jewelry, will be replaced.
A driver of your car or truck, the gap insurance or GAP protection is invoked. It's like the driver for your house - except that it is only for cars, vans, trucks and SUVs.
It contains no "What You Need", so their value. "
Whatever the reason - if it ever theft, fire, accidents, floods, tornadoes, vandalism, storm, you're covered - and paid in full!
They can to protect themselves in four different ways.
1. Put at least 20% -30% less than in any purchase of new cars or used to eliminate a difference;
2. Buy a "great" - also known as GAP insurance car insurance company or bank;
3. Buy insurance gap insurance from another company;
4. Buy insurance deficit of the franchise, you buy less.
Each option is a good way to protect themselves. Whether you buy a new car or truck, or purchase a vehicle in the last 2 years, ensure that the "gap" between what your car is worth and what should be covered.
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