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Everything you need to know about GAP insurance
Manage episode 344921473 series 3407873
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Bringing home a brand new or “brand new to you” car is always an exciting moment, but a whole set of new worries and responsibilities come right along with that new purchase. You now have a car payment to add to your monthly expenses, and actually seeing an extra several hundred dollars come out of your account each month can be jarring. If your last vehicle was a bit of a lemon and you’ve replaced it with a significantly nicer model, you might now be much more worried about getting into a fender bender, bumping a curb and scratching up your paint, or, heaven forbid, your car being stolen. And justifiably so!
Most drivers are at least vaguely aware that the value of a new car begins to drop, or depreciate, pretty drastically once it leaves the dealership. According to CARFAX, a new car usually loses at least 10% of its value just in the first month after purchase! In the first year of new ownership, the car will lose 20% of its value in total, and roughly 15% of its value for every year thereafter. If something happens to your car (i.e., it’s stolen or totaled in a wreck), GAP insurance can help make sure you aren’t stuck paying more than what your car is actually worth.
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everything you need to know about gap insurance
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