Gap Auto Insurance Columbus Ohio OH

Reader’s Question:

I am in the process of getting a leased car. The agent in Columbus, Ohio is offering gap insurance and I barely know anything about it. Shall I take it?

Ruth

Columbus, OH

Hi Ruth. Personally I like the whole kit and caboodle of gap insurance. For most of us car owners who do not have the extra cash always, gap insurance could come handy, especially when what we have is a long-term lease, like, let’s say, five years.

Gap insurance bridges the difference between what the insurer assesses your car to be worth and the remaining balance of your loan at the time of the loss or accident. It’s literally that–filling in the void that we, as a matter of fact, often overlook. For example, your 18-month-old car which you bought for 18,000 gets stolen. You still have an outstanding loan balance of 13,000, and based on depreciation rates, the insurance company’s assessment of your car is only 12,000, then there is that difference of 1,000 that you will have to take out of your own pocket.

That difference is what the gap insurance covers. Most auto dealers and insurance companies in Columbus, Ohio, offer gap insurance. So, it should be easy for you to review them first and to choose the best deal. And contrary to what others might think, gap insurance is actually very affordable. I’d get one in a heartbeat.

Tags: auto insurance, gap insurance