Auto gap insurance is a must-have if you’re leasing a car or if you’re “upside-down” in your car, meaning you owe more than it’s worth. Read on to learn what gap insurance is and how you can find a low-cost policy.
What is Gap Insurance?
Everyone knows that if you buy a new car, its value plummets as soon as you drive it off the lot. Suddenly, the car you financed for $25,000 may be worth only $20,000.
So imagine that this same car is totaled within the first year or two of owning it. “That’s OK,” you think. “I have collision coverage, which will pay me enough to pay off my car loan and get a new car.”
But then you find out the insurance company sets the value of your car at considerably less than what you still owe on the car. Now you are not only without a car, but you still have to finish paying off the finance company.
This is where gap insurance comes in to save you. A gap policy covers the difference between the value of your car and what you owe the finance company. Gap policies are often required when you lease a car and are a good idea for the first couple of years after you buy a new car.
Where Can I Get a Gap Policy?
You can probably purchase a gap policy through your auto dealership or leasing company. However, this is the most expensive option for what is usually a pretty inexpensive policy.
A better option is to check with your current insurance company to see if they can add gap insurance to your existing policy, or go to an insurance comparison website where you can get quotes from a number of different companies, compare them, then choose the cheapest rate (see link below).
Where Can I Get a Cheap Rate?
Visit http://www.LowerRateQuotes.com or click on the following link to get auto gap insurance rate quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section, and get answers to your questions from an insurance expert by using their online chat service.
ryan@thesatellitetvguide.com
http://www.articlesbase.com/insurance-articles/auto-gap-insurance-how-to-get-the-best-rate-399781.html
What to do if after a minor accident if your auto insurance rate is higher?
Our auto insurance rate is higher after a minor accident,
How can we negotiate with insurer(progressive) to give us lower rate?
Is there any trick?
This is standard policy across all insurance companies. They charge you a 10% surcharge for the next 2 to 5 years depending on the severity of the accident.
References :
You can try negotiations. And check other insurance quotes.
Next time, pay for the repairs yourself. Especially in ‘minor’ accidents.
References :
Yes, your auto insurance premiums could go up if you have an accident and it is entered in the insurance records. Some insurance companies forgive the first accident and some others may charge a little extra at the time of your signing up for offering forgiveness. You can read more on this link..
http://www.assureinsure.com/article-will-my-insurance-premium-go-up-after-accident–43.aspx
References :
http://www.assureinsure.com/article-will-my-insurance-premium-go-up-after-accident–43.aspx
No, there is no negotiating. Each company files their mathematical formula for calculating rates (including the factor they use for accidents) with the state and it is carved in stone.
However, every company has its own mathematical formula, so it might pay to shop around.
References :
Claims adjuster
I found a great site for you, take a look and tell me what do you think:
http://alternativeinsuranceguide.com/how-to-reduce-your-car-insurance-premiums-supreme-articles/
References :
http://alternativeinsuranceguide.com/