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GAP COVERAGE - (Guaranteed
Asset Protection)
There's a gap in your vehicle
insurance that could cost you thousands.
What causes the gap?
This is a
relatively new phenomenon. It is actually caused by fierce
competition. With more offers of low- or no-down payments
when buying or leasing a vehicle, you have little or no
initial equity in the vehicle. After the vehicle is purchased,
the value decreases substantially. Unfortunately, the vehicle's
value may be less than what you owe on your loan. Hence
the "gap."
Surprise. Auto insurance
doesn't pay it all.
You are liable
for this "gap" in your coverage -- a gap that could cost
you thousands of dollars. Most people worry about getting
a scratch on their new car. Imagine how you'd feel if all
of a sudden your pride and joy - your brand new car - was
a total wreck, and you had to pay $10,000 out of your own
pocket - over and above what your insurance pays. How would
you feel? Think about it. Then think about this.
Who pays the difference?
You do.
The question
is not can you afford GAP insurance, but can you afford
not to have GAP insurance?
What do you have to lose?
Should you
decide to "gamble" with your vehicle, you may
remove the "GAP" endorsement at any time. You
will only be charged for the time the GAP endorsement is
on your policy.
Limit of liability
for GAP coverage shall not exceed $10,000.00.
Don't put it off. Ask for
a GAP application now. It's a very small price to pay for
this much peace of mind.
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