An auto Gap insurance policy is important because a standard collision and comprehensive auto policy may only cover a new car’s “fair market value”. Fair market value may be as little as 80% of what you paid for your car, and starting the moment you drive it off the lot fair market value decreases. If you have financed your car and have a total loss your auto insurance may not cover the full amount you owe on your loan, and you could end up paying off a loan for a car you can’t even drive. This is where gap insurance … Continue reading →