You need gap insurance if you are making payments on your car.
An unfortunate common occurrence after a car accident is where people are left with no money, no car, and paying for a car they no longer have. If you are making payments on your car and your vehicle is totaled in a car accident, you will be compensated for the value of your vehicle before it was in the accident. We all know cars depreciate once you drive off the lot so you will probably be given less money than what you owe on the car. Gap insurance will cover the difference in what you owe and what you are compensated with so you don’t have to pay out of pocket for a car you no longer have.
For more information please call 301-363-1604.