When the insurance company’s compensation is lower than what you owe on a loan and your car is declared a total loss, what do you do? To protect yourself from the financial strain this situation could cause, you need to have gap insurance. Gap insurance will cover the difference in what you owe and the awarded compensation, so you do not have to pay out of pocket for a car you 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 save you money! Get Gap insurance!
If you have been injured in a car accident or any type of accident, Omena Law Firm is here to help you. Please give us a call at 301-363-1604.