When you submit a total loss claim, your insurer will pay a maximum of your car’s actual cash value (ACV)

When you submit a total loss claim, your insurer will pay a maximum of your car’s actual cash value (ACV)

Aside from vintage and collectible autos, all cars lose value over time. If your financed car is totaled, gap insurance can cover the remaining amount on your loan should you owe more than the car is worth. In this article, we’ll explain everything you need to know about gap insurance and recommend the best car insurance companies for gap coverage.

If you’re shopping for auto coverage, the best way to find the lowest rates is to compare multiple car insurance quotes .

What is gap insurance?

As soon as you drive a new car off the lot, its value starts depreciating. If your new car is totaled within the first few years, you could owe the bank more than what your car is worth. Pokračovat ve čtení „When you submit a total loss claim, your insurer will pay a maximum of your car’s actual cash value (ACV)“