Friday, February 23, 2018

The Importance of Gap Insurance After a Car Accident

When a person gets a new vehicle, the majority of us want that car to run us as long as possible, the last thing we think of is the possibility of that car being totaled before it is even paid off. Unfortunately, accidents do happen, and that’s where the importance of gap insurance comes into play.
If you’re in an accident where your vehicle is totaled and it is not yet paid off, you could still owe thousands of dollars to the lien holder even after the total loss check has been cashed. Insurance companies usually offer the minimum amount of your vehicles value, which is often far less than what you actually paid for the car. This means that not only do you no longer have a vehicle, but you also still have to pay off that car.
However, if you have gap insurance, it will likely pay the difference between whatever the insurance company paid to the lien holder and what you still owe, in order to pay the vehicle off. If you have been injured in an auto accident, call the top rated attorneys of Portner & Shure so we can properly guide you through all the necessary steps and help you fully utilize all coverage that is available.

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