You file a collision claim with your insurance company and find out that the actual cash value of your vehicle is only $19,200. This means after your $500 deductible is taken out, your car insurance company will pay out $18,700 to your lienholder. You still owe $23,500 on the car, so you’re left with a “gap” of $4,800.

Having a gap policy will “insure” that a majority if not all of that balance, doesn’t become your responsibility!
Submit a request or call us for more information.