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Nội dung được cung cấp bởi Western Mass Auto Insurance. Tất cả nội dung podcast bao gồm các tập, đồ họa và mô tả podcast đều được Western Mass Auto Insurance hoặc đối tác nền tảng podcast của họ tải lên và cung cấp trực tiếp. Nếu bạn cho rằng ai đó đang sử dụng tác phẩm có bản quyền của bạn mà không có sự cho phép của bạn, bạn có thể làm theo quy trình được nêu ở đây https://vi.player.fm/legal.
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GAP Insurance Massachusetts

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Manage episode 317519992 series 3291225
Nội dung được cung cấp bởi Western Mass Auto Insurance. Tất cả nội dung podcast bao gồm các tập, đồ họa và mô tả podcast đều được Western Mass Auto Insurance hoặc đối tác nền tảng podcast của họ tải lên và cung cấp trực tiếp. Nếu bạn cho rằng ai đó đang sử dụng tác phẩm có bản quyền của bạn mà không có sự cho phép của bạn, bạn có thể làm theo quy trình được nêu ở đây https://vi.player.fm/legal.

GAP Insurance Massachusetts
GAP Car Insurance Definition

GAP insurance covers the difference between the ACV of your vehicle and the remaining loan balance. The coverage is usually more expensive than gap insurance purchased directly from a dealership. But there are many ways to save money on gap insurance in Massachusetts. Read our gap insurance guide to the subject and find the best policy for you. If you’re unsure which company is right for you, try an online comparison site.

GAP insurance is not a mandatory requirement for Massachusetts drivers. You can add it to your auto insurance policy at any time. It will not cover your vehicle’s repair costs. Adding it to your auto insurance policy will cost you between $25 and $50 per year. However, if you’re buying a new car, you may get a lease that requires you to purchase GAP insurance.

What Does GAP Stand For?

GAP insurance stands for “guaranteed asset protection.” It is sometimes called the “loan or lease gap solution”. This optional coverage can be added to help drivers bridge the gap between their car’s actual cash worth (ACV) and the amount they owe on it.

You are involved in an accident, but you are not found to be at fault. Your car is now totaled. Your auto loan balance is still $13,000 at the time of the accident. However, your ACV for the car is only $10,000. Gap insurance (less your deductible) would cover the $3,000 difference.

Contrary to popular belief gap insurance coverage does NOT mean your insurance provider will pay you the entire amount you paid for your car. Gap insurance may allow your insurance provider to pay you the amount that you owe, after paying your deductible. Gap insurance is a smart addition to your collision policy, depending on your situation.

Gap Insurance: When Should You Consider It?

There are some things to consider when deciding if gap insurance is necessary. For the following drivers, gap insurance can be a great option:

  • Drivers who owe more than their car’s value on a car loan. You should calculate your current car loan payment and compare it to the car’s actual cash value. This is not the same amount as the price you paid for your car. Do you have a gap? You should strongly consider buying gap insurance if you have one.
  • Gap insurance is required for drivers whose car loan has a maximum amount. No matter how much you owe on your car loan, some loan providers require gap coverage from the beginning of your loan.
  • Drivers who have a lease that requires gap insurance. Gap insurance is a protection measure that many auto leases require. Some leasing companies may include gap insurance as part of their lease price.

Drivers who are the sole owners of their vehicle and drivers who owe less than their current cash value (as long as there is no “gap”) in value do not require gap insurance. However, they will still need to have car insurance to protect their car from the unexpected.

What Is The Cost Of Gap Insurance In Massachusetts?

You may be wondering how much gap coverage will cost to your auto insurance premium if you have it. Gap insurance is not as costly as comprehensive or liability insurance. However, costs can vary depending on many factors.

  • Current actual cash value (ACV), of your vehicle
  • Your age
  • Your state
  • Previous car insurance claims
  • You will not need gap insurance if you “close the gaps” and owe less on your car than its ACV.
  continue reading

1 tập

Artwork
iconChia sẻ
 

Series đã xóa ("Feed không hoạt động" status)

When? This feed was archived on August 01, 2022 11:19 (1+ y ago). Last successful fetch was on April 10, 2022 19:28 (2y ago)

Why? Feed không hoạt động status. Server của chúng tôi không thể lấy được feed hoạt động của podcast trong một khoảng thời gian.

What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.

Manage episode 317519992 series 3291225
Nội dung được cung cấp bởi Western Mass Auto Insurance. Tất cả nội dung podcast bao gồm các tập, đồ họa và mô tả podcast đều được Western Mass Auto Insurance hoặc đối tác nền tảng podcast của họ tải lên và cung cấp trực tiếp. Nếu bạn cho rằng ai đó đang sử dụng tác phẩm có bản quyền của bạn mà không có sự cho phép của bạn, bạn có thể làm theo quy trình được nêu ở đây https://vi.player.fm/legal.

GAP Insurance Massachusetts
GAP Car Insurance Definition

GAP insurance covers the difference between the ACV of your vehicle and the remaining loan balance. The coverage is usually more expensive than gap insurance purchased directly from a dealership. But there are many ways to save money on gap insurance in Massachusetts. Read our gap insurance guide to the subject and find the best policy for you. If you’re unsure which company is right for you, try an online comparison site.

GAP insurance is not a mandatory requirement for Massachusetts drivers. You can add it to your auto insurance policy at any time. It will not cover your vehicle’s repair costs. Adding it to your auto insurance policy will cost you between $25 and $50 per year. However, if you’re buying a new car, you may get a lease that requires you to purchase GAP insurance.

What Does GAP Stand For?

GAP insurance stands for “guaranteed asset protection.” It is sometimes called the “loan or lease gap solution”. This optional coverage can be added to help drivers bridge the gap between their car’s actual cash worth (ACV) and the amount they owe on it.

You are involved in an accident, but you are not found to be at fault. Your car is now totaled. Your auto loan balance is still $13,000 at the time of the accident. However, your ACV for the car is only $10,000. Gap insurance (less your deductible) would cover the $3,000 difference.

Contrary to popular belief gap insurance coverage does NOT mean your insurance provider will pay you the entire amount you paid for your car. Gap insurance may allow your insurance provider to pay you the amount that you owe, after paying your deductible. Gap insurance is a smart addition to your collision policy, depending on your situation.

Gap Insurance: When Should You Consider It?

There are some things to consider when deciding if gap insurance is necessary. For the following drivers, gap insurance can be a great option:

  • Drivers who owe more than their car’s value on a car loan. You should calculate your current car loan payment and compare it to the car’s actual cash value. This is not the same amount as the price you paid for your car. Do you have a gap? You should strongly consider buying gap insurance if you have one.
  • Gap insurance is required for drivers whose car loan has a maximum amount. No matter how much you owe on your car loan, some loan providers require gap coverage from the beginning of your loan.
  • Drivers who have a lease that requires gap insurance. Gap insurance is a protection measure that many auto leases require. Some leasing companies may include gap insurance as part of their lease price.

Drivers who are the sole owners of their vehicle and drivers who owe less than their current cash value (as long as there is no “gap”) in value do not require gap insurance. However, they will still need to have car insurance to protect their car from the unexpected.

What Is The Cost Of Gap Insurance In Massachusetts?

You may be wondering how much gap coverage will cost to your auto insurance premium if you have it. Gap insurance is not as costly as comprehensive or liability insurance. However, costs can vary depending on many factors.

  • Current actual cash value (ACV), of your vehicle
  • Your age
  • Your state
  • Previous car insurance claims
  • You will not need gap insurance if you “close the gaps” and owe less on your car than its ACV.
  continue reading

1 tập

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