car insuranceWhen you buy coverage for your car, most insurance companies will only insure the auto for Actual Cash Value.  Actual Cash Value is established by deducting depreciation from what the auto was purchased new.  In several instances, a driver may owe more money on their auto than what the Actual Cash Value is, especially considering cars decrease in worth so rapidly.  Therefore, if the car owner totals their automobile, they end up owing the financial institution money on an auto they can no longer operate.

GAP Insurance was created to cover the difference payable to the bank after the car insurance policy bears the cost.  A lot of the time, the car dealer will try to push GAP insurance and add it on your automobile payment.  This is time-saving, but you will discover it can be quite expensive, and you end up paying interest on the GAP coverage.  I advise that you contact your insurance agent as in most instances, your insurance agent can furnish GAP insurance for a lot cheaper amount and you won't have to pay interest on the insurance.

To learn more about gap coverage and other types of auto insurance, contact Salzberg Insurance today at (757) 583-1828 for a free Norfolk car insurance quote.
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