Asset Planning, Inc Blog

The latest from the team.

Gap Insurance

We've come to the realization that not everyone knows what gap insurance is and why it may be a good idea to get it when purchasing a brand new car. Gap insurance is an insurance policy you buy to cover the amount your insurance company will pay out vs. the amount you owe on your car loan, in the case of an accident where your car is totaled. This is an important coverage to consider especially if you are purchasing a brand new car. Car values drop drastically once you drive the vehicle off the lot. By not purchasing the gap insurance you run the risk of owing a lot more than what the car is worth after an insurance payout. That means you would either have to pay off the loan balance yourself or roll it into another vehicle loan which would most likely leave you upside down. Definitely not a good place to be in. Here is an article, written by Joshua Caucutt from Money Crashers, that goes into further detail about gap insurance, how to get it and helps you decide if you need it.

https://www.moneycrashers.com/gap-insurance-cars-worth-it/

Have a great weekend!

Melani

Continue reading
  289 Hits
289 Hits

Search Blogs Module

Wait a minute, while we are rendering the calendar
privacy notices gap insurance Orange County trustee ice cream event prescription eyeglasses Medicare Part B relief efforts estate planning paperwork clutter executive order asset Planning 4 pm -8pm consumer spending information Facebook pets Fox News story home security 70 1/2. insurance policy pet official certification Wells Fargo employees Two-Step Verification retirement planning trust 2017 TD Ameritrade National LINC Conference 23 andme estate drive /usb portal credit card company April 18 2017. California Lions Friends policy money emergency kit privacy settings parking spots client portal Victor Dergunov illiegal robocallers D premiums wells Fargo April 11 Wells Fargo customers fun facts house sitter birth certificates National Ice Cream month borrowing money Treasury Department contribution limit Mobile Banking Security Tips retirement Legal robocalls summer clone counterfeits credit cards non-prescripstion sunglasses CERTIFIED FINANCIAL PLANNER exam driver license bottom line opt-out Medicare question July 4 banking insurance policies “ skimmer ”. fees memorial Day weekend https ://seekingalpha pet supplies notary services tax season disaster areas IRA accounts IRS deadline pet industry Roth IRA home mortgages documents Social Security Notary Public credit freeze FEMA website Brexit vote 20 year anniversary debt president Trump Orange County Superior Court 401K identity theft 2017 IRA contributions DNA test kits Medicare emergency folder vacation phishing scams credit score identity thieves VOIP landline phones Supplemental Security Income spring cleaning increase jury duty rescue organizations vision screening earthquake app chip-enabled EMV cards Open Enrollment clients home credit card fraud Healthcare Kraig Mathias June 29 Auto insurance home break-ins Puerto Rico assets account numbers Facebook profile Shred paperwork Affordable Care Act card reader retirement accounts Independence Day October 1 2020. Social Security Administration interest rates Open House investment statements ID card clients show support flash drive car loans