In our modern society, it seems nearly impossible for many individuals to imagine life without motor vehicles. Our cars take us to work, to school, and to nearly all of our extra-curricular activities. But a lack of proper insurance coverage can result in the complete loss of one’s mode of transportation, interfering with our livelihood and social life.

Although all drivers are required to have some form of insurance, many people are unfamiliar with the plan known as “gap coverage”, which typically covers what traditional insurance does not, and is recommended for individuals who are leasing or have not completely paid off their vehicle.

Benefits of Gap Coverage

Gap coverage helps protect your investment by ensuring that you get full-value for your vehicle in the event of theft or accident. If you owe your leasing company or lender more than the appraised value of the vehicle in question, the remaining balance is often covered by your gap coverage plan, making sure you do not owe money on a vehicle that you are no longer able to use.

Such coverage often allows drivers to “walk away” from difficult situations and move on to a new mode of transportation.  Although most drivers will purchase this coverage at the beginning of their lease or purchase, some companies allow you to add this coverage at a later date. Occasionally, this coverage will not be honored if you have another plan that will better fit the situation.

Contact Us 

If you have any questions regarding gap coverage for your vehicle, please contact the Chicago Auto Insurance agents of Insure on the Spot at 888-972-7283.