{"id":1670,"date":"2017-04-14T10:00:00","date_gmt":"2017-04-14T10:00:00","guid":{"rendered":"https:\/\/www.allenandallen.com\/what-is-gap-insurance-and-is-it-worth-purchasing\/"},"modified":"2024-04-10T08:20:32","modified_gmt":"2024-04-10T13:20:32","slug":"que-es-el-seguro-de-brecha-y-vale-la-pena-comprarlo","status":"publish","type":"post","link":"https:\/\/www.allenandallen.com\/es\/blog\/what-is-gap-insurance-and-is-it-worth-purchasing\/","title":{"rendered":"\u00bfQu\u00e9 es el seguro GAP y vale la pena comprarlo?"},"content":{"rendered":"

Only a few things compare to the feeling of driving a brand-new vehicle home from the dealership. The paint job is immaculate, the audio system sounds amazing and the interior smells, well, new! Despite all of the joys of new car ownership, there is one glaring negative \u2013 most vehicles depreciate in value the moment they\u2019re driven off the lot. \u00a0In fact, it\u2019s been estimated that new cars can lose as much as 20 percent of their value in the first year. [1]\u00a0<\/a><\/p>\n

A \u201ctotal loss\u201d puts you \u201cupside down\u201d<\/strong>
\nSuch rapid depreciation can be extremely problematic if your shiny, new vehicle gets damaged in an accident soon after you bring it home. Why? Due to the high costs of new automobiles, most buyers are compelled to finance the entire sticker price with a bank loan. If that vehicle is wrecked to the point that it\u2019s labeled a \u201ctotal loss\u201d \u2013 when the cost to repair exceeds the vehicle\u2019s worth \u2013 the cash value received from the buyer\u2019s car insurance company may not cover the balance of the car loan. \u00a0That leaves the buyer without a working vehicle and<\/strong> \u201cupside-down\u201d \u2013 a term indicating when one owes more on a vehicle than it\u2019s worth.<\/p>\n

Here\u2019s a realistic dilemma \u2013 you have $40,000 worth of car payments to make on your only vehicle. Due to no fault of your own, the car is totaled after someone disregarded a red light and crashes into you. \u00a0The negligent driver\u2019s insurance company offers you $35,000, the actual cash value of your car, stating that\u2019s all they\u2019re committed to pay. You\u2019re forced to accept the settlement, knowing that you need a replacement vehicle while you still owe $5,000 to the bank for a car that you don\u2019t even possess anymore!<\/p>\n

The basics of GAP insurance<\/strong>
\nHow do you avoid this frustrating and costly scenario? One option is Guaranteed Auto Protection (GAP) insurance. GAP insurance covers the difference between the actual cash value of the vehicle and the balance still owed on the financing, providing additional coverage to supplement your standard auto insurance policy. Car dealers traditionally sell GAP insurance in the finance office as the sales contract is being prepared, but you can shop around for competitive pricing.<\/p>\n

Consider the following when debating on whether to purchase GAP insurance:<\/p>\n