The value an insurance company places on a customer’s car may be substantially less than the amount owed. In the event of vehicle theft, accidental catastrophic damage, or total loss, the insurance company will pay the actual cash value of the vehicle at the time of loss – not what the vehicle is worth to the customer.
Customers often remain liable to pay for the difference between the insurance company’s settlement amount and the balance on their loan or lease. Help protect your customers by offering them GAP insurance.
*Except as limited by state or program provisions