10 Sep Top Reasons To Get Gap Insurance Cover For Your Car
Most of us are aware about the general auto insurance which is provided by most car companies or other insurance companies at the time of purchase of a car or even after that. However, only few people are familiar with the term gap insurance. Gap insurance is a term which is also used in context of insurance of your car or other vehicle. It refers to the amount which covers the gap amid the real cash value of the car and the balance amount which is owed by the car owner to the finance company or other agencies. It implies gap insurance is meant to cover the difference amid the actual value of the car and the amount which is covered under some other insurance policies. Now one may wonder why to opt for gap insurance. There are some important reasons for the same as mentioned below.
Maximum insurance cover for your car- By opting for gap insurance for the maximum permissible limits on your car, you may get maximum insurance cover for the car. It means you will be saved from unnecessary loss in case something wrong happens to your car. It is because you will get reimbursement for the entire value of your car. You will be saved from spending money on repairs or other replacements for the car parts or accessories. In simple words, gap insurance gives you maximum benefits in comparison to other insurance covers.
Facility of new car in place of damaged or stolen car- Gap insurance is beneficial for the car owners in yet another way. They can get a new car which is similar in condition to their old car that has been stolen or damaged. Such type of benefit can be availed when there is irreparable damage to the car or the car has been stolen and not recovered within certain time period. This facility definitely saves you from unnecessary hassle which is otherwise tolerated by the car owners in finding another car to serve their purpose.
Applicable for maximum period of time- In most of the cases, gap insurance is applicable for maximum period of time as compared to other normal insurance covers. This type of insurance can be used up to 8 to 10 years. Even the time limit may extend beyond 10 years in some cases. In simple words, you may keep on using the same insurance cover for such a long period of time without the need to renew it. Also it helps in saving your money which is otherwise spent in getting the insurance cover renewed each year.
Get insurance specific to your car- It is another good point about gap insurance that may prompt you to get it for your car. Gap insurance cover is offered by the concerned insurance companies as per the type of car as well as its age. It means you can get a specific gap insurance cover in accordance with its age, condition or other factors.
All these reasons are perhaps enough to get gap insurance cover for your car.