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Beyer Chrysler Dodge Jeep Ram SRT

172 Ridgedale Avenue
Directions Morristown, NJ 07960

  • Sales: (888) 697-2041
  • Service: (888) 605-3580
  • Parts: (888) 719-9244

Gap Insurance

GAP INSURANCE

Gap insurance covers the gap between what you owe on your auto loan and the current market value of your auto.

If your insurance company decides your vehicle is a total loss, your collision coverage will only pay you the current market value. It won't cover any amount you may still owe on your loan.

Gap coverage doesn't cover any interest the lender charges you. It also doesn't cover late fees or missed payments.

Insurance companies are not required to offer you Gap coverage, but our Business Manger can offer Gap insurance to protect you.

Here's an example of how gap coverage works:

  • Loan balance of a 2010 vehicle¬†the date it's destroyed: $23,000
  • Actual cash value on date it's destroyed: $20,000
  • Payoff WITHOUT Gap coverage: $20,000 (minus your deductible)
  • Loan balance after payment: $3,000 (may vary if you have a deductible)
  • Payoff WITH Gap coverage: $23,000
  • Loan balance after payment: $0 (may vary if you have a deductible)
If you think you may need the additional coverage, ask our Business Manager!