COVERAGE DESCRIPTION: A typical new vehicle loses 10% of its value the moment you drive it off the lot. Beyond that, it loses about 20% during the first year, then as much as 10% each year for the next 4-years.
CLAIM EXAMPLE: A client totaled their new vehicle after owning the car for just 3 weeks. The actual cash value of the car was $2,500 less than the remaining payoff. Lease/Loan Gap was included on the policy and the insurer paid the additional $2,500.
IS THIS OPTION RIGHT FOR YOU? If you purchase or lease a new vehicle and put down less than 20%, or owe more than your vehicle is worth, then this coverage is a must. Securing Lease/Loan Gap through your insurer is about ½ conpared to buying it through the dealer or finance company.
COVERAGE APPLICATION: Coverage is on a per vehicle basis as requested.