Indianapolis Homeowners Insurance Agencies

What is Gap Insurance? – Carmel IN

Hey, everybody. Jensen Nowakoski at GJ Insurance Group. Another question that we’ve been getting a lot of is what is gap insurance? So gap insurance is an auto insurance term that takes the amount you owe on your vehicle versus the value, the actual cash value of your vehicle. So if you have an amount that you owe on your vehicle of, let’s just use the arbitrary number of 30,000, and the actual cash value of your vehicle is 25,000, and your vehicle is totaled out in the event of an accident, there is a $5,000 gap there. So with gap coverage, gap coverage would cover that $5,000 gap so that you would not have to come out of pocket for that $5,000. So if you have any other questions, or need any insurance advice, or just want to come hang out, please give us a call at 317-751-5001. Thank you.

Call GJ Insurance Group in Carmel IN at (317) 751-5001