FOR IMMEDIATE RELEASE
Do You Need GAP Insurance? Edmunds.com Advises
SANTA MONICA, Calif. — January 15, 2010 — If your vehicle gets stolen or totaled while you owe more on the loan than it's worth, having GAP insurance guarantees that your full loan will be paid off.
As part of its Auto Finance tips and advice, Edmunds.com, the premier online resource for automotive information, gives consumers helpful information on GAP insurance coverage — what it is, who needs it, and how to get it.
"We strongly recommend GAP insurance for anyone who leases a vehicle, makes a down payment of less than 20 percent, finances a lengthy loan term or a vehicle that depreciates quickly, or rolls negative equity from a past car loan into a new loan," stated Philip Reed, Senior Consumer Advice Editor at Edmunds.com.
Some other highlights of Edmunds' GAP insurance primer include the following:
- Most lease contracts automatically include GAP coverage, but consumers should always double-check the terms and conditions to make sure they have full coverage.
- While it is suggested that a buyer gets GAP insurance as soon as the vehicle is purchased, it can be added up to 12 months, or sometimes 15,000 miles, later.
- GAP insurance can be purchased from a dealer or directly from an insurance company. The latter may be less expensive.
- There are different types of GAP coverage options at different prices, so it's beneficial to comparison shop to get the best deal.
"Investing a few hundred dollars on GAP coverage can save you thousands of dollars under circumstances that happen every day," said Philip Reed, Senior Consumer Advice Editor at Edmunds.com. "Like most insurance, it's coverage you hope you'll never need, but you wouldn't want to be without."
For more advice on GAP insurance coverage, see Low or No Money Down? You Need GAP Insurance.
About Edmunds Inc. (http://www.edmunds.com/about/)
Edmunds.com Inc. publishes four Web sites that empower, engage and educate automotive consumers, enthusiasts and insiders. Edmunds.com, the premier online resource for automotive consumer information, launched in 1995 as the first automotive information Web site. Inside Line is the most-read automotive enthusiast Web site. CarSpace is an automotive social networking Web site. AutoObserver.com provides insightful automotive industry commentary and analysis. Edmunds.com Inc. is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit. Follow Edmunds.com on Twitter @edmunds and fan Edmunds.com on Facebook at http://www.facebook.com/edmunds.