Importance of GAP Insurance | Easterns Automotive Washington DC | Affordable Reliable Cars DC

Importance of GAP Insurance | Easterns Automotive Washington DC | Affordable Reliable Cars DC


Hi, I’m Joel Bassam,
director of marketing for Easterns Automotive Group. And today, I want to
tell you a little bit about a great product
called GAP insurance. GAP insurance– or
guaranteed asset protection– is a product that
helps protect the value of your vehicle versus what
you owe on the vehicle. The concept is
actually really simple. You make steady
payments to your bank, lowering the principal
of your loan. But at that same time,
your car depreciates at a different rate,
so there is always going to be a gap between
what you owe on the vehicle and what the car might be worth. So for any reason, you do have
a total loss on your vehicle or you just lose the vehicle
for some other reason. What the insurance
company pays out might be less than what you
actually owe in the bank, and that amount difference
is called negative equity. And if you lose
your asset, you’re paying off something that
you don’t actually have. GAP insurance takes
care of that difference. GAP insurance is a relatively
inexpensive product that we offer to every
one of our customers. We think it’s a great way
to protect your vehicle, protect your asset, and
protect your family. Thanks for checking out this
video on guarantied asset protection, better
known as GAP insurance. You can see more
videos just like this by going to our YouTube
channel and subscribing, or by going to our website.

About the Author: Michael Flood

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