If you were to have a wreck in that brand-new car, your insurance company probably wouldn't cover the cost of what you owe on it. They would only cover the depreciated value of your vehicle at the time of the accident. This is why you should consider buying gap insurance when you purchase a new car. So what is gap insurance? Also known as guaranteed auto protection insurance, it will cover the difference between your car's depreciated value and what you actually owe on your auto loan if your car is stolen or totaled. Learn more about gap insurance.
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