Buying a new car is exciting but comes with serious responsibilities. Before you drive off the lot in Honolulu, HI, you’ll need proof of insurance. But have you considered gap insurance?<\/p>\n
Gap, or guaranteed auto protection, is an add-on policy that protects your investment if your car is damaged beyond repair or stolen before you’ve paid off your car loan or lease. For example, if you get into an accident and the damage is beyond repair, your insurer may decide the car is a total loss and appraise it at its current market value.<\/p>\n
But if your car is financed, you’re still responsible for any remaining balance on your vehicle beyond the appraised value. Gap insurance covers the difference between the appraised car value at the time of the incident and the total finance value of your loan. This would save you from paying out of pocket for that difference.<\/p>\n
There are times when gap insurance isn’t optional. If you bought a car outright in cash, then gap insurance is optional. But if you financed your car, your lender may require gap insurance as a safety precaution. However, there are criteria to qualify for gap insurance. You must:<\/p>\n
Do your research before agreeing to be insured by any agent. One trusted agent in the area is Clockwork Insurance Services. We can provide you with a quote and answer any questions you may have regarding this or other insurance services to put your mind at ease. We can also explain everything covered by the policy you are interested in.<\/p>\n
Clockwork Insurance Services would be happy to answer any lingering questions you may have about jewelry insurance or any other policy you may need. Call us today for a quote.<\/p>\n","protected":false},"excerpt":{"rendered":"
Buying a new car is exciting but comes with serious responsibilities. Before you drive off the lot in Honolulu, HI, you’ll need proof of insurance. But have you considered gap insurance? What is Gap Insurance? Gap, or guaranteed auto protection, is an add-on policy that protects your investment if your car is damaged beyond repair […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[13,5,6],"class_list":["post-38","post","type-post","status-publish","format-standard","hentry","category-auto-insurance","tag-gap-insurance","tag-honolulu-hi","tag-innovative-insurance-resources"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t