Gap Insurance, what’s that?!

About 85 per cent of new car buyers will use some sort of financing to pay for their vehicle, according to credit reporting company Experian. If you’re such a buyer, you can expect that during your purchase a car dealership will try to sell you gap insurance.

Gap insurance makes up the difference between what a person owes on a vehicle and that vehicle’s actual cash value if there’s an accident and the car is declared a total loss. Read more…

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