Mind the Gap

Do you owe more on your vehicle than it is worth? If you answered yes, then you need GAP insurance coverage. GAP coverage fills in the "gap" between what your vehicle is worth and what you owe when your vehicle is "totaled" after an automobile accident or theft.

You may wonder why, in the case of an auto accident, the at fault party wouldn’t owe that gap since the vehicle wouldn’t be totaled and there would be no actual gap but for the accident… but the sad truth is that the at fault party and/or their insurance carrier is only responsible for the actual value of the vehicle – not what you owe.

(Doesn’t seem fair does it?)

So, bottom line is, if you are "upside down" in the loan on your vehicle – pay for gap coverage – in the event of an accident you will be glad you did.

P.S. I almost titled this post "Fall In To The Gap" – remember those commercials?

P.S. When I was at Eckerd College, I spent a semester in London and got around town on the Tube – the "Mind The Gap" sign is from the London Tube and it means to watch out for the gap between where you stand to wait for the subway train and the door opening of the train – there's a gap – and you don't want to fall in!  I can still hear in my head the British accented announcer on the speaker system saying "MIND THE GAP" in a very deliberate voice.  So remember to Mind the Gap!  – Kathryn.

For more information or a free consultation on your legal issue contact The Law Offices of Charles D. Scott PLLC, your injury law and family law attorneys, at 727-300-4878. http://www.yourstpetelawyers.com

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