How many people know someone who wrecked a car they still owed money on and when the insurance company paid them off there was still a balance on the car? I know a few... If you are "barely getting by" and there is a wrecked car with a balance on it what are the chances you are going to spend thousands to pay it off? Slim to none! That is where Gap insurance comes into play, let's quickly discuss this instance. Gap insurance does exactly what it says, it fills the gap between your insurance payment and balance due of your car. To me it's well worth the cost to save your credit score! Usually dealerships offer this insurance as an add on when purchasing the car and it's typically only a few bucks per month. By ALL means take this coverage. No one plans to wreck their car but when they do, this pays off 10 fold! I personally recommend it, it just doesn't make sense to not protect yourself.
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