As you may know, a new vehicle is a depreciating asset. The largest depreciation hit that drivers take is the first three or four years of the vehicle's lifespan. This means that when you buy a new car, truck, SUV, or minivan, you can expect it to be worth less than what you owe for a significant portion of the time you are paying off your auto loan. If your vehicle were to get into an accident or collision where it was deemed a total loss, your insurance company would only cover the value of the vehicle. Unfortunately, you would be left responsible for the difference between what your car was worth when it was totaled, and what you owe. To top it off, you would need to finance a new vehicle. Having an open car loan and trying to get new financing could be difficult.

GAP insurance covers the difference between what the car is worth and what you owe if your vehicle is ever deemed a total loss. The GAP insurance we sell at Marlow Motors will even cover your insurance deductible up to $1,000. There is protection available for up to 84 months and it covers up to $50,000. Having this insurance on your car is a great way to protect your credit rating. When GAP insurance covers the difference, you can start looking for a new car with a clean slate.