ASA Insurance Discusses the Basics of Gap Insurance for Utah Drivers
June 23, 2022
The insurance provider discusses important considerations about guaranteed auto protection insurance
If you’re at a point where you owe less than what your car is worth then auto gap insurance probably isn’t something you need.”SALT LAKE CITY, UTAH, UNITED STATES, June 23, 2022 /EINPresswire.com/ -- Recently, one of Salt Lake City’s leading auto insurance providers spoke about guaranteed auto protection insurance or gap insurance to answer important questions many Utahsn have about this coverage.
— ASA Insurance
As for exactly what auto gap insurance is, the insurance provider explains: “This type of car insurance coverage comes into play when collision coverage only pays out the actual cash value of your vehicle when a claim is filed. This can be slightly different from what you likely still owe on your car. When this happens there’s a gap between what you get and what you owe. Auto gap coverage helps to cover this difference so you don’t end up with a bill you can’t afford.”
As for whether Utah drivers need gap insurance, ASA Insurance answers:
“Whether or not you need auto gap insurance is something you can determine based on a few things. First is the value of your car. Since it depreciates quickly, more expensive vehicles could result in a bigger gap. This might be a situation where auto gap insurance could help.
If you’re at a point where you owe less than what your car is worth then auto gap insurance probably isn’t something you need. The gap won’t be big or won’t be existent which means you won’t be stuck with a hefty bill if you’re to get into an accident.
The last scenario is if you were able to make a small down payment on your vehicle instead of a large one. This would be a good situation to have auto gap insurance as the amount you have on your outstanding loan is likely a lot.”
This is just one of many useful topics the Salt Lake City auto insurance provider discusses on their blog. The full article can be accessed on the ASA Insurance blog. ASA Insurance in Salt Lake City can be reached for further questions or comments about car insurance in Utah at 801-486-7463.