Loan and Lease Gap Coverage is a type of coverage that is used when you purchase or lease a new car. The second you take your vehicle off the lot, it starts depreciating in value. Sometimes, the actual cash value of the vehicle will be less than the loan. In the case of a total loss, this coverage will pay out the balance of the loan.
At Arlington Insurance Services, we feel this is beneficial coverage when it comes to adding a new car. We don’t want our clients to have to pay out of their pocket to pay the loan if the vehicle gets totaled. If you recently purchased a new car or are thinking about it, please contact your agent and we can discuss the costs to add the coverage.
If you have any further questions or concerns, please do not hesitate to contact your agent at Arlington Insurance Services.