When you buy a new car the last thing you want to think about is it being damaged, but it happens. The problem is that you have only begun making payments on this car so what if your car is not worth as much as you owe at this point in time? You have heard that cars lose a significant chunk of their value the second you drive them off the lot so what do you do if this happens to you? The answer is gap insurance.

For car owners who are either leasing or financing their vehicle getting into an accident even a fender bender can spell financial ruin. Often time the cost of repair is far more then what the car’s value is estimated at leaving consumers responsible for the difference.