GAP Insurance. Tim Rial Insurance Agency offers GAP insurance for vehicles that are less than three years old. It’s designed for new vehicles. What GAP insurance does, is it pays off the vehicle and the eventual vehicle value is less than what you owe on the vehicle. Most insurance companies do not offer GAP insurance and you’re left with only the option of buying it from the car dealer.
In today’s economy where vehicles are getting financed for 60 to 84 months, the cost from a dealer can be very high and this is added directly to your note to your finance company which has increased your payments.
What Allstate does is your GAP plan is good for three years. For example, if you have a 2019 vehicle it’s good until 2022. In most cases you’re not upside down on your loan from what it’s worth after three years. The premium that Tim Rial Insurance Agency charges for GAP insurance is a lot less than what you’d pay from the dealer.
For more information on how we can help you with your GAP insurance, feel free to give us a call at Tim Rial Insurance Agency. That’s 817-447-0719.