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Financing a newer car? Then, yes, you probably do need to buy gap insurance to cover any shortfall between the car’s value and the outstanding loan should there be a theft or total loss.
The good news is that you can most likely add gap insurance to your current policy when you add the car. If you buy gap insurance from the dealership, that premium is added to the loan amount and you will be paying for it, plus interest, for the length of the loan. A quick call to your insurance agent is all you need.
Need an agent? Call Jim at BIVONA INSURANCE GROUP, LLC 623-256-1000