1. Helps cover the difference between what you owe and what your insurance company pays if your leased car is totaled or stolen.
2. Provides peace of mind knowing that you are protected in the event of an accident or theft.
3. Can help you avoid financial hardship in the case of an accident or theft.
The history of gap insurance dates back to the early days of car leasing. In the 1950s, car leasing was a popular way for people to get a new car without having to buy it outright. However, since cars depreciate in value over time, leasing companies needed to find a way to protect themselves from potential losses. Gap insurance was created to help fill this gap, and it has been a popular form of protection ever since.
Categories: Gap Insurance, Advantages, History.