When you are looking for affordable car insurance in Maitland, FL, Mike Elliott Insurance Agency, Inc., has the policies for you. In addition to our standard insurance policies, we also offer GAP coverage. GAP stands for Guaranteed Asset Protection, and it is designed to keep you from paying out of pocket in the event that your car is declared a total loss after an accident.
Your standard car insurance policy covers the value of your car with depreciation factored in. If your car is totaled in an accident, and its pre-accident value was $10,000, your insurance will pay out the $10,000 amount.
Assume, though, that you financed the car with a loan when the car was valued at $12,000. After your insurance pays the $10,000, that still leaves you liable for up to $2,000 (depending on how much you’ve already paid off) that you will owe the lender or dealer. GAP insurance makes up this difference.