Our firm has made it part of our mission to help inform our clients and the community about was to better protect themselves.  While we can help you and your family AFTER an accident, sometimes it is far better to protect yourself BEFORE hand.  We often counsel clients about insurance options, including liability, med-pay and Uninsured-Underinsured motorist coverage.  For many, "gap insurance" is an important option.

Insurance companies may call "gap insurance" something else, such as loan/lease insurance. Regardless of the name, here’s how it works in most cases:

• Gap insurance covers a car you own or lease.
• If your car gets totaled or stolen, you’ll make a claim on either your regular insurance depending on the cause (comprehensive or collision policy in most cases). For a totaled or stolen car, insurance will pay the value of the car at the time of the accident, minus any deductible.
• If you owe more on the loan/lease than the insurance payout for the totaled car, gap insurance pays the difference.

If you don’t have gap insurance and your loan or lease balance is more than the car’s value, you’ll have to pay the difference yourself.