What is gap insurance?

Can I get a car loan with unpaid credit defaults?
April 22, 2020
Who do i contact to start an ATO payment plan?
April 23, 2020

Cars are a depreciating asset with some cars dropping in value considerably when you drive them out of the showroom. As a result, gap insurance is a type of top-up insurance. Consequently, gap insurance covers the gap between the loan amount owed, and the value of your car in the event of an accident where the vehicle is a total write off. For this purpose, gap insurance is an optional policy to your comprehensive car insurance.