Your current auto insurance serves as your safeguard in case of total vehicle loss. But what if the insurance proceeds are not enough to pay off the outstanding balance or lease payments on your vehicle? There remains an obligation for you to pay the deficiency. In this case, you may want to get additional coverage, specifically the Guaranteed Auto Protection (GAP), for extra security. Here in Michigan, Allied Insurance Managers can provide you this supplemental coverage. As with all types of policies, GAP insurance has its limitations. Generally, it excludes overdue payments; penalties due to excessive use; carry-over balances from past loans and leases; deductions for wear and tear, towing, storage, and prior damage by the main insurer; add-on installations to the car; and insurances purchased along with the loan or lease.
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