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Kansas City Accident Injury Attorneys

How can "GAP insurance" help me after a Kansas City traffic accident?

GAP insurance is available as additional coverage on your auto insurance.


GAP stands for Guaranteed Auto Protection. If your car is totaled in a Missouri car accident, the insurance company will pay you for the value of the car. They won't pay you the amount needed to buy a new car or to pay off your vehicle. GAP insurance covers the difference between what you owe on your vehicle loan and the amount that the insurance company pays you for your totaled car.


Suppose you bought a new car for $20,000 with $2,000 down. You make payments of $250 a month. Six months later, your car is totaled in a Kansas City car wreck. The insurance company says your car is worth $15,000, but you still owe more than $16,500 (the actual amount will depend upon your interest rate). Without GAP insurance, you would still have to pay $1,500 on the car. If you need a new car, you could end up making two car payments.


Cars lose value the minute they are driven off the lot. GAP insurance is a good option for you if you have just purchased a new car and owe more money on your car than your car is worth - especially if you purchased a car with a low down payment or with a high interest rate. If you have GAP insurance, you won't get enough to pay for a new car, but at least you won't owe money on a car that is totaled.


If you leased your car, you are responsible for the cost of the car if it is stolen or totaled. Typically, the difference between the amount paid on a leased car and the value of the car is significant. For this reason, many lease contracts require GAP insurance.


Do you have questions about your Missouri accident claim? Contact the Kansas City car crash attorneys at Kansas City Accident Injury Attorneys by calling 888-348-2616.

James Roswold
James Roswold is a Kansas & Missouri personal injury, workers comp, and medical malpractice attorney.

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