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Call Pathway Insurance at 1-800-998-0662. We offer the best options for home, business, life or auto insurance in Nashville Tennessee.
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Avoid this Mistake When Shopping for Auto Insurance in Nashville Tennessee
In a previous article we were introduced to Steve who traded in an old car for a brand new Ford Fusion. Unfortunately, six weeks later he wrecks his new vehicle after attempting to avoid a herd of deer that suddenly jumped out in front of him!
He files a claim with his insurance company and they advise him that the vehicle is totaled and they will be sending a payoff to his loan company. Two weeks later Steve receives a bill from the finance company of $5117.85.
Confused he calls the finance company to learn why they are sending him a bill. They explain that the insurance company only paid a certain amount of money.
Steve next calls his Insurance company and learns that because his vehicle loan was upside down in combination with depreciation on his brand-new vehicle, he owes the $5117.85 to the bank!
What Insurance Mistake did Steve Make?
He did not purchase loan or lease gap insurance. What is loan or lease gap coverage?
It’s a specialized standalone policy you can purchase from your finance company, or it’s something that you can add for brand-new vehicles to your personal auto policy.
Loan or lease gap coverage will pay the difference between what your insurance company pays and what is owed to the finance company.
It’s a very important coverage that you should consider.
Sadly, Steve was not aware that his vehicle would depreciate in value as soon as he drove it off the lot. In reality, his $26,500 car was worth $23,500. On top of this he was already upside down on his car loan by more than $2,000 so all told this accident ended up costing Steve over $5,000.
He did not think loan Gap coverage was important and he declined the offer to purchase it when he had the chance.
This insurance mistake left him with a bill of over $5,000 to make up for what was lost.
Don’t make this same mistake!
We Can Help You Avoid Mistakes When Shopping for Auto Insurance in Nashville Tennessee.
Call us at 1-800-998-0662 or you can use our convenient online rate quote system when you click one of the links below:
Here at Pathway Insurance, we will shop the market from many different companies to help you find the insurance protection you need at a price that you can afford.
We also serve your insurance needs in the surrounding communities:
- Car Insurance Lebanon Tennessee
- Auto Insurance Hendersonville Tennessee
- Brentwood Tennessee Home Insurance
- Car Insurance Ashland City Tennessee
- Springfield Tennessee Homeowners Insurance