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Why Rising Car Prices Make Gap Insurance Worth a Look
Why Rising Car Prices Make Gap Insurance Worth a Look

If you’ve shopped for a car lately, you know prices are sky-high. In the past 12 months, prices for new vehicles have risen by 12.4%, according to the U.S. Bureau of Labor Statistics, and used cars and trucks are up a whopping 41.2%. A hefty auto loan or lease can help cover the high costs, but it may leave you “underwater” — owing more than the car is worth — if the vehicle is totaled or stolen. While collision and comprehensive insurance will pay for damage or theft of your car, both coverage types only pay up to the current market value of your car minus your deductible, and you’re on the hook for the remainder. In some cases, this can be thousands of dollars. Your car dealer may suggest gap insurance, which pays this difference so you don’t have to. In today’s tu

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