Typically, gap insurance tacks an extra 5 to 6-percent onto your comprehensive/collision premium if you purchase it through your insurance company. You may also be able to purchase gap insurance for a one-time payment due at the signing of your car loan. In this case, the cost is typically rolled into your loan. But do you really need it? Following are four reasons why you need gap insurance in Woodstock, GA.
Upside Down Loan
Many people owe more than their car is worth. This is especially true if it’s a new car. Once you drive off the lot, the value of your car drops drastically. Gap insurance protects you if you were to total your car before you get it paid down enough so your car is worth more than what you owe.
All cars depreciate, some faster than others. A gap policy protects you against depreciation by making sure you get more money for your car if you total it. You see, most insurance companies will only pay the book price of a car, which can be substantially less than it’s worth or what you owe.
If you own an expensive car, you will get better coverage with gap insurance than you would a standard policy alone. Gap insurance will cover things that your standard policy won’t. With a more expensive car, you have more to lose.
Many lenders require that you purchase gap insurance so you can pay off your loan in entirety if your car gets totaled. If you don’t have gap insurance, you could still owe thousands on your car long after it’s sitting in a salvage yard.
There are several reasons why gap insurance is a good idea. If you have any questions regarding your coverage, contact Peter Laczko Insurance Inc. today.
Disaster can strike at any time, so it’s important to protect your home which is most likely your biggest asset. Homeowners insurance protects you financially should there be a disastrous event such as a fire. Most policies also cover the homeowner’s personal possessions such as clothing and furniture. The policy will also cover storage buildings, fences and other small structures on the property. Additionally, a homeowner’s insurance policy provides personal liability protection. This coverage protects the owner should someone injure themselves on the property and decide to sue. Many policies will also pay for their medical expenses related to the injury. Also, if the home is destroyed or significantly damaged, your policy can provide funds to cover the additional expenses that you will incur from hotels, meals, etc. This helps support you and your family until you can return to your home. Adequate homeowner’s insurance can help you recover from an unexpected event quickly.
There are things that homeowner’s insurance does not cover though. Owners in Woodstock, GA need to assess their risks and talk with their insurance agent to determine whether coverage is appropriate for their needs. Agents at Peter Laczko Insurance Inc. can discuss your options. Often homeowners with firearms, antiques or other valuable items will opt for supplemental policies to ensure that these items can be repaired or replaced if they are damaged or destroyed. If the home is in a flood zone, flood insurance will be needed. This will provide funds is the home suffers water damage. In areas affected by earthquakes, an additional policy can provide supplemental protection for you and your family.
The team at Peter Laczko Insurance, Inc. can review your situation and answer any questions you have.
When was the last time you were stranded on a road outside of Woodstock GA? Never? Maybe since you’ve enjoyed such a long string of good luck, you haven’t bothered to keep your car properly supplied with an emergency kit? At Peter Laczko Insurance Inc. we want to help you stay safe with this handy list of items that can help you out of roadside mishaps:
- All the right contact information in your phone: Make sure that you have added your roadside assistance company, insurance company and multiple close contacts into your stored phone list. It only takes a minute, but can save you hours of frustration when help is really only one button away.
- Fix-a-Flat or spare tire: If your new lease didn’t come with a spare tire in the trunk, then you need to have the next best thing. A can of fix-a-flat can help you get your car with a simple flat tire to the next populated area without having to abandon your vehicle. If you do have a spare, make sure it is inflated and the wrench and jack are where they belong.
- Jumper cables: Even in this modern era, your car still has a battery that can fail in the middle of the night in a near empty parking lot. Whether it’s the old pair of cables or a new battery conditioner, you can turn an expensive tow into a fifteen-minute inconvenience with the right tools on board.
- A Small Shovel: Okay, you are not going to get stuck in a snow bank around here. But what about a muddy embankment? Sudden urban flooding can do unexpected things to the terrain. That collapsible shovel can dig you out of many situations with just a little effort.
For more tips on road safety and auto insurance in the Woodstock GA area, give the folks at Peter Laczko Insurance Inc. a call. They’ll be happy to help.