Financial expert Rachel Langlois from Cyprus Credit Union talks about adding gap insurance to your car insurance policy. She also talks about high vs. low deductible.
Gap Insurance
- Lose 20 - 30% value first year,
- Average rate of depreciation is 18% years 2 - 6
-When it’s Good:
- New or slightly used
- Significant Value
- Small Down Payment
- Small Savings
Don’t purchase at Dealership...where to purchase it?
- Credit Union ($1k bonus for new car)
- Car Insurance
Car Insurance: Collision & Comprehensive
-Low or High Deductible
- Run the numbers
- If good driver, higher collision, lower comprehensive deductible
- $50/year premium discount vs. $250 increase of deductible
Personal Example:
- $10 comprehensive
- $70 Collision, 3 years w/o accident
For more financial tips, visit cypruscu.com.
