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Adding gap insurance to your car insurance policy

Posted at 2:52 PM, Nov 01, 2017
and last updated 2017-11-01 16:52:54-04

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

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