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Adding gap insurance to your car insurance policy

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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