Gap Coverage

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In my dealings with clients and prospective clients I am frequently asked how in today’s market, with equipment values depreciating faster than loan balances, a person can guarantee their insurance will payoff the balance of the loan in the event of a total loss?

The answer is gap coverage.

Gap coverage provides additional coverage in excess of the actual cash value of your tractor or trailer, increasing the limit to be equal to the payoff amount of the loan at the time of loss.

These days, many companies make gap coverage available to their clients for a minimal premium, while others even offer it as a standard feature of their physical damage policy. And, this is a coverage that can be added to your policy in the middle of the policy period.

Take a quick look at your loan balance today and see how it compares to the actual cash value of your truck as of today’s date. If the loan balance exceeds your actual cash value, gap coverage is something you owe it to yourself to investigate. When you are ready, give us at a call at (800) 596-TRUCK (8782.) We will review your policy and assist you in putting your gap coverage in place!

Until next month,

Jeffery A. Moss
President

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