Tag: auto thefts
If a consumer with a new auto loan has their car stolen, or gets into an accident, insurance companies will pay for the current market value of the car, but not what a borrower owes a lender. If a driver prepared ahead of time and purchased GAP insurance, that would cover the difference in between the two numbers. Not all consumers have this coverage though and it can make a big impact, especially for those who drive one of the top five stolen vehicles, as revealed below. But fortunately, not every auto heist is well-planned either.