Whether you leased or bought it, a brand-new car is something to celebrate! At American Family Insurance, we want you to hit the road with peace of mind knowing you’ve got just the right coverage to protect your set of wheels. Our auto loan or lease assistance coverage (gap insurance coverage) is a great way to safeguard your car for the road ahead.
What Is Loan or Lease Gap Coverage?
Auto leases and loan terms often run 60 months or longer. When you add to that the fact that your car depreciates — usually 11 percent the minute it leaves the lot — people can quickly find themselves owing more on leases or loans than the vehicle is worth. Gap insurance coverage can pay the difference between the amount you owe on the car and the total cost to replace it with a new one.
If you are leasing your vehicle or have a vehicle loan, the loan or lease assistance coverage endorsement is probably a good fit for you. Here’s why: if you’re in an accident and your vehicle is a total loss, your auto policy will generally pay you for the actual cash value of your vehicle. Great! However, the value of the vehicle can be less than what you might actually owe, leaving you with a potentially hefty bill. Loan or lease assistance coverage helps pays the difference, or gap, to help lessen the financial load on your end.
What Does Lease/Loan Gap Insurance Cover?
Buying gap insurance coverage may be required by your lender. When financing is in play, lenders may also require you to purchase collision and comprehensive coverage to help recover the costs of replacing the vehicle in the event of a covered total loss. Because the car’s actual cash value (ACV) will typically be reimbursed in the event of a total loss with comprehensive or collision coverage, a gap insurance coverage is key to paying off the gap between what you owe and the ACV of the car because the vehicle depreciates in value over time.
Let’s say you get an auto loan for your car’s full value of $18,000. Months later, you’re involved in an accident where your coverage applies and the vehicle is considered a total loss. The actual cash value of the vehicle is $14,000 — which is what your insurance company will typically pay — but, because of the structure of your loan repayment, you still owe $17,000. This leaves you with a $3,000 bill for a vehicle you no longer have. If you have the loan or lease assistance coverage endorsement, that $3,000 gap is covered by insurance instead of it all coming out of your pocket.
When Do I Need to Get the Loan or Lease Assistance Coverage?
As you’re shopping for cars, it’s key to have your eye on this important coverage. At American Family, this insurance is only available when you’re adding a vehicle policy under your name. But you can remove the endorsement in the future. Once you owe your lender less than what your car is worth, you can remove the loan or lease assistance coverage endorsement coverage from your policy.
How Much Is Lease/Loan Gap Insurance?
This additional coverage to your policy adds only a few more dollars to your premium — but it could save you a lot of money in the long run. Your insurance agent can tell you just how this coverage will affect your premium, and they can help you better understand the right time to remove it. Keep in mind, some car dealerships offer this coverage at the time of sale, and you can purchase it at the time you add your vehicle with American Family Insurance.
Is Loan or Lease Assistance Coverage Enough?
Insurance companies won’t even offer this coverage unless you have comprehensive and collision coverage, which is what would help cover the actual cash value of the car.
Another important detail about this endorsement is that the loan must be a vehicle loan and be taken out only to purchase the vehicle. So, if you use a home equity loan to purchase a vehicle, this coverage would not be available. Additionally, this endorsement doesn’t pay for items such as extended warranties, credit life insurance, loan rollover balances or late payment penalties and fees. Finally, the most that will be paid under the Loan or Lease Assistance Coverage endorsement is 25 percent of the actual cash value of the vehicle at the time of loss.
Is Gap Insurance Worth It?
If your car is worth less money than you owe on its loan, gap insurance is a smart choice. One good way to analyze whether gap insurance coverage is a good fit is to determine your car’s current bluebook value at the time of purchase.
Check with Edmunds.com, and even run a Carfax on your vehicle to review publicly-available records and other factors that may impact its actual cash value. Once you’ve got that number, compare it against the amount you owe on it. If the amount you owe on the car is more than the ACV, then you should consider gap insurance coverage. Is gap insurance coverage worth the money? If you owe more than the car’s overall value, then it’s definitely worth it.
How Do I Find Out If I Already Have Gap Insurance?
Are you unsure if you already have gap insurance coverage? Take a look at your car insurance policy or contact your agent. It’s also important to note that if you lease a vehicle, your dealership probably requires you to have this coverage and might already include the coverage in your lease payment.
Before you buy gap insurance coverage and add it to your auto policy, give your dealership a call and check with them to see if it’s included in the price of financing your ride. If your dealership does offer gap insurance but you haven’t bought it through them, it may be a good idea to purchase gap insurance coverage through your own insurance provider instead — it’ll probably be less expensive that way.
Get Gap Insurance With American Family
Having auto loan or lease assistance coverage is just one more way to proactively protect what matters most. Give a call to your American Family Insurance agent about adding this coverage when adding a vehicle to your auto insurance policy — you’ll be happy you did.
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Welcome to our humble kids’ website, dedicated to helping any child learn how to make money as a kid. This site is continuously growing, and this is the homepage. Here, will will discuss tons of stuff briefly while linking to detailed information regarding each item. We want to help each kid to learn how to make $200 or more per week, which is completely possible, believe it or not! You could even earn money with your smartphone, as the world continues to convert into an all digital civilization. All of our methods (blog posts) are here to give you ideas, while our navigation bar at the top will show you a few instructionals that will help you with the fundamentals for successful business ownership. No matter where you are from, how old you are, or what interests you have, we have the knowledge to help you! Keep scrolling, as this page will help you to navigate the website quickly!
The Methods for You to Earn Bank: They Just Keep Growing!
With the dozens of specialized methods that we already have for you kids, from ages 9, 10, 11, 12, 13, 14, and 15, it’s impossible for you to NOT find a method that you can turn into a kid’s business that’s highly successful. As we continue to grow, more are popping up. We can only post so much content at a time that’s helpful for you, so you will need to visit us often to see the new stuff. Some of our best ones include how kids can write an ebook for money, how kids can earn with making candles, children walk dogs for $20 or more per hour, and many more. There are so many different variations in the things we teach you, so that all of your hobbies or interests can be influenced into a successful, driven business. I don’t care whether you’re a girl or boy, whether you’re from Maine or California, or whether or not your a sit at home type or an athletic type- there is something for everyone!
You can even make money as a kid gamer, if you’re into games, consoles, and writing! As we head into 2015, this technological age has taken a toll on the youth; everyone communicates digitally, instantly, and with the latest smart devices. This applies to shopping as many people now shop online, researching for homework or other family oriented needs (such as medical, organization, or cooking & cleaning), and for sharing memories- we’ve all used Youtube, Dropbox, and Flickr before. Speaking of which, Youtube is a great place to become a teenage celebrity too- and make a bit of dough in the process.
Basic Tutorials for Starting Your New Business: These Apply to Every Kid Who Wants to Make Money on Their Own
Before you can actually launch a business, there are certain things that you just have to know. Just like you can’t own a dog without knowing how to care for it. We do have a brief piece on 10 Rules for a Profitable Kid’s Business, but we also have more in depth articles that cover different steps. After all, you’re going to need to know how to start from square one in order to move forward successfully.
This site is for the bound and determined, those kids who are dying to succeed and have the dedication to make it happen. If you do, read every single page on this website- I’m serious. You can NEVER learn to much. Go ahead and bookmark it, share it with your friends. Keep up to date and start a business with your best pals! We can teach you how kids can get some investment money, in order to help pay for the costs of your new business. Starting a service or good providing business isn’t always cheap, but for the most part it’s only going to be small expenses; until you really start to churn a profit and have more customers and clients than you know what to do with. Then, you can afford to pay for more of the expenses and continue to grow! There are tons of child entrepreneurs out there who are making over $50,000 per month. While this is wayyyyy unlikely for you, it’s not impossible either.
We Even Have Job Ideas for 10, 11, 12, and 13 Year Olds Who Live In Rural Areas, and Those Who Can’t Leave Home- All You Need Is A Computer!
While working from home is probably the safest idea, some kids don’t have the option to get out of the house to meet new customers. Not everyone lives in a neighborhood, and not everyone goes to a school; if you are a home schooled kid who needs a job, if you live way out in the country or in an isolated area, or if you’re just not allowed to leave home and have strict parents? We have you covered. Writing your own profitable teen or kid blog is definitely one of the most popular choices among our visitors, as blogging can be very fun and easy. We personally love making cash through the internet, because it tends to be a low cost option- or free. You can find so many platforms online for traffic and customers that it is ridiculous!
The best online jobs tend to include having your own website, using your social networks for money, and making your own content such as videos. Earning money online: for kids is going to give you a brief rundown of the different opportunities for all of you young people. If you continue to dive into this realm, you kids might take the plunge into building and selling websites. This has made so many people a ton of money- all for the cost of a domain name, hosting, and a bit of elbow grease. It take a while to write up all of your content, but buying and selling websites is an AMAZING opportunity. Interested kiddos can go here to see how to build websites! We’d like to focus on teaching you how to make money as a kid with the help of the internet, as those online jobs are usually the more successful ones. There’s always bound to be success somewhere, but it definitely seems as if a majority of adults, teens, and kids are all finding it a little bit easier with the help of the internet. Even if everything else fails (which is definitely not the mindset that we want you to have), there are still options out there. Even if you have to go with some well reputed websites that pay you back. This was posted by the Huffington Post, which will definitely send you in the right direction.
Everywhere You Go There’s a How-To or Tutorial! Be Smart- Check Out Our “How-To” Business Series for Kids
As I’ve said, you can never read too much nor can you ever learn just enough! This is exactly why I have already started the How-To Business Tutorials for you to brush up on. I wanted to highlight as many of the obstacles your new business will face in the beginning as humanly possible. It is a new work in progress that will take a bit off time to get off of the ground, but you can visit the Kid’s Business Corner and keep up to date there.
Creating Your Store and Business Step by Step
This little section will cover many different topics, from starting a Paypal account, creating fliers and other promotional items for a business, and online stores to gathering customer information such as phone numbers and emails to deciding how and when to hire help or expand product or service lines. No matter how far along your business is, you can always use a few tips and some guidance!
Keeping the Holidays Profitable and Fun While Helping Kids to Expand Their Horizons
Yes! Holidays can bring you a lot of money if you kiddos can play your cards right! Thousands of families are pining for extra help and time while they are working harder than ever to provide everything their families want during these special times of the year. Thanksgiving and Christmas are notable holidays for this reason. If you wanted to, you could earn money by helping with Thanksgiving chores or by helping someone decorate their house for Christmas.
To draw out a complete list of possibilities, pull out a pen and paper and jot down everything that is involved during these holidays. This may include:
Last minute shopping trips
Deep cleaning the house for family and friends
Cleaning dishes after a big feast
helping to cook meals
Babysitting during busy holiday errands
Finding, signing, and mailing greeting cards
Organizing address cards to ensure addresses, phone numbers, and more is up to date for the holiday season
Pet sitting while families go away for the holidays
Even Investment Money Is No Big Deal for a Teenager, as Long As You Know How to GET the Investment Money!
Investment money is going to be very, very important for a lot of teens. Sometimes, you have to buy materials, advertising, or tools in order to do, make, or sell the services or goods that will establish your business and success. If you don’t know how to do this, it’s really not that hard. You can check out our how kids can get investment money post that we linked to earlier in this post to begin. However, we’re going to give you guys a few pointers here, as well!
If you have old cell phones that you no longer use, try selling them to others who are in need of a phone. Even if it’s an old, cheap phone, someone out there is likely to buy it. There are also web merchants who buy old phones!
Have you grown a little since last year? Then it’s probably time to get rid of old clothes that just don’t fit you anymore. You can also rent clothes to other kids for startup money. Take all those old dresses, formal clothes, and shoes and put them to good use.
If you’re a gamer or a movie fanatic, I bet you also have tons of old games or movies laying around. This goes for all of you bookworms, too. I am sure you have several games, movies, or books that have not even been touched in 6 months or more. If you have already played, watched, or read them to the point that you just don’t mess with them anymore, you might consider selling them off for a bit of startup moola. That is, unless, you want to give them to one of your siblings later on.
Kids need a way of getting cash. Unfortunately. many kids just don’t know where to start. This is a list of some really awesome ideas that ought to help. This site also has plenty of instructions for various methods, so you won’t feel left out here!
Elaborating on the Image Above: 40 Ways On How to Make Money as a Kid
Sell Your Old Clothes: If they don’t fit you or you just don’t wear them any more, there is no reason to let them collect dust. Get good photos, jot down the sizes, and list them!
Walk Dogs: Walk neighborhood or friends’ dogs for a quick buck. Sometimes, the owners just want to unwind for the night (or morning) rather than walking the dog.
Write E-Books: E-books are hot sellers. They can be bought and read digitally, instantly. Anyone can publish an ebook, and it costs NOTHING with Kindle!
Create & Sell Album Art: There are so many underground, struggling bands, singers, and songwriters out there. If you’re awesome with digital art, make their album covers for them!
Draw Book Covers: Every writer needs a catchy cover in order to sell copies of their books. How creative are you?
Sell Candy to Classmates: Kids are always harassing for a bit of that candy bar or a stick of gum. Why not keep a few extra and sell them to friends?
Pet Sit: When people go on vacation, there has to be someone to water, feed, and walk the dog who gets left behind. It’s easy enough; can you commit to it?
Baby Sit: If you have experience with children and are old enough & reliable enough to baby sit, you could give local parents a date night or some after school relief from their children! Prove yourself with 1 or 2 families, and soon enough you’ll be requested by others!
Make Feather Earrings: These are so simple. You can forage for feathers or buy them at a craft store; add a few beads and a hook, and viola! You’ve created a fashionable piece that’s always in style. Alter the length and colors for dramatic, fun earrings!
Write & Sell Class Study Notes: Is your history or science class a drag with notes? So many that it takes forever to write? You could do all the work, then sell copies to your friends so they don’t have to write them down themselves!
House Cleaning: Sometimes, the parents are just so worn out and busy that the house needs help. Cleaning is a no brainer that can land you a lot of cash with the right busy people!
Dishwasher: You could literally set up appointments with people to wash their dishes, going from house to house every day at a specific time to wash their dishes. Think about just how much this could earn you!
Make Leashes and Collars: The tutorial on this blog shows you how to do this; you can create unique, cute, personalized collars and leashes that everyone will want, featuring cute little charms and even fabrics with popular characters or images.
Make Cool Pillows: You can use new fabric, recycle old shirts, and more; you could write quotes on the pillows, give them some fringe, or embellish them. There are no limits with decorative pillows.
Write Love Letters: If you’re a romantic, you could write love letters and sell them to people who are in need of expressing their emotions, but they just can’t find the words to say!
Make Gift Baskets: Gift baskets are needed year round. Whether it be for anniversaries, birthdays, engagements, baby showers, holidays, graduation, or other celebrations, there is ALWAYS a gift basket that can be made and loved!
Pet Food Delivery: You can purchase and deliver pet food for a fee for neighbors and family. This saves them a trip to the store when they forgot how low the pet food is!
Grocery Delivery: When a busy parent is making dinner but finds they are unable to go to the store to get the missing ingredients, you can swoop in for the rescue!
Photography: While this particular art is a major learning curve, it is still very fun and rewarding. Photographers are responsible for creating everlasting memories of precious moments in life; even a talented amateur could score a few extra bucks with friends and family!
Do Prom Makeup: If you are into fashion and makeup, learn all of the different makeup techniques and perfect them on a mannequin, or yourself. When prom time comes, you could do everyone’s makeup for a cheap fee!
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