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Farar & Lewis LLP is a top rated law firm, with over 40 years of combined experience. Our attorneys have won over $100 million, in combined verdicts and settlements for our clients. You deserve compensation for your pain and suffering, and it's our job to get it for you.

A Practice Dedicated Exclusively To Helping Injury Victims

If you have been injured in an auto accident or another type of accident that you did not cause, it is important that you seek the advice of a qualified California personal injury attorney who knows the law and has the ability to secure the compensation you deserve. At the law firm of Farar & Lewis LLP, we represent Southern California clients through some of the most difficult times of their lives.

We know how overwhelming it can be for injury victims to deal with overzealous insurance adjusters who want to settle their claims for as little as possible. We take the burden of the legal issues off your shoulders and work directly with the insurance company to negotiate a settlement that provides the medical care and financial support necessary to facilitate your recovery. If a fair settlement cannot be negotiated, we will take your case to court.

Our Iron-Clad Commitment To YOU

We are committed to you and your right to no-nonsense legal representation, timely communication and full compensation. We pride ourselves on providing punctual and honest case assessments.

Our team of trial lawyers has over 40 years of combined experience, fighting on behalf of victims all over the state of California. get a free consultation


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What Is Gap Insurance?

GAP stands for “Guaranteed Auto Protection.” GAP insurance is designed to cater for the depreciation value of a car. Many car owners do not realize how fast their cars depreciate in value. In fact, immediately after you buy a car it loses about 20% of its purchase value. If the same vehicle is involved in an accident and is declared a write-off, you will notice the gap between the market value and the actual value. In some cases, the gap can go up to thousands of dollars.

To bridge this gap, insurance providers offer GAP insurance. This is a product offered to buyers of brand new cars. If your car is damaged or stolen, the insurance will cover the gap between the market value and the purchase price (the amount you paid).

An in-depth look at GAP insurance

GAP insurance is a financial product that was created out of necessity. Many car buyers found that the gap between the actual value and market value was too high. As such, insurance providers moved in to cover for these costs. The necessity was also born out of calculating the market value versus the actual value. Insurance providers were reimbursing car owners for a lower value. GAP insurance, therefore, offers a financial cushion to new car owners. If you are contemplating on getting GAP insurance, there are several ways that this insurance can cover your car.

• If your new car becomes a write-off, then the market value offered by the insurer will not be equal to the actual purchase value. GAP insurance steps in to cover for the extra amount. You will be interested to note that according to insurance reports, one-third of new car drivers damage their cars within the first two months.

• GAP insurance can also cover for defacement or theft. This is a good way to safeguard your investment. It is wise for you carefully check the “rider” policy in your GAP insurance policy for added features.

• GAP insurance is usually a separate cover from your regular car insurance. GAP insurance steps in when you are not able to pay for the difference between the actual and market value offered by your insurance company.

• Your new business truck or leased luxury car will be worth more than the insurance claim offer. Price fluctuations are often a contentious issue when it comes to auto claims. Insurance companies are driven by profits, and they will always try to protect their profit interests. As such, you can be sure to receive a lesser amount for your claim. If you have GAP insurance, you are saved from the headache of negotiating with insurance adjusters. This also protects the driver of the leased car.
GAP insurance is not new to the market. However, it has been modified and improved over the years. There are three categories of GAP insurance:

• Finance Gap Insurance

In the event that you borrow money to buy a car, you will find that you owe more than the insurance pays out. Finance GAP insurances pays the extra amount to cover the debt.

• Return-to-invoice insurance

This is an insurance cover that pays for the extra amount to ensure that you get back exactly what you paid. Return-to-invoice insurance is available for both brand new and second-hand vehicles.

• Brand New Car GAP insurance

This type of insurance is also known as “vehicle replacement” insurance. This type is similar to the return-to invoice, however, vehicle replacement covers for the increasing costs of cars. For instance, if you bought a car at a discount, the same discount may not be available when replacing the car. Brand new car insurance will cover the extra cost. It will also ensure that you can replace your car for a new one of the same specification and model. This type of GAP insurance also has the highest payout. However, the premiums are also the highest.

GAP insurance policies differ from one insurer to the next. It is best for you to find one that suits your needs. Price and feature comparison is the best way to get what you need. Having to pay thousands of dollars after you have bought a brand new car can drain you financially. GAP insurance cushions you against these added costs.

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