Gaps in car insurance policies can leave drivers exposed

(Tulsa World)- When leasing or carrying an auto loan and the wrecked vehicle is deemed unsalvageable, it is "totaled" by the insurer - it will cost more to repair than it will be worth once repaired. When a total loss is claimed, the insurer calculates your payout based on the market value of the vehicle at the time of the crash. As many lease holders and borrowers are "upside-down" in their vehicles for much of their leases or loans, owing more than their vehicles are worth, they are on the hook for the gap. Read more here…