I’m a former car salesman – answering yes to specific insurance question will save you thousands during leasing

DRIVERS leasing can find themselves experiencing major financial losses if they get into an accident without a specific type of insurance.

Former car salesman Deshone posted a TikTok explaining why you need to own gap insurance if you’re leasing.

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Deshone says you need to have gap insurance if you’re leasingCredit: TikTok:

Deshone says: “If you have an accident, gap [insurance] covers the portion of the car above what the insurance company is going to pay out.

This TikTok creator explains the gap between what you have to pay and what your insurance pays post-accident can average anywhere from $2,000 to $4,000.

If you don’t own gap coverage, Deshone says that any damages your insurance company doesn’t cover will be your responsibility.

Deshone’s advises his audience that any driver who leases a car since the initial Covid outbreak and anyone planning to lease should have gap insurance.

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This former car salesman notes: “Gap insurance has been included in leases since the beginning of time, 95% to 99% of leases.”

Deshone explains why gap insurance hasn’t been common since Covid-19, saying: “When Covid hit, a lot of manufacturers lost money for two months.

“The [production] projection for the year, [was] 65 million vehicles, 70:[million]that fell back and they had to make up [their financial losses] up somehow [and] they cut corners.

“Banks cut money, and some banks cut gap [insurance].”

A global microchip shortage, continuous supply chain issues, and Covid-related factory shutdowns in China are three reasons why lenders are cutting the gap.

Deshone worked at Mercedes-Benz and General Motors for a collective 10 years

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Deshone worked at Mercedes-Benz and General Motors for a collective 10 yearsCredit: TikTok:

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