If your car has been in an accident, you may find the following websites helpful:
Kelly Blue Book (www.kbb.com)
National Automotive Dealers Association (www.nada.com)
Auto Trader (www.autotrader.com)
If you are worried that the value of the car will be less than what you owe, you’ll want to buy GAP insurance coverage when you buy your auto insurance. Gap coverage will insure you for the gap between what you owe and what the car is valued at after an accident.
For many people, Gap insurance isn’t a good deal, since it’s relatively expensive for a declining liability. But there is definitely a need for this kind of policy, so evaluate it carefully before you buy.
July 22, 2008