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What is Gap Insurance?

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When you buy a new vehicle, you might be offered needless services or coverage. This makes some Devine drivers wonder, “What is gap insurance?” Gap insurance, or “guaranteed asset protection,” is insurance that covers the difference between the cash value of your car and the amount still owed on it. Learn more about the ins and outs of gap insurance with the finance team at Brown Dodge Chrysler Jeep Ram.

Is Gap Insurance Worth It?

Gap insurance can be applied to a new vehicle with either a lease or loan. While gap insurance isn’t necessary, it is a smart investment to make. Given its generally low cost and wide scope of coverage, most Devine shoppers and finance experts agree that gap insurance is worth having.

Do I Need Gap Insurance?

Is gap insurance worth the extra cost? Both Castroville drivers and experts agree that gap insurance is a smart investment. Learn more about how gap insurance protects you on your daily Uvalde commutes below:

  • Depreciation happens the moment you drive off the dealership lot.
  • As soon as you drive off the lot, the vehicle is your financial responsibility – and accidents can happen at any time
  • Most insurance companies only cover what your vehicle is worth at the time the accident, leaving you with the remaining balance to pay off
  • Gap coverage accounts for that difference. If your new car is totaled or stolen and you owe more on it than its current deemed value, you don’t have to worry.
  • The cost of gap insurance is relatively low, and it is easy to obtain, so there is really no reason NOT to have it.

How Do I Buy Gap Insurance?

Now that you’ve decided that gap insurance is a worthy investment, how do you buy gap insurance? There are several easy ways to get gap coverage in Devine:

  • You can purchase it from your regular auto insurance company for as little as $20 per year.
  • Or you can buy it for a one-time fee from your dealership or car loan company.
  • You can also buy gap insurance from a specialized GAP insurance company for a one-time fee.

Contact the Finance Team at Brown Dodge Chrysler Jeep Ram

Now that you know the advantages of gap insurance, don’t hesitate to contact us at Brown Dodge Chrysler Jeep Ram with any other finance questions! Need financing? Apply for financing online and get pre-approved today!

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