What is Gap Insurance?

Man and Woman Signing Contract

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!


Explore Our Models

  • 2021 RAM 2500 Towing Capacity

    How much can a RAM 2500 tow? The 2021 RAM 2500 towing capacity tops off at a whopping 19,680 pounds when properly equipped. Learn about the other RAM 2500 towing features that can help you get the most out of every Devine job or vacation. Then, feel free to peruse our RAM 2500 inventory to…

  • 2020 Dodge Charger Trim Levels

      Are you dreaming of getting behind the wheel of a 2020 Dodge Charger? With six available 2020 Dodge Charger trim levels, there’s definitely a Charger that’s perfect for you. Browse the Dodge Charger trims available at Brown Dodge Chrysler Jeep Ram near Devine and then let’s go for a test drive today. Read on to learn more about…

  • 2020 Jeep Renegade Interior

    When most Devine drivers think about the 2020 Jeep Renegade, they’re impressed with its powerful performance and rugged exterior, but they don’t forget about the Jeep Renegade interior! From the ample cargo space to its numerous comfort and convenience features, there’s a lot to love about the Jeep Renegade interior. Learn more about Jeep Renegade interior…

Saved Vehicles

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

Once you've saved some vehicles, you can view them here at any time.

Contact Us

(830) 715-0347

Call Now

170 IH 35 North • Devine, TX 78016

Get Directions

Today's Hours:

Sales: Closed

Service: Closed

Brown Dodge Chrysler Jeep Ram 29.1313311, -98.8925539.