What is GAP Insurance?

Fender Bender

What is GAP insurance? Specifically, what is GAP insurance on a car? Classic GAP Insurance, or Guaranteed Asset Protection Insurance, covers the difference between your vehicle’s value and the balance you still owe on it. Need more details? Just want to learn more? Contact us at SJ Denham Chrysler Jeep FIAT in Redding, and our finance experts can answer your questions.

What Else Does GAP Insurance Cover?

So what is gap protection? Gap insurance protects your financial outlook from a range of incidents that impact your vehicle’s value. While it doesn’t protect against the financial impact of bodily injuries, mechanical repairs, or your deductible, it does cover:

  • Theft
  • Fire
  • Vandalism
  • Accidents
  • Nature damages (tornado, hurricane, flood, etc.)

The insurance coverage you’re used to doesn’t always cover these unexpected incidents. So having this type of coverage can come in handy. It’s always better to be prepared with gap insurance – You never know when you’re going to need it.

Is GAP Insurance Worth It?

Gap insurance is always worth it. Gap insurance protects a large investment, your vehicle, when something out of the ordinary occurs, like theft. Especially with the purchase of new cars, your vehicle depreciates the second you drive off the lot. This difference is covered by gap insurance – the difference between the worth of your vehicle and what your insurance will cover if you get into an accident.

How Can I Get GAP Insurance?

You might be asking – Where can I buy gap insurance? You can buy gap insurance through an auto insurer like your dealership of choice or a business that deals explicitly with auto coverage. Gap insurance costs as little as $20 a year plus a one-time fee at the time of purchase.

Learn More at SJ Denham Chrysler Jeep FIAT

Ready to fully insure your next purchase? Contact our finance department at SJ Denham Chrysler Jeep FIAT near Anderson to learn more about how long does it take for gap insurance to pay. Our knowledgeable staff is standing by to help answer any questions you may have, including questions on liability insurance.

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