Have you ever wondered, “What is GAP Insurance?” The three letters in GAP stand for Guaranteed Asset Protection, but what is GAP protection actually for? Simply put, GAP insurance covers the difference between your remaining loan balance and the real value of your model. Our finance center recommends it for any driver who wants to avoid loan payments on a totaled car.
Now you know the basics, but you might still have questions about how GAP insurance actually works. Here’s one common example:
Is a collision the only circumstance in which you’ll be covered by GAP insurance. Not at all. Coverage for cases of theft, fire, vandalism, and nature damages will all be included. Still have questions about what GAP insurance covers? Our team can help.
Whether you lease or loan, GAP insurance helps you to avoid the worst possible consequences of accidents and collisions. You may have heard that new vehicles can start to depreciate as soon as they leave the lot, but of course, your loan balance won’t go down quite as easily or automatically.Do you still want to be making payments on an old loan after your car has been hauled away? If not, you’ll want to talk to a finance expert about GAP coverage.
Most drivers procure GAP insurance through their regular insurer, or through their trusted dealership. Although it’s not required in St Peters, Webster, or anywhere else in Missouri, it certainly is affordable. You might be able to purchase GAP coverage for as low as $20 a year, with an additional 1-time fee at the point of purchase.
Gearing up to purchase a new or used car? Learn more about liability insurance and comprehensive coverage to find out exactly what you’ll need. If you ever have questions, you can send us a direct message using our contact form!
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