What Is Gap Insurance?

January 1st, 2019 by

Getting financial help

What is Gap insurance? Simply put, Gap Insurance, also known as Guaranteed Asset Protection Insurance, covers the value of the model and the balance still owed on it at the time of trading whether it’s a loan or a lease. When you are ready to apply for coverage, or if you are just interested in learning more, be sure to contact us at Beach Automotive Group so our finance center can help you answer any questions!

What Else Does Gap Insurance Cover?

What is gap protection? Apart from covering the difference of your vehicle’s value and the amount you owe on it, gap insurance covers a lot more to protect your vehicle. While it doesn’t cover bodily injuries, mechanical repairs, or your deductible, it covers:

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

Having this type of coverage comes in handy when regular insurance won’t cover all of these unexpected inconveniences. You never know when you’re going to need it, so it’s better to be prepared with gap insurance.

Is Gap Insurance Worth It?

Absolutely! Having gap insurance means protecting your vehicle investment when something out of the ordinary occurs, like the theft of your vehicle. And since your vehicle depreciates the second you drive off the lot, this insurance will cover the Gap 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 can get gap insurance through your auto insurer whether that’s through your dealership of choice or a business that deals explicitly with auto coverage. If you decide to get covered, it’ll cost as little as $20 a year plus the one-time fee at the time of purchase.

Learn More at Beach Automotive Group

Once you’re ready to get your new Ford, Mazda, or Volvo car set up with Gap Insurance, take the trip from Conway or Murrells Inlet to Beach Automotive Group, We are here to help you answer any questions you may have!