What is GAP Insurance?
GAP insurance is a type of optional insurance coverage for your vehicle that can be added to your collision insurance policy. While GAP insurance is optional, it provides valuable financial security and reduces your financial risk in the early years of your auto loan. Since your vehicle’s value may be less than the amount financed during the early years of auto ownership, in the event of an accident or loss, your finances could be put at risk. The good news is GAP insurance protects you from this scary situation.
In the event you find yourself facing a total vehicle loss, whether from an accident, theft, etc., you will still need have to pay off your auto loan. In some cases, your insurance company may pay off the total amount, but that’s not always the case. More often than not, there will a substantial difference between the amount your insurance pays and the current outstanding balance on your loan or lease. GAP insurance will pay this difference, which at times could be significant.
While purchasing GAP insurance does require you to pay a small premium, the amount is minimal compared to what you could owe in the event of a total loss. Our experts at Hank Graff Mt. Pleasant’s two dealership locations can provide you with all the information you need to decide if GAP insurance is right for you.
GAP Insurance to Protect Your Vehicle Investment from Hank Graff
At Hank Graff Chevrolet and Hank Graff Cadillac, Buick, GMC in Mt. Pleasant, we want you to be thrilled with your vehicle purchase experience for years to come. We understand that you may have questions on the specific details regarding how GAP insurance works, so please know that we are here to help! For a minimal investment, GAP insurance is a great option to protect yourself from significant financial risk.
Please contact Graff Mt. Pleasant with any questions or concerns about GAP insurance, or any vehicle protection plans – Chevrolet dealership (989) 773-3937 Buick, GMC, Cadillac dealership (989) 773-3917.