GAP insurance is an optional vehicle coverage that can be added to your collision insurance policy. It provides financial security and reduces your financial risk in the early years of your auto loan. How does it do this? Your vehicle’s value could be less than the amount financed during the first years of your auto ownership and this puts your finances at risk in the event of an accident or theft. That’s where GAP comes in.
Say you find yourself facing a complete vehicle loss – either from an accident or a theft – you will still need to pay off your auto loan. Depending on your situation, your insurance company may pay off the total amount, but that’s not guaranteed. In fact, it’s a very rare occurrence. Typically, there will be a substantial difference between the amount your insurance company takes care of and the current balance on your loan or lease. GAP protects you from being held responsible for the difference – which in many cases can be rather significant.
While purchasing GAP insurance does mean that a small premium will have to come out of your pocket, the amount is minimal to what you could owe in the event of a total loss. It really is worth it in the end. Have more questions about GAP and how it works? Contact the experts at Graff Mt. Pleasant! We would be happy to answer all your questions and help you decide if GAP insurance is right for you.
The team at Graff Mt. Pleasant sees our customers as family, so we want you to be able to enjoy your new vehicle far off into the future. We highly recommend that you protect your vehicle and your bank account from financial risk by investing in GAP insurance today!
Not convinced? One of our Sales Professionals would love to address all your questions and concerns about GAP insurance or our other vehicle protection plans. Contact the Chevrolet store at: (989) 773-3937 or the Buick GMC Cadillac store at: (989) 773-3917.