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If you’ve ever sat in the finance office of a dealership to finalize the deal on a new or pre-owned vehicle, you may have been offered gap insurance. As a driver in the Springfield area, you’re likely familiar with comprehensive and collision auto insurance coverage, which covers any damage to your vehicle as the result of an accident, but what is gap protection? Well, gap insurance, or gap protection, is designed to cover the “gap” between your vehicle’s current worth and what you still owe on your loan in the event your vehicle is deemed a total loss after an accident.
Keep reading as the finance team at Dave Arbogast Buick GMC answers the question, “Is gap insurance worth it?”, in this insightful guide that may change your mind about gap insurance.
Gap insurance, also called Guaranteed Asset Protection, is insurance coverage that covers the difference (or the gap) between the cash value of your vehicle and the amount you still owe on it. This applies to vehicles attached to a lease or loan.
Whether your vehicle is damaged through an environmental disaster or an accident on a Dayton highway, gap insurance will cover the cost between what your insurance will pay and the current cash value of your vehicle. Gap insurance doesn’t cover bodily injury or property damage, however. Read below to see what gap insurance will cover in the event of a total loss:
Gap Insurance Covers:
Want to know what else gap insurance covers and doesn’t cover? Get in touch with our finance team for more information!
While gap insurance is an optional insurance coverage option, it’s recommended that you purchase gap insurance to protect your assets and your budget. Here are some reasons why many drivers believe gap insurance is worth it:
There are several ways to get gap insurance coverage in Sidney.
After learning how gap insurance can prevent you from paying for an undrivable car, the verdict is clear. Yes, gap insurance is worth it, and if you aren’t currently subscribed, you may want to look into adding this life-saving asset soon. In the meantime, you can learn more about insurance and finance by visiting our helpful car-buying tips page or contact us with any questions!
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