If you’re ready to buy a new car from Tim Short Chrysler of Middlesboro, you might be wondering about your insurance coverage. If you’re in an accident, having comprehensive insurance coverage will help cover the costs of any damage to your vehicle. But, what is gap protection? Gap coverage covers the “gap” between your car’s worth and what’s still owed on it.
So, is gap insurance worth it? Learn more about gap coverage below!
“Gap” is short for Guaranteed Asset Protection. Again, this type of insurance covers the gap between the cash value of your vehicle and the amount you still owe on it. This applies to vehicles who have a lease or loan. If your car is damaged in an environmental disaster or a car accident in Pineville, gap coverage will cover the difference between what your insurance will cover and the current value of your car. Gap insurance doesn’t cover any form of property damage or bodily harm.
Below, you can learn more about what gap insurance does and doesn’t cover:
Gap Insurance Covers:
Gap insurance is available as an option, but it’s suggested that you purchase it to protect your assets. Here are a few more reasons why gap insurance is a good option:
Now that you know the answer to the question, “What is gap protection?”, you can learn more about whether it’s right for you from the team at Tim Short Chrysler of Middlesboro. Contact us online or call us at 606-246-1647 with any questions about gap insurance. You can read even more about car buying topics when you browse our finance and insurance hub.
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