Is Gap Insurance Worth It?

Tiny car with insurance documents

 

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!

What Is Gap Insurance on a Car & What Does It Cover?

“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:

  • Theft
  • Fire
  • Vandalism
  • Accident
  • Acts of nature (tornado, hurricane, flood, etc.)

Do I Need Gap Insurance?

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:

  • The moment you drive off the lot, your car depreciates in value.
  • Accidents can happen at any point. An accident can happen months after you purchase your car, or one can happen as you’re pulling out of the lot.
  • Usually, insurance companies cover what your car’s worth when the accident occurs.
  • Gap insurance will cover the difference if your car is totaled in an accident or is stolen.
  • Although it’s affordable insurance coverage, gap insurance is easily obtained from Tim Short Chrysler of Middlesboro or local Harrogate insurers.

Learn More About Gap Insurance From Tim Short Chrysler of Middlesboro

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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