What is GAP Insurance?

What is GAP insurance? At Kempthorn Motors, we get this question quite a bit from local drivers. GAP insurance, otherwise known as Guaranteed Asset Protection Insurance, covers the difference between the value of your current and the balance you still owe on it. Our finance center put together a quick guide to answer your question, “What is GAP car insurance?” and how it can help you in the future. Read on to learn more about GAP insurance.

What is Gap Car Insurance Coverage?

So, what is GAP insurance truly covering? Well, besides the difference between your vehicle’s current Canton market value and what you owe on it, GAP insurance helps to protect your new vehicle and yourself in a variety of ways. It does not cover mechanical repairs, bodily injuries, or your deductible; it does cover the following:

• Theft
• Fire
• Vandalism
• Accidents
• Nature damages (tornado, hurricane, flood, etc.)

GAP insurance is handy when your regular insurance won’t cover all unexpected unfortunate events. You can depend on GAP insurance to cover you when life’s most unexpected events happen without the stress of worrying about what you can and cannot afford!

Is GAP Insurance Worth It?

Extremely worth it! With GAP insurance, you have the ability to protect your vehicle investment when something unexpected happens during your daily commute or in the event of theft of your vehicle. Since your vehicle depreciates over time, GAP insurance is helpful if you ever get into an accident. It is meant to cover the cost of the vehicle and what your regular insurance will cover.

Is GAP Insurance Available to Me?

GAP insurance is available through any auto insurer regardless of whether that’s a dealership or a business that solely handles auto coverage. If you choose to get GAP insurance, it’ll cost you as little as $20 a year plus the initial one-time fee at the time of purchase.

Explore Financing and Coverage Options at Kempthorn Motors!

Now that we’ve answered your question, “What is GAP car Insurance?” Do not hesitate to contact us at Kempthorn Motors. To learn more about our finance options, explore our car buying tips!