Is GAP Insurance Worth It?

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Are you ready to purchase a new vehicle? If so, you may be asking yourself, “Is GAP protection worth it?” When you buy a new car, it’s likely you’ll be offered services and coverages you won’t need. Nevertheless, GAP insurance is one form of coverage you may want to consider. Read on to learn more about GAP insurance.

What Does GAP Insurance Cover?

Guaranteed Asset Protection (GAP) is optional and covers the difference (or gap) between your car’s cash value and the amount you still owe on it. Additionally, GAP insurance can cover theft if your vehicle is stolen and not recovered. GAP insurance is available for both leased and financed vehicles.

Do I Need GAP Insurance?

No, not necessarily. However, it’s widely agreed upon by car shoppers and experts alike that purchasing GAP insurance is a smart move and offers added protection. Instead of taking your chances on Elizabethtown roads, consider the following reasons why GAP insurance is worth it:

  • Your vehicle depreciates in value the moment you drive off the dealership’s lot.
  • You never know when an accident might occur and it’s best to be prepared with the minimum required insurance coverage, as well as supplement protection.
  • Typically, insurance companies cover what your vehicle is worth at the time of an accident — not what it’s worth beforehand.
  • If your new vehicle is deemed a total loss or stolen, and you owe more on it than what it’s worth, GAP insurance will cover the difference.
  • GAP insurance coverage is generally affordable and easy to acquire.

How Can I Get GAP Insurance?

Wondering how you can get GAP insurance in New Albany? It’s easy! Here are a few options available to you:

  • You may be able to purchase it from your current auto insurance company for around $20 a year.
  • In some cases, dealerships and car loan companies will offer GAP insurance for a one-time fee.
  • You can purchase it from a GAP insurance company for a one-time fee.

Rely on Mercedes-Benz of Louisville for More Information!

If you’re ready to take the next steps toward purchasing a new car, Mercedes-Benz of Louisville can provide additional information on GAP insurance, as well as new vehicle warranties and CPO vehicle warranties. Don’t hesitate to contact us with questions or visit us near New Albany for one-on-one assistance!

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