What is Gap Insurance?

December 30th, 2018 by

car insurance

When people purchase a vehicle, one big question they ask is: What is Gap Insurance on a car? Gap Insurance, or Guaranteed Asset Protection Insurance, covers the vehicle’s value as well as the balance still owed on it at the time of trading it in. It doesn’t matter if you have an auto loan or a lease. If you’re looking to apply for coverage or want more details, contact us at Wilde Lexus Sarasota where a knowledgeable member of our finance center can assist with any questions you have.

What Does Gap Insurance Cover?

What is gap protection? It doesn’t just cover the difference of your vehicle’s value, and what you still owe on it. Gap Insurance also covers a lot more to ensure your vehicle’s protected. Keep in mind, it doesn’t cover bodily injuries, mechanical repairs, or your deductible, but it does cover:

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

Gap Insurance has you protected when your automotive insurance doesn’t cover unforeseen circumstances. Things happen without warning, and with Gap Insurance, you can rest easy.

Is Gap Insurance Worth It?

Yes, it is! You’re protecting your car’s investment when the unexpected happens, and your automotive insurance doesn’t cover it. Your vehicle loses value when you drive off the lot, and Gap Insurance covers the gap between your vehicle’s value and what the insurance covers if you’re involved in an accident.

Where Can I Get Gap Insurance?

Gap Insurance is available through your automotive insurer. If you’ve decided to get the coverage, it will cost as low as $20 a year, plus a one-time fee at the time of purchase.

Learn More at Wilde Lexus Sarasota

If you’re ready to make sure your new vehicle is fully protected, contact our finance department at Wilde Lexus Sarasota near Lakewood Ranch. Our knowledgeable team is waiting to help with any questions you have about Gap Insurance!

More from Wilde Lexus Sarasota

  • Let’s Hit the Road: Top Tips for Taking a Florida Road Trip

    In 2017, it was estimated that a record-breaking 116.5 million visitors traveled to the state of Florida. This represented an increase of 3.6 percent over 2016 numbers. This level of tourism isn’t really surprising, though. After all, what’s not to love about Florida? There’s sunshine, beautiful beaches, and don’t forget – the Mouse – Mickey…

  • A Day in Lakewood: The Top Things to Do in Lakewood Ranch, Florida

      Do you long to try new tastes, meet different people or reconnect with nature? Whatever you’re looking for, you can find it in Florida’s Lakewood Ranch. It’s time to get in your car, take a road trip and discover what’s here. Find Food in Lakewood Ranch, Florida Start the day right at Station 400…

  • Stepping Outside of Sarasota: The Best Day Trips From Sarasota, Florida

    Are you one of the 56,610 people who live in Sarasota? Do you love your city, but want to venture somewhere new – at least for the day? If so, you will be happy to learn there are a number of amazing places you can go on your day trips from Sarasota. If you are…

Posted in Buying Advice