What is Gap 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:
- 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 or other related topics like getting a car loan with a bad credit score!
More from Wilde Lexus Sarasota
> If you’re planning a road trip through Florida, then you’re probably already prepared to make lots of stops at gorgeous beaches, stunning wildlife preserves, and famous attractions. With so many amazing places within Florida’s borders, there’s a lot to choose from during a Florida road trip. And you’ll want to know where to stop…
Every year, millions of people flock to the Bradenton area from all over the country. Bradenton even recently saw a record high of 3.1 million visitors! If you’re planning a trip to Bradenton or one of the surrounding cities soon, you’re probably wondering what there is to do in the area. The short answer is…
Florida is home to many amazing towns and cities, and over on the west coast, you’ll find the sunny seaside town of Venice. Venice has a population of around 23,020 people, making it the perfect getaway from the big city. It’s a town packed with amazing architecture, kitschy stores, fantastic food, and so much to…