Is GAP Insurance Worth It?

Purchasing a vehicle means adding insurance coverage. In addition to standard insurance, you can add GAP insurance to your package. But what is GAP protection, exactly? Is GAP insurance worth it? Find out the answers to these questions with the finance experts at Hardy Superstore today. Our dealership in Dallas is here to help you finance your next ride and add the appropriate amount of insurance for covered driving in Marietta and Cartersville. If you have any questions about GAP coverage after reviewing the following guide, we are here to help! 

What is GAP Insurance On A Car & What Does It Cover? 

GAP insurance—also called Guaranteed Asset Protection—is insurance coverage that covers the difference (or the gap) between the cash value of your vehicle and the amount you still owe on it. This applies to vehicles that have a lease or loan. 

Whether your vehicle is damaged through an environmental disaster or an accident in Douglasville, GAP insurance will cover the cost between what your insurance will pay and the current cash value of your vehicle. GAP insurance doesn’t cover bodily injury or property damage, however. Read below to see what GAP insurance will cover in the event of a total loss:

GAP Insurance Covers:

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

Want to know what else GAP insurance covers and doesn’t cover? Get in touch with our finance team for more information!

Do I Need GAP Insurance?

While GAP insurance is an optional insurance coverage option, it’s recommended that you purchase GAP insurance to protect your assets and your budget. Here are some reasons why many drivers believe GAP insurance is worth it:

• Vehicle depreciation happens the moment you drive off the dealership lot.
• Accidents are unpredictable and can happen at any time. It could be months after you buy your car or the day after. 
• Most insurance companies only cover what your vehicle is worth at the time of the accident. 
• If your new vehicle is totaled or stolen and you owe more than its current worth, GAP insurance will cover that difference.
• GAP insurance is a relatively low-cost insurance coverage plan and it’s easy to obtain from your local Rockmart insurers. 

How Do I Buy GAP Insurance?

There are several ways to get GAP insurance coverage in Douglasville: 

• Dallas auto insurance companies may offer GAP insurance for as little as $20 per year.
• Some dealerships or car loan companies may offer GAP insurance or other vehicle insurance coverage. 
• Specialized car insurance companies will offer GAP insurance for a one-time fee.

Learn More About GAP Insurance for Your Car

What is GAP protection? Is GAP insurance worth it? Now you know the answers to these questions! If you think GAP insurance is right for you upon purchasing your next vehicle from our dealership, simply let us know. Our finance team is here to assist you throughout your car-buying journey. For more helpful finance tips, review our guides on what to look for when buying a used car and what to do after buying a used car!