Is Gap Insurance Worth It?

What Is Gap Insurance?

So, what is gap insurance? Gap (Guaranteed Asset Protection) insurance covers the difference between the cash value of your car and the amount you still have to pay on it. This can be applied to drivers who have chosen to lease or finance an Acura model. 

Do I Need Gap Insurance?

You do not need gap insurance as is not required by law, however, drivers can benefit from having gap insurance coverage in many different ways. While you’ll not only have a little more peace of mind behind the wheel, there are some more reasons why gap insurance may be useful to you in the long run:

• Depreciation happens the moment you drive off the dealership lot.
• Accidents can happen at any time, including right after you drive a new vehicle off the lot.
• Most insurance companies only cover what your vehicle is worth at the time of the accident.
• If your new car is totaled or stolen and you owe more on it than its current deemed value, gap coverage accounts for that difference.
• The cost of gap insurance is relatively low, and it is easy to obtain, so there is really no reason NOT to have it.

How Do I Buy Gap Insurance?

So, how do you buy gap insurance? Well, you can always check with Acura of Ocean, and here are some other great options of where to start:

• Your regular auto insurance company may offer it for as little as $20 per year.
• You may be able to buy it for a one-time fee from your dealership or car loan company.
• You can get it from a specialized Gap insurance company for a one-time fee.

Find More Finance Resources at Acura of Ocean 

Now it’s up to you to decide is gap insurance worth it? You can also check out more features like how you can lease a used car or how to get car financing with bad credit. Our finance team is always on help you find the vehicle with the financial option that suits you best. Contact us today to learn more or stop by our dealership near Asbury Park!

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