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What is Gap Insurance?

Tiny car with insurance documents

For Freehold drivers who are purchasing a new car for the first time, you might ask yourself, “What does Gap insurance cover?” or “What does Gap Insurance Do?” Well, Acura of Ocean in Ocean can answer both those questions for you! Gap insurance is an optional coverage that you can purchase. Gap insurance is designed to cover the amount between what is owed on the vehicle and the real cash value of the vehicle at the time of an accident. Read on to answer your questions about what Gap insurance really is! 

What Does Gap Insurance Cover?

Our expert finance team often gets the question of, “What does Gap insurance cover?” It covers several issues pertaining to your vehicle. As you learn more about Gap insurance, be sure to note that it can only cover damage to your vehicle. Gap insurance will not cover any property damage or bodily injuries that occured at the time of the accident. Here’s what Gap insurance covers and not covers:

What Does Gap Insurance Cover?:

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

What Does Gap Insurance NOT Cover:

  • Deductible (only SOME gap insurance policies cover this)
  • Engine failures and other mechanical repairs/malfunctions
  • Death
  • Extended warranties

So, what does Gap insurance do? It covers your total losses in the event of an accident. Be sure to talk to your local Asbury Park insurance company before you purchase it. 

Is Gap Insurance Necessary? 

No, Gap insurance is not necessary for Red Bank drivers. However, after answering your questions about what gap insurance does and what does Gap insurance cover, we highly recommend purchasing Gap insurance as you look at your finance options. Not only will any insurance give you peace of mind, but Gap insurance can help you in the time of an unfortunate event.

Learn More About our Insurance and Finance Options at Acura of Ocean! 

Now that we’ve answered your questions, “What does Gap insurance cover?” and “What does Gap insurance do?” Feel free to contact us with additional questions! If you’re not sure if financing is right for you, be sure to check out our leasing options at Acura of Ocean.

 

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909 Route 35 • Ocean, NJ 07712

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Acura of Ocean 40.2339628, -74.0375136.