Purchase A GAP
Insurance
The moment you drive your car off the lot, the vehicle starts depreciating in value and will lose about 30 percent of its value in the first year alone. Your regular vehicle insurance will probably not be sufficient to cover you completely in the case of a total loss, whether it is due to an accident or theft. This discrepancy in coverage is due to the fact that regular insurance will pay out the car’s current cash value, and not the current loan balance. That difference could cost you thousands of dollars.
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ACCIDENTS CAN HAPPEN
LOW COST GAP INSURANCE
PEACE OF MIND
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PROTECT YOUR INVESTMENT
ACCIDENTS CAN HAPPEN
LOW COST GAP INSURANCE
PEACE OF MIND
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ECOTEC 1.3L Turbo I3 155hp 174ft. lbs.
82,590 miles
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Stock #: 063637
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Black Sand Pearl
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1.8L I4 139hp 126ft. lbs.
62,019 miles
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Predawn Gray Mica
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2.5L Hybrid I4 208hp
51,263 miles
VIN: 4T1C31AK4NU592458
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Aegean Blue Metallic
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2.0L I4 158hp 138ft. lbs.
40,688 miles
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Stock #: 526128
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Stormy Sea
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2.5L I4 191hp 181ft. lbs. SULEV
126,749 miles
VIN: 5NPEG4JA6MH113461
Stock #: 113461
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Phantom Black
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2.5L I4 191hp 181ft. lbs. SULEV
107,368 miles
VIN: 5NPEG4JA6MH128820
Stock #: 128820
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Thunder Gray
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Nu 2.0L I4 147hp 132ft. lbs.
61,371 miles
VIN: KM8K1CAA9MU660787
Stock #: 660787A
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Frost White Pearl
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1.6L I4 120hp 113ft. lbs.
70,477 miles
VIN: 3KPC24A68ME148539
Stock #: 148539
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Diamond Black Crystal Pearl Coat
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Pentastar 3.6L V6 295hp 260ft. lbs.
62,676 miles
VIN: 1C4RJFAG9MC703670
Stock #: 703670
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Gun Metallic
Charcoal
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2.5L I4 182hp 178ft. lbs.
130,030 miles
VIN: 1N4BL4DV9MN366888
Stock #: 366888
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Is GAP insurance on a car necessary?
The moment you drive your car off the lot, the vehicle starts depreciating in value and will lose about 30 percent of its value in the first year alone. Your regular vehicle insurance will probably not be sufficient to cover you completely in the case of a total loss, whether it is due to an accident or theft. This discrepancy in coverage is due to the fact that regular insurance will pay out the car’s current cash value, and not the current loan balance. That difference could cost you thousands of dollars.Gap car insurance is predominantly used for new or leased vehicles and covers the difference between the actual cash value of a vehicle and the balance on the loan.
Financial experts all agree that the best candidates for gap car insurance are individuals that have to lease their vehicles or people that have not put down a significant down payment when purchasing their vehicle. Most insurance companies offer auto gap insurance, so before you decide to purchase it at a later stage, make sure you don’t already have it in the original lease or loan agreement. With most lease agreements, the gap insurance cost is already calculated into the monthly installments.
To some, gap car insurance might seem like a waste of money but imagine yourself in a situation when you claim with your insurance after an accident and find out that the current cash value for your car is far below what you thought. Which also means your insurance will payout far less after the deductible is taken off. Coupled with the fact that you still owe a huge sum on the loan, you could be left with a significant ‘gap’ amount. Should you not have significant savings in cash, you might not be able to cover that shortfall.
Should you choose to buy gap insurance after you have purchased or leased your car, it is important to shop around for a good coverage deal. Not all car insurance offers are the same, and it will be in your best interest to buy a policy that best covers all your needs. There is an idea that you can only buy gap insurance from the dealership at the time of the sale, but this is not true. You can purchase your insurance after the sale with any insurance company that can offer you a deal that meets all your needs.
The cost of the gap car insurance is approximately 5 to 6 percent of the collision and comprehensive premium. Also, the cost decreases as your vehicle ages, along with the cost of the collision and comprehensive insurance. The other factor that determines the cost of the gap insurance is the type of vehicle being insured, for example, is it a sedan or a luxury vehicle.
Gap car insurance will always be a good decision and hardly ever a waste of money, as the benefits far out way the minimal monthly cost you have to pay for peace of mind.