There are a variety of insurance coverages available when you buy a new car and it can be overwhelming to determine which one best supports your Lexington lifestyle. In this guide, Spitzer Kia Mansfield will focus on one of the lesser-known options: gap insurance. What is gap insurance on a car? In the simplest terms, it covers “the gap” between your vehicle’s worth and what remains on your loan. Continue reading to learn more about whether gap insurance is worth it and what it covers.
So what is gap protection? Gap insurance is also known as Guaranteed Asset Protection and covers the difference (the gap) between the current value of your car and the remaining amount that you still owe on it at the time of it being totaled. This applies whether you have a lease or a loan and regardless of the cause of the damage to your car (accident, natural factors, etc.). Read below to see what gap insurance will cover in the event of a total loss:
Gap Insurance Covers:
Want to know what else gap insurance covers and doesn’t cover? Get in touch with our finance team for more information!
Gap insurance may be optional insurance coverage for your new car, but Spitzer Kia Mansfield recommends that you invest in gap insurance to protect your assets and your budget. Some reasons why Ashland drivers invest in gap insurance include:
Getting gap insurance is easy! Here are some ways to get gap insurance for your next new car near Shelby:
Once you’ve found the perfect vehicle at Spitzer Kia Mansfield in Mansfield, you can start considering different insurance options, including gap insurance. Feel free to contact us if you have any questions or visit our collection of Car Buying Tips to make the most out of your next car purchase.
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