What is GAP Insurance On a Car?

car insurance
 

When you’ve found the perfect new or pre-owned vehicle for your Edmond commute, the next step is to begin the financing process. Most dealerships have a finance team that will provide you with the option to opt for GAP insurance. But, what is GAP insurance on a car? GAP stands for Guaranteed Asset Protection and it’s an insurance option to cover the difference between your vehicle’s value and how much you owe on the auto loan. It can get confusing, so today, the team at Eskridge Chevrolet will help you answer these questions and more:

  • What is GAP protection?
  • Should I get GAP insurance?

 

 

What is GAP Protection?

We’ve touched on, “What is GAP insurance on a car?” but are you wondering about what is GAP protection, to begin with? GAP protection allows you to protect yourself in the unfortunate event that you get into an accident while driving around Stillwater. If you have auto insurance and your vehicle needs to be replaced, your insurance provider can sometimes provide you with the monetary value of your vehicle’s worth.

However, sometimes your vehicle’s worth might be less than the amount of money you owe on your vehicle’s loan. This is where GAP insurance would help protect you. It would cover the difference between the amount of money you owe on the auto loan and your vehicle’s worth. So, what is GAP insurance and what else does it cover? Here are some of the things GAP insurance can protect you from:

  • Acts of vandalism
  • Accidents
  • Theft
  • Natural phenomenon
  • Fire

Should I Get GAP Insurance?

Since we’ve answered, “What is GAP insurance?” are you wondering if it’s worth your while? We don’t blame you! Many Perry shoppers find themselves struggling to decide if it’s the right choice for them. GAP insurance can be purchased through your auto insurance provider, at a car dealership, or anywhere else that deals with auto coverage.

For as little as $20 a year plus a one-time fee when you purchase GAP insurance, we think it’s worth the cost. It’s a great safety net for you to protect yourself and your vehicle in case anything happens.

Eskridge Chevrolet Has All the Automotive Advice You Need!

Now that we’ve answered, “What is GAP insurance” and have gone over how it can protect your Guthrie daily driver, you can make an informed decision when you’re presented with the option for it on your new vehicle. If there’s any other automotive advice you need, you can always count on Eskridge Chevrolet to have your back. We look forward to working with you and please let us know if you have further questions!

 

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Guthrie, OK 73044
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Main 405-293-4224 Sales 405-293-4224
5307 South Division Street
Guthrie, OK 73044
Eskridge Chevrolet , .