Is Gap Insurance Worth It?

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Some Rolla drivers have asked us, “What is gap insurance on a car?” and “Is gap insurance worth it?” Comprehensive insurance coverage covers any damage to your vehicle outside of an accident, but if you’re upside down in your car, you should consider gap insurance. Gap insurance covers the “gap” between your car’s value and what you still owe on it. Learn more about what is Gap protection here, or contact the Al West Nissan finance center for more information.

What is Gap Protection & What Does It Cover?

Gap insurance, sometimes called Guaranteed Asset Protection, is optional insurance coverage that covers the difference between the cash value of your car and the amount you owe on it. For example, if your car is damaged through an environmental disaster or in an accident around Waynesville, gap insurance will cover the cost beyond what your insurance will pay and the current cash value of your car. Gap insurance won’t cover bodily injury or any property damage. But this is what gap insurance will cover:

Gap Insurance Covers:

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

Do I Need Gap Insurance?

Is gap insurance worth it? It’s a good idea to purchase gap insurance to protect your assets, so yes, we at Al West Nissan believe it’s worth it. Here are some reasons why many Houston drivers opt for gap insurance:

  • Vehicle depreciation happens the moment you drive your car out of the dealership.
  • Auto accidents can happen at any time.
  • Most auto insurance companies will only cover what your vehicle is worth when the accident or event occurs.
  • If your new car gets totaled or stolen and you owe more on it than it’s worth, gap insurance will cover that difference.
  • Gap insurance is relatively cheap and easy to arrange from your local Salem insurance agent.

How To Buy Gap Insurance

There are a few ways to get gap insurance coverage, such as:

  • Specialized car insurance companies provide gap insurance for just a one-time fee.
  • Auto insurance companies sometimes offer gap insurance for as little as $20 per year.
  • Some dealerships or car-loan lenders may offer gap insurance.

Learn More About Gap Insurance at Al West Nissan

Now that you no longer need to ask, “What is gap insurance on a car?” turn to Al West Nissan for all of your auto finance needs. Contact us or browse our new vehicle inventory online or at the dealership when you’re ready to purchase your next car. We’re here for you!

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