What Is Gap Insurance?

Car Insurance

GAP stands for Guaranteed Asset Protection. So when it comes to insurance on a car, you can consider gap insurance your saving grace. What does that mean for Mesa drivers looking for a used Chevy Impala or other vehicle? Specifically, gap insurance guarantees payment of the balance left on a car loan or lease, even if your auto coverage values the car lower than your remaining payments in certain unexpected events. We’re gap insurance experts here at Cactus Jack's Auto, so if you have questions about why you should consider it for your next purchase, or simply want to learn more, we’re here to help.

What Is Gap Protection?

Gap insurance covers a lot more in Surprise than simply the amount left on loan, including:

  • Accidents
  • Damage by mother nature (tornado, hurricane, flood, etc.)
  • Theft
  • Fire
  • Vandalism

Gap insurance doesn’t cover bodily injuries, mechanical repairs, or your deductible. But it certainly makes a difference when unexpected events render your vehicle undrivable. Think of it as a safety net in case all else fails, giving you the peace of mind that you won’t end up in a tough spot, even in a worst-case scenario.

Is Gap Insurance Worth the Expense?

Is gap insurance worth it for those living near Glendale? That’s the real question.

Most insurance is designed to protect someone from expected inconveniences – warranty in the case of manufacturing defects, or medical coverage in the event of illness, for example. But we all know the unexpected should be expected, and that’s why gap coverage exists. Cars, trucks, vans, and SUVs all depreciate in value as soon as they’re driven off the lot, and it takes a bit for your payments to catch up.

With gap insurance, even if you get into an accident at the first intersection you meet, your investment is protected. That peace of mind is certainly worth it to many drivers.

Where Do I Get Gap Insurance?

Dealerships and auto insurers alike offer gap insurance, and it costs as little as $20 per year plus a one-time fee at the time of purchase. Learn about uninsured motorist insurance to protect yourself against uninsured drivers. If you’re ready to button up coverage on your next purchase, contact the Cactus Jack's Auto finance department near Mesa.

Read more about us and contact our finance staff to answer any questions you might have. While you’re at it, why don’t you find out if you need full coverage on a used financed car? Do you have more questions? Read our guide on how to purchase a car with bad credit. Get more details with our helpful financial guides including our breakdown of simple interest loans.

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