Is Gap Insurance Worth It?

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When it’s time to purchase a new vehicle in San Antonio, you may be concerned about unnecessary service and coverage offers. One of those offers is gap insurance coverage. What is gap protection? It’s an option that’s worth considering. Get more details about what is gap insurance on a car from the finance experts at the Land Rover San Antonio finance department.

What is Gap Protection?

Are you wondering, “What is gap insurance on a car?” Gap (guaranteed asset protection) insurance covers the difference (or “gap”) between the vehicle’s cash value and the amount you still owe. Gap insurance is available whether you get a lease or purchase the car.

Is Gap Insurance Necessary?

The most common question asked is, “Is gap insurance worth it?” Many consumers and experts alike find that gap insurance is worth getting. Below is just a review of the reasons why you should consider getting gap insurance instead of leaving it to chance on the roads in Corpus Christi:

  • Depreciation happens the moment you drive off the dealership’s lot.
  • Accidents can happen at any time, even shortly after leaving Land Rover San Antonio in your new luxury vehicle.
  • Most insurance companies only cover the vehicle’s worth at the time of the accident.
  • If your new car is totaled or stolen, and you owe more than what it’s worth, then gap insurance covers the difference.
  • The cost of gap insurance is low and easy to obtain, so there’s no reason NOT to have it.

How to Buy Gap Insurance

There are multiple easy ways to purchase gap insurance coverage in Laredo:

  • Your regular auto insurance company sometimes offers it for as low as $20 per year.
  • You may be able to purchase it for a one-time fee from the dealership or car loan company.
  • You can get it from a specialized gap insurance company for a one-time fee.

Contact Land Rover San Antonio for More Details

If you’re still wondering what is gap insurance on a car or is gap insurance worth it, don’t hesitate to reach out to our finance team at Land Rover San Antonio for more information. We want to make sure you make the right choice for you.

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