Buying a vehicle for the first time is exciting, but have you considered getting GAP? What is GAP? What is GAP insurance for cars? Should you get it?
What Does GAP Stand For?
GAP is an Acronym for Guaranteed Asset Protection for your vehicle. This optional insurance is useful when your purchased vehicle is totaled or stolen.
When this happens the insurance will only cover the market price of the car leaving the buyer to cover the remaining amount. What Gap does in order to protect the buyer from still paying over the remaining amount, GAP will cover the rest of the vehicle and you will not have to pay for any remaining amount whether it be 5,000 or 10,000.
GAP protects you for anything that life throws at you, GAP is available in private companies and most dealerships - Payne Auto Group being one of them! Even if you are just leasing a car having GAP can be very beneficial for you incase anything happens, purchasing a car the first year will lower it's value by 30% and 50% within the first three years.
Careful or not, having GAP helps majority individuals gain a piece of mind and safety for themselves. See if GAP insurance is right for you and get your vehicle protected!