What is GAP Insurance?

If you’re like most Fort Worth drivers, you may be unfamiliar with GAP insurance or what it covers. Guaranteed Asset Protection (GAP) insurance covers the difference or gap between your vehicle’s value and what you still owe on the vehicle. Learn more about what GAP protection entails and how you can get protected with the finance center at Shottenkirk Toyota of Weatherford. 

What is GAP Protection and Coverage?

You know what GAP insurance is, but what else does it do besides cover the difference between your vehicle’s value and what you owe? Here are some of the extra areas of coverage GAP insurance provides: 

What is GAP protection? Apart from covering the difference of your vehicle’s value and the amount you owe on it, GAP insurance covers a lot more to protect your vehicle. While it doesn’t cover bodily injuries, mechanical repairs, or your deductible, it covers:

  • Accidents
  • Theft
  • Fire
  • Vandalism
  • Nature damages (tornado, hurricane, flood, etc.)

It’s important to know that GAP insurance doesn’t cover bodily injuries, mechanical repairs, or deductibles. Where GAP insurance comes in handy is when your regular insurance won’t cover all of the unexpected obstacles you might encounter on the Azle roads. 

Should I Get GAP Insurance? 

Now that you know what GAP protection entails, you might be wondering if the extra coverage is worth it. GAP insurance can help protect your vehicle from unconventional and unexpected instances. It’s also important to remember that your vehicle depreciates as soon as you get the keys for it. That means that GAP insurance will cover the difference of your vehicle’s worth and what your insurance will cover if you ever get into an accident on the Mineral Wells roads. It’s always better to have the extra coverage and not need it than it is to not have the coverage and find yourself needing it. 

What is GAP Insurance on a Car? 

How much is GAP insurance on a car? You can get GAP insurance through most automotive insurers. It can usually be acquired through your dealership or a business that deals specifically with auto coverage. If you do decide to purchase GAP insurance, you’ll have to pay a one-time fee. After that, GAP insurance should only cost about $20 per year. Visit Shottenkirk Toyota of Weatherford to apply for financing and discuss how you can get GAP insurance coverage. 

Get Covered at Shottenkirk Toyota of Weatherford

When it’s time to get the vehicle you want, you want to be sure you have your investment covered. Contact us at Shottenkirk Toyota of Weatherford to learn how you can get the coverage you need to keep your vehicle protected in Hudson Oaks or wherever you go.

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May 23, 2024
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