What is GAP Insurance?
Many drivers come to us and ask “What is GAP insurance?” GAP insurance, which stands for Guaranteed Asset Protection, offers coverage on the difference between the value of the mole and the outstanding balance. Find out more about what is GAP protection or what is GAP insurance specifically on a car with the experienced finance team from Cornerstone Auto below!
What Else Does GAP Insurance Cover?
In addition to covering the difference of the value and the balance, GAP insurance on a car also covers the following:
- Theft
- Fire
- Vandalism
- Accidents
- Nature damages (tornado, hurricane, flood, etc.)
Keep in mind it doesn’t cover bodily injuries, mechanical repairs, or your deductible. Still, GAP protection can still be helpful as a driver in the Ramsey, MN area since regular insurance doesn’t cover to this extent!
Should I Get GAP Insurance near Anoka, MN?
Now that you know what gap insurance is, you are probably wondering if you should get it. It is definitely worth the extra cost because you will be protecting your investment in Monticello, MN from unexpected incidents. Also, because the value of your car depreciates the moment you drive it out of the dealership, the GAP protection on a car can give coverage between the worth of your ride and the coverage of your insurance should an accident happen.
How Do I Get Started?
Talk to your auto insurer about getting GAP insurance. It will cost around $20 a year on top of the one-time fee when you buy the coverage! This low price makes the coverage even more worth your while. If you want to work with us, you can reach out to us to get started today and we are excited to partner up with you.
Look to Us For Finance Help in Elk River!
Did we answer your question “What is GAP protection on a car?” If you still have questions, feel free to talk to us and we are more than happy to help you out! Our finance team can also give you guidance for other car buying tips, so you can drive on the Ramsey, MN roads with peace of mind.
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