When you’re buying a certified pre-owned or used vehicle in Defiance, you’ll come across various insurance choices. One term you might hear is “gap insurance.” But how much is gap insurance, and what does it cover? In this guide, Exceptional Motorcar’s finance team will explore gap insurance, explaining its basics, what it covers, why you might need it, how to get it, and the average cost of gap insurance.
Before we dive into how much is gap insurance, let’s clarify what gap insurance is and its significance. Gap insurance bridges the gap between your vehicle’s current value and your remaining loan balance. It differs from comprehensive insurance, which primarily covers non-accident-related damages. Gap insurance, also called Guaranteed Asset Protection (GAP) insurance, safeguards your financial interests in the event of an unexpected total loss by closing the financial disparity between your car’s financed amount and its actual cash value (ACV).
However, it’s important to remember that gap insurance doesn’t protect against bodily injuries or property damage like liability Insurance. It primarily comes into play when there’s a total loss.
The average cost of gap insurance can vary depending on where you purchase it in Lima. Here’s an overview of your options:
The yearly gap insurance costs are relatively low, making it easy to fit into your budget. Whether you opt for a $20 annual payment or a single flat fee, you can drive through Toledo with peace of mind. Here are a few compelling reasons why adding this extra coverage is a smart choice, whether you have a new or used car:
Now that you understand gap insurance costs, discover other ways to protect your vehicle affordably with Exceptional Motorcar! Have questions about gap insurance prices? Contact us for assistance. Explore our other car-buying tips for advice on buying vs. leasing, trading in a financed car, and more.
When choosing a high-tech pickup truck for your drives around Lima, you can’t go wrong with the RAM 1500. It’s got a roomy interior, plenty of storage space in the bed, and the power and performance you need for even the tough jobs around town. But can this truck fit in your garage? Exceptional Motorcar…
Ford F-150 towing capacities have grown over the years, but they’ve always been far above and beyond what the vast majority of Lima and Toledo drivers would ever need or use. Late model Ford F-150 towing stats are nonetheless useful for seeing how capable your truck of choice is, especially if you have a…
Take a look at the GMC Sierra 1500 towing capabilities here to see which year of the highly-capable GMC Sierra 1500 best suits your needs around Lima and Toledo. Whether you need to know about 2018 Sierra towing, 2020 GMC sierra towing, or GMC Sierra payload, we’ve got the details below. If you have…