What is GAP Insurance?

Man and Woman Signing Contract

 

Wondering what is GAP insurance on a car? GAP Insurance, or Guaranteed Asset Protection Insurance, is what covers the difference between the value of the vehicle and the balance that’s still owed on it. If you’re looking to apply for the coverage or interested in learning more, give our team a call at Jaguar Richfield near Minneapolis! Our finance team will help answer your questions, so you can make the most informed decision.

GAP Insurance Coverage

What is GAP protection? Aside from covering the difference between your car’s value and what’s still owed on it, GAP insurance covers more to ensure our vehicle is protected. Even though it doesn’t cover bodily injuries, mechanical repairs, or your deductible, it covers:

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

This kind of automotive coverage comes in handy when regular insurance doesn’t cover any of these unexpected inconveniences. No one knows if they’re going to need it, which is why it’s better to be prepared with GAP insurance.

Is GAP Insurance Worth It?

Yes, because it means protecting your car in the event when something out of the oridinary happens, like the theft of your car. And since your vehicle depreciates the moment you drive off the lot, GAP insurance covers the “gap” between your vehicle’s worth and what your insurance covers if you get into an accident.

How to Get GAP Insurance

Drivers can get GAP insurance through their auto insurer, whether that’s through our dealership near Eden Prairie or a business that handles auto coverage. If you’re interested in GAP insurance, it can cost as little as $20 a year, plus the one-time fee at the time of purchase. Feel free to contact our finance department for more information about the cost of GAP insurance.

Learn More at Jaguar Richfield!

If you want to fully insure your new Jaguar vehicle, reach out to our finance department at Jaguar Richfield near Edina. Our friendly and knowledgeable staff is ready to help with all of your questions!

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