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What is GAP Insurance?

What is GAP insurance on a car? GAP stands for Guaranteed Asset Protection, and this type of car insurance covers the difference between the value of a vehicle you just purchased and the balance still owed on it. Learn more about GAP insurance coverage from the Jaguar Santa Monica our finance center, and don’t hesitate to contact your local authorized Jaguar retailer if you have any questions in Malibu!

What Else Does GAP Insurance Cover?

What is GAP protection? In the event of an accident, GAP insurance will pay to cover the difference between what you paid for the vehicle and what is still owed on the vehicle when the accident occurs. But that’s not all this covers.While it doesn’t cover bodily injuries, mechanical repairs, or your deductible, here is a list of things that will be covered when you purchase GAP insurance:

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

Having this type of coverage comes in handy when regular insurance won’t cover all of these unexpected inconveniences. You never know when you’re going to need it, so it’s better to be prepared with GAP insurance when buying a car.

Is GAP Insurance Worth It?

Absolutely! Having GAP insurance is a good idea if you are purchasing a new car with a car loan because it protects your vehicle investment when something out of the ordinary occurs, like the theft of your vehicle. And since your vehicle depreciates the second you drive off the lot, this insurance will cover the “GAP” between the worth of your vehicle and what your insurance will cover if you get into an accident.

If you are purchasing an older model vehicle or a used car, GAP insurance is something you may want to look further into before purchasing. Research depreciation rates for that particular year, model, and the condition of your vehicle before deciding if it’s worth it.

How Can I Get GAP Insurance?

You can get GAP insurance through your auto insurer whether that’s through your dealership of choice or a business that deals explicitly with auto coverage. If you decide to get covered, it’ll cost as little as $20 a year plus the one-time fee at the time of purchase.

Get Your Auto Loan at Jaguar Santa Monica

If you’ve found the new vehicle you want to take home to Brentwood, contact our finance department at Jaguar Santa Monica to learn more about buying GAP insurance, or apply for financing online to get a head start on the process. You can also check out more car buying tips at your local authorized Jaguar retailer today, like how to buy a new car, how trading in a financed car works and more.

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