What is Gap Insurance?

Woman with clipboard evaluating a car

 

When you buy a new car at Bayer Auto Group, our finance department will go through all of your insurance options with you. While some insurance types are legally required, others are available for your own peace of mind if you choose them. Gap insurance is one of the optional types. What does gap insurance cover? The brief answer to what gap insurance does is it covers the gap between what your car is worth and what you owe on it in case of an accident in Stephenville. Want to learn more about what gap insurance does? Take a look with Bayer Auto Group. 

What Does Gap Insurance Cover?

When %%target_ city_2%% drivers wonder what gap insurance covers, they’ll find that it covers a number of potential accidents their vehicles might experience. Gap insurance doesn’t cover other property or bodily harm. Here’s a breakdown of what gap insurance covers: 

Gap Insurance Covers:

  • Theft
  • Fire
  • Vandalism
  • Accident
  • Acts of nature like tornado, hurricane, flood, etc.

Gap Insurance Does NOT Cover:

  • Deductible, depending on the policy.
  • Engine failures and other mechanical repairs/malfunctions
  • Death
  • Extended warranties

Gap insurance is a great enhancement to your full coverage and liability insurance. When you take advantage of all your insurance options, you can drive with confidence that, no matter what happens, your investment will be protected, and you won’t be left with devastating bills should something happen. 

Is Gap Insurance Worth It? 

Absolutely. Financial experts highly recommend gap insurance. A new vehicle depreciates significantly in its first years when Abilene drivers are most likely to owe the most money on the loan. Gap insurance is relatively inexpensive, and readily available through our finance department, your lender, or your insurance company. It’s worth the extra expense, not only for peace of mind, but in the event your vehicle experiences catastrophic damage in those early years. 

Learn All About Insurance and Financing with Bayer Auto Group

One of the perks of buying a car at a full service dealership like Bayer Auto Group is you have the expertise of our entire team on your side. That not only includes our finance team, but their collected years of experience, which they’ve gathered into our extensive car buying tips. Can’t find the answers to your questions? Don’t hesitate to contact us! We’re here to answer your questions and help you get the best car-buying experience in the Comanche area.

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