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What is Gap Insurance?

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Have you been checking out the insurance options on a new car, truck, or SUV in the Stamford area? If so, you may have asked: “What is Gap insurance?” Gap, or Guaranteed Asset Protection, is an optional insurance plan that will cover the difference between the value of a vehicle and the balance still owed on it in the event of an accident. The finance team at Garavel CJDR has prepared the following guide to fill you in on how Gap insurance works and what it covers.

What Does Gap Insurance Do?

So, what is Gap insurance on a car? Gap insurance is an insurance plan that covers the difference between the value of your vehicle and how much you still owe on it. This kind of coverage is particularly beneficial if your vehicle has suffered serious damage in an accident.

You should note, however, that Gap insurance does not cover bodily injuries, mechanical repairs, or your deductible. If you opt for Gap insurance in the Greenwich area, you’ll be covered for damages to your vehicle from:

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

Gap insurance can be especially valuable for Bridgeport drivers, since most auto insurance policies do not cover these unexpected occurrences.

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Is Gap Insurance Worth It?

We here at Garavel CJDR believe that Gap insurance is indeed worth having when buying a new car. Knowing that your investment is protected when something out of the ordinary happens can add peace-of-mind to Norwalk drivers. When you take into consideration that the value of your vehicle begins to depreciate the moment you drive it off the lot, having coverage for the “Gap” between how much your car is worth and how much you owe on it will help you avoid a possibly catastrophic hit to your bank account.

How Can I Get Gap Insurance?

Gap insurance is available through a local dealership like Garavel CJDR or from a trusted auto insurance company. Adding Gap insurance to your coverage can cost as little as $20 a year, in addition to the one-time fee at the time of purchase.

Learn More About Your Insurance Options at Garavel CJDR

Now that you have a better idea in regard to what does Gap insurance do, we’ll be happy to go over your insurance and financing options, as well as help you decide whether buying or leasing is the better choice for you, and what a fair car loan interest rate is based on your credit. Remember to explore our current new vehicle specials to save on your next vehicle. If you have any questions or would like more information, please contact us.

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