Are you ready to purchase a new Audi near Portsmouth? If so, you may be wondering, "Is gap insurance worth it?" When buying a new car, car shoppers are offered different services and coverages as add-ons - many of which aren't necessary. However, gap insurance is an exception; it's an affordable form of coverage that could make your life easier in a number of ways. Read on to learn more about gap protection and how it differs from required insurance policies!
What is Gap Insurance on a Car?
First, let's answer the question, "What is gap protection?" Gap (Guaranteed Asset Protection) provides coverage for the gap - or difference - between your car's cash value and the amount you still owe on it. If, for example, your car has a cash value of $45,000 and you still owe $20,000 on it, gap insurance will cover the in-between.
Should I Purchase Gap Coverage?
Smart drivers leave nothing to chance. Gap coverage helps keep you protected in all sorts of situations, whether you've been involved in an accident or your car is stolen. Gap insurance comes in handy for the following reasons:
Your new vehicle begins to depreciate the moment you drive away from the dealership.
Accidents can and do happen at any time - often without warning. Gap insurance ensures that you're prepared.
Chances are your insurance company will only cover what your car was worth at the time of an accident.
Gap protection covers the difference if your car is totaled or stolen and you owe more than its value.
You can purchase gap insurance for a reasonable price, and when you consider the peace of mind it offers, it's worth the small investment.
How Can I Buy Gap Insurance?
Easily! There are a handful of ways to obtain gap insurance:
You may be able to purchase gap coverage from your auto insurance company for as little as $20 per year.
When you're setting up your financing plan at the dealership, you may be able to factor the cost of gap insurance into your auto loan.
You may be able to purchase coverage from a specialized gap insurance company for a one-time fee.
Learn More About Your Coverage Options from Audi Stratham
There's no reason to feel at sea when you're considering insurance options for your new vehicle. Audi Stratham is here to help! We can answer any questions you may have, such as, "Is gap insurance worth it," "What does comprehensive insurance cover," and "How does a secure car loan work?" Contact us to learn more or visit us in person near Portsmouth!
