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What is Gap Insurance?

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If you’re in the market for a used vehicle, you might be considering different protection plans like Gap insurance. But, what is Gap insurance? Well, Guaranteed Asset Protection Insurance (GAP) covers the value of your vehicle and the remaining balance you owe on it when you go to trade it in even if it’s a lease or loan. Music City Autoplex near Nashville is here to help you answer the question, “What is Gap insurance on a car?” and provide more information on the auto finance process. Read on to answer your Gap insurance questions!

What is Gap Protection?

As a Hendersonville driver, you might ask, you might be wondering what Gap protection is. We understand the importance of knowing what your insurance might cover if you often take long adventures to Clarksville! So, What is gap protection? Gap insurance may not cover deductibles, mechanical services, and bodily injuries from accidents, but it protects the following:

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

Regular insurance may not cover these unfortunate mishaps! By knowing what is Gap protection and what is Gap insurance, you can better prepare yourself with this coverage to keep you and your vehicle better protected.

What is Gap Insurance on a Car?

What is Gap insurance on a car? It’s the insurance that protects your investment when life happens. As soon as you leave our lot in Madison, your vehicle immediately depreciates. Gap insurance is there to cover the in-between value of what your insurance covers, and the worth of your vehicle if you were to get in an accident.

Gap insurance is available through your auto insurer, which could be your bank, dealership, or any business that handles auto coverage. Now since we’ve answered, “What is Gap insurance on a car?” you should know that it only costs the one-time purchase fee and roughly $20 per year. With this being said, as you shop for your used vehicle, be sure to find out if used cars need full coverage or not as well. 

Learn More About Financing at Music City Autoplex!

Once you’ve become fully confident in your answers to what Gap insurance is and what Gap protection provides, contact our finance center at Music City Autoplex. We’re ready to explain how buy here pay here financing works at our dealership and make sure you’ve checked off everything on your used car buying checklist

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Music City Autoplex 36.269330, -86.710610.