The team at Heritage Volkswagen Catonsville can help you answer the question, “Is GAP insurance needed for my car?” We’re here for every stage of your vehicle ownership process, and we’re sharing all you need to know about getting the protection you deserve out on the open road. And GAP insurance, or Guaranteed Asset Protection insurance, can pick up where your traditional insurance leaves off.
Here are a few of the instances where you’ll need GAP insurance.
You’re Leasing a Vehicle
For the most part, GAP insurance is actually a requirement when leasing a vehicle. That’s because it will cover the difference between what the insurance company pays out and the value of the vehicle if destroyed in an accident or inclement weather. That means that both you and your leasing team will be protected.
You Have an Upside-Down Payment
GAP insurance essentially makes up the difference between what the insurance company will pay and what your vehicle is worth. This is especially important if you own more on your vehicle than its value, and will help to protect you from having to pay all that value out of pocket.
You Financed for a Long Period of Time
Even if you don’t own more than the vehicle is worth, GAP insurance can be useful if you have a long term or if you put down less than 20% of the vehicle’s value. These conditions mean you could potentially lose a significant amount of money if your vehicle is totaled or stolen, and GAP insurance can help to protect you.
Is GAP Insurance Needed for Your Vehicle? Learn More Here
Here at Heritage Volkswagen Catonsville, you’ll be able to learn more about GAP insurance, and when to take out coverage for your car. Get started with a test drive or financing appointment at our Baltimore, MD dealership today.