At Bayer Graham, we often get asked, “What is GAP insurance on a car?” Well, GAP stands for Guaranteed Asset Protection. Which means that GAP insurance is designed to cover the difference between the value of your current model and the balance you still owe to your local Graham lender.
If you’re looking to apply for coverage, our finance team is here to walk you through the application process and answer any of your questions. Read on below to find the answers to, “What is GAP protection?” and much more!
So, what is GAP protection? Not only does it help to cover the difference in costs between the model value in the Jacksboro market, and the amount you owe, it helps to protect your vehicle as well. What is gap insurance on a car? Besides covering the difference, GAP insurance will cover things such as mechanical repairs, bodily injuries, deductibles, and more:
With this type of coverage, Weatherford drivers can feel confident when regular insurance is not able to cover all the expenses of an unexpected inconvenience. Now that we’ve answered, “What is GAP protection?” We hope you feel prepared as you cruise through Wichita Falls knowing that you’re covered!
GAP insurance is worth it! With GAP insurance, you’re protecting yourself and your vehicle investment when the most unexpected happens like theft of your vehicle.As you know, your vehicle will depreciate as soon as you drive off our lot at Bayer Graham, but with GAP insurance, will cover the “gap” between what the vehicle is worth and what your insurance will cover in the case of an accident.
Interested in purchasing GAP insurance? GAP insurance can be purchased through your auto insurer regardless of whether it’s through your dealership or an auto coverage business. If you choose to become covered with GAP, it’ll cost you $20 a year plus the one-time purchase fee. Our finance team can walk you through the GAP insurance purchasing process and Liability Insurance coverage as well.
Now that you’re familiar with what gap insurance is and what it covers, contact us at Bayer Graham for the next steps! We’re here to answer questions on pre-owned vehicle specials, used-car financing, and much more.
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