2019 Jaguar XE By Sunset

What is GAP Insurance?

If you are getting ready to purchase a new vehicle in Irvine or Costa Mesa and asking yourself, “what is GAP insurance on a car,” “is GAP insurance worth it,” and more, Jaguar Newport Beach can help. GAP Insurance, or Guaranteed Asset Protection Insurance, covers the difference between the value of the model and the balance still owed on it. Learn all the details about this type of car insurance coverage below, and contact usat Jaguar Newport Beach if you have any questions or want additional car buying tips!

What Does GAP Protection Cover?

If your vehicle sustains damage that is severe enough to make it a “total loss” (in other words, it’s not repairable, or it’s more expensive to repair than to replace the car entirely), GAP insurance may cover it depending on the incident that caused the damage. While it doesn’t cover bodily injuries, mechanical repairs, or your deductible, it covers:

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

Buying GAP insurance means you’ll still have coverage beyond regular automobile insurance for unexpected incidents. You never know when you’re going to need it, so it’s better to be prepared with GAP insurance.

Is GAP Insurance Worth It?

Absolutely! If you choose to purchase GAP insurance in Costa Mesa, this means you are protecting your vehicle investment when something out of the ordinary occurs. This is especially the case when you are purchasing a new vehicle, since your vehicle depreciates the second you drive off the lot. This insurance is a good idea because it will cover the “gap” between the worth of your vehicle and what your insurance will cover if you get into an accident.

If however you are buying a car that is older and you are able to pay for most or all of it upfront, then GAP insurance coverage might not be needed, since your car is worth less to begin with and there may be less of a difference between the car’s value and what you owe on it.

How Can I Get GAP Insurance?

Car Dealership: When you purchase a vehicle, the dealership may offer you GAP insurance as part of your down payment or monthly loan payments.

Car Insurance Company: Your existing car insurance company may offer GAP insurance as part of a packaged plan, or you might even have the option to add it as an upgrade to your current auto insurance plan.

GAP Insurance Company: There are even businesses that are specifically dedicated to offering GAP insurance. If you decide to get covered, it can cost as little as $20 a year plus the one-time fee at the time of purchase.

Learn More at Jaguar Newport Beach

Get more details on insurance information like what does full car insurance cover, as well as details about the Jaguar vehicle protection plan or the extended warranty in Huntington Beach for better peace of mind. If you have questions about new car coverage for minor maintenance and repairs, learn more about the Jaguar EliteCare warranty to see what protection is already offered.

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