What Does Gap Insurance Do?

Thinking of upgrading your Long Island drives with a new vehicle from Security Dodge Chrysler Jeep Ram? Financing a new vehicle involves examining various options in terms of financing and insuring your car. There’s plenty of insurance coverages you can select, however, gap insurance might be the most preferable for your financial situation.

What does gap insurance do? Gap insurance is designed to cover the gap between the owed amount on the vehicle and the true cash value of the vehicle at the time of an accident. Find out more about what gap insurance covers and how it can protect your Amityville commute below!

What Does Gap Insurance Cover?

Gap insurance covers a variety of issues related to your car. One thing Massapequa drivers should keep in mind, however, is that it is meant to cover damage to your vehicle, and not the property or bodily injuries. With that, here’s exactly what gap insurance does, and does not, cover:

Gap Insurance Covers:

• Acts of Nature (Tornado, Hurricane, Flood, etc.)
• Accident
• Vandalism
• Fire
• Theft

Gap Insurance Does NOT Cover:

• Extended Warranties
• Death
• Engine Failures and Other Mechanical Repairs/Malfunctions
• Deductible (Though Some Gap Insurance Policies Allow This)

So to summarize what gap insurance does: it is a type of insurance meant to cover total loss in the event of an accident. Alhough it is considered optional coverage, it is worth talking with your insurance company about what it offers you.

Should I Get Gap Insurance?

Massapequa drivers are not REQUIRED to get gap insurance. However, it’s highly recommended that you opt for gap insurance when purchasing a new vehicle and going through the various insurance plans and financing options. Gap insurance is incredibly helpful if your dealership offers a plan that includes deductible coverage. This insurance will allow you to rest assured that you’re saving money and protecting yourself in the case of an accident. Contact ushere at Security Dodge Chrysler Jeep Ram to talk about buying gap insurance.

Explore Insurance and Finance Options with the Experts at Security Dodge Chrysler Jeep Ram

Whether you’re just beginning your research or ready to start the purchasing process, it’s important to understand the impact of every type of insurance plan on your Amityville drives and budget. Explore our Security Dodge Chrysler Jeep Ram online finance application and car payment calculator to ensure your budget and financial affairs are in order before committing to a vehicle purchase. Gap insurance might just save you time and money when it matters most!