For most people who’ve been involved in a serious traffic accident, the financial toll it takes can be worse than the actual accident itself. From repair work to medical bills, the out-of-pocket costs can start to become daunting, especially if your insurance company doesn’t pay the full cash value of your car. For this reason, many automotive experts recommend having GAP Insurance, one of the sure-fire ways to keep your head above water after a serious accident.
GAP Insurance, a.k.a Guaranteed Automobile Protection, basically fills in the “gap” between what the insurance company will pay out and what you owe on the rest of your car loan or lease. This helps drivers stay out of tremendous debt when they are faced with thousands of dollars owed on a totaled car or truck.
According to Edmunds.com, “GAP insurance is a must for leasing. However, if you make a small down payment when you buy a car, you might also need a GAP policy. That's because car depreciation sometimes outpaces your car payments. So if you buy a car for $20,000 and put no money down, the car might be worth only $14,000 a year later, even though you still owe $19,000. If an accident totals your car, you will be responsible for paying the $5,000 difference.”
To help guard our customers against this kind of scenario, Airpark proudly offers GAP Insurance to all of our customers through our Mechanical Protection Plan program. Any one of our extended coverage plans can be seamlessly added to your loan or lease, making it one of the easiest and most cost saving measures you can take when shopping for your next new or used car.
To find out more about our GAP Insurance program and how you can add it to your current loan or lease, visit us at Airpark Dodge Chrysler Jeep today!
