What is GAP Insurance On a Car?

Tiny car with insurance documents
 

During the car-buying process, you’ll have the option to opt for GAP insurance at our finance center. But what is GAP insurance on a car? GAP insurance stands for Guaranteed Asset Protection and can provide you with added security should anything come up when you’re driving around Queens. So to answer, “What is GAP insurance?” GAP insurance is an additional insurance offering available to you when you purchase a vehicle with an automotive loan lender. GAP insurance covers the difference between the value of your vehicle and the amount you owe on your vehicle’s loan.

It’s a great option and should be something you consider since your vehicle can depreciate as soon as you drive off the dealership lot. When you’re getting automotive financing at Bay Ridge Volkswagen, we’ll be sure to offer you GAP insurance on your vehicle. Otherwise, if you choose to go to another lending institution around Staten Island, we suggest you make sure to confirm the answer to “What is GAP insurance on a car?” and verify that it’s offered. For more information on “What is GAP insurance?” continue reading on!

What is GAP Protection?

You might be wondering, “What is GAP protection?” GAP protection is technically interchangeable with the term “GAP insurance.” This means that it also has the same answer as the question, “What is GAP insurance?” With that being said, GAP protection technically doesn’t just provide you with security on your Bronx travels. It only costs as little as $20 a year and can provide you with added protection from:

  • Theft
  • Vandalism
  • Accidents
  • Natural damages (tornado, fire, flood, etc.)

Keep in mind that GAP insurance protection can vary depending on the specific coverage you have. It’s best to check with your lender or GAP insurance provider for detailed information. Additionally, GAP insurance is not a replacement for standard auto insurance and will not cover mechanical repairs, bodily injuries, or even your deductible. 

Get More Finance & Insurance Information Today at Bay Ridge Volkswagen!

If you’re still wondering, “What is GAP protection?” you’re more than welcome to stop by our Brooklyn dealership for more information. The team at Bay Ridge Volkswagen is more than happy to assist you and answer any questions you may have. We’ve got plenty of knowledge and we’re looking forward to sharing more finance and insurance information with you. Please get in touch with us today for assistance!

 

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