Looking at the insurance options for your new Honda car, truck or SUV? If so, you may be wondering: “What is GAP insurance, and what does GAP insurance cover?” GAP stands for Guaranteed Asset Protection, and it is designed to cover the difference between the value of a vehicle and the balance still owed on it. Learn more about GAP insurance, what it covers, and how it works in this guide from the finance team at Honda of Toms River.
As stated above, GAP insurance covers the difference between your vehicle’s value and the amount you owe on it, which is especially beneficial if your vehicle has suffered major damage or is totalled in an accident. It is important to note that GAP insurance does not cover bodily injuries, mechanical repairs, or your deductible. So, what does GAP do? It provides coverage for damages to your vehicle from:
Most auto insurance policies do not cover these unexpected occurrences, which is why GAP insurance can be a smart choice for Berkeley drivers.
The finance specialists at Honda of Toms River agree that GAP insurance is definitely worth having. It can provide Manahawkin drivers with the extra peace of mind that comes from knowing that their investment is protected if something out of the ordinary happens to their vehicle. Keep in mind that the value of your vehicle begins to depreciate the moment you drive off the lot, so having this insurance cover the difference between how much your car is worth and how much you are still paying on it, can save you money in the event of a collision.
GAP insurance can be purchased through your local Brick dealership or from a trusted auto insurance company. Generally, GAP insurance costs as little as $20 a year, in addition to a one-time fee at the time of purchase.
We will be happy to explain your auto insurance options and what to do in the event of an accident, as well as provide advice on everything from how to get a car loan with bad credit to whether buying or leasing a car is the better choice for you. If you are ready to get behind the wheel of an exciting new Honda, use our payment calculator to find out what your monthly payment will be. Please feel free to contact us if you have any questions.
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