Many drivers worry about being offered unnecessary services and coverage when they’re finalizing the purchase of a new vehicle. After all, almost everyone has heard a horror story or two about the confusing ins and outs of the finance process. For this reason, we can’t blame anyone who asks questions like, “What is auto gap insurance?” or “What does gap insurance actually cover?”
Although GAP insurance might not seem particularly important when you’re first weighing your options, we feel that it’s a smart option for the vast majority of Peoria and Bloomington drivers. Get the facts about the gap insurance meaning today.
What is GAP insurance for cars? GAP is an acronym, and the letters stand for Guaranteed Asset Protection. The asset, in this case, is the value of your new vehicle. Since this coverage fills the “gap” between the amount you paid for the car, and its real value at any given point, it’s easy to remember the gap insurance meaning.
Whether you lease your vehicles or buy them, GAP insurance helps to ensure that you don’t get left underwater, making payments on a vehicle that has been totaled or seriously damaged in a collision.
Here, we’ve listed just a few of the main considerations that drivers make when answering the question, “Is GAP insurance for cars?”
Although your options may vary depending on whether you finance with a bank or a dealership, there are usually several easy ways to procure GAP insurance in the Bloomington area:
Now that you have answers to questions like “What is GAP insurance for cars” or “What does gap insurance actually cover,” you have plenty of opportunities to explore more coverage options when you finance with the Sam Leman Automotive Group. The most diligent drivers will take the time to explore their options before they buy, but we can walk you through all the necessary steps! No credit or bad credit? Don’t sweat it. Find out what you need to qualify for an auto loan today.
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