What Does GAP Insurance Do?

car insurance paperwork with car key

GAP insurance stands for Guaranteed Asset Protection insurance and adds an extra layer of protection when you’re purchasing a new or pre-owned vehicle. Most often, GAP insurance is optional and usually offered during the financing process. But, what does GAP insurance do? GAP insurance covers the gap between your vehicle’s worth and the amount of money you owe on your vehicle loan. For in-depth explanations on, “What does GAP insurance do?” and “What does GAP insurance cover?” continue reading.

The experts at Ole Ben Franklin Motors will go over everything you need to know about GAP insurance so that you can be protected in the unfortunate event that something happens when you’re driving around Farragut.

GAP Insurance Coverage

So, what does GAP insurance cover? We know that GAP insurance is meant to protect you from possible financial trouble if something happens to your vehicle. It’s meant to act as a second layer of protection on top of regular automotive insurance. GAP insurance is not a replacement for auto insurance but can be supplemental to it. Before deciding on whether or not you’d like to opt for GAP insurance for your potential new Sevierville commuter, let’s answer, “What does GAP insurance cover?” below:

  • Theft/stolen vehicle
  • Vandalism
  • Car accidents
  • Natural causes (fire, tornado, floods, etc.)

GAP insurance can vary depending on your specific terms. If you’re unsure about the exact coverage on your GAP insurance, you can always speak with our finance team for specifics.

Is GAP Insurance Right for You?

Many Seymour shoppers might be wondering if they should opt for GAP insurance. While GAP insurance might not be the right for everyone, it can often be the smart choice. It’s highly recommended because it gives you peace of mind in case anything happens. It’s a great way to ensure that you’re protected from possible financial problems. Visit the Ole Ben Franklin Motors finance experts today if you’d like to explore your options.

More Automotive Financial Advice Available at Ole Ben Franklin Motors!

If you’re just starting your car-buying journey or you’re ready to begin the next steps, Ole Ben Franklin Motors is here to help. We want to assist you with finding the perfect vehicle for all of your Knoxville adventures and provide you with all the automotive advice you need. If there are any lingering questions regarding GAP insurance, you want to know how gap insurance works when the vehicle is totaled, or you have other concerns you’d like to discuss, feel free to get in touch with our team for help!

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