Do I Need GAP Insurance | Mission, TX
Family-owned Bert Ogden Chevrolet has a wide range of new, used, and certified pre-owned vehicles on our lot in Mission, Texas. If you are ready to purchase a brand new Chevrolet car, truck, or SUV, we invite you to take advantage of our Express Checkout service, a totally online way to buy your vehicle and stay safe during COVID-19.
Whether you are buying a brand-new Chevrolet or getting your first used vehicle as a new driver at our Mission, Texas, Chevrolet dealership, though, it is important to consider how much insurance you need. And if you are new to the world of car insurance, it’s likely you’re asking yourself, “Do I need GAP insurance?”
What is GAP insurance?
GAP insurance, or Guaranteed Asset Protection insurance, is a way to protect your investment. If you are involved in a collision in which your vehicle is completely totaled by insurance, you are still on the hook to pay what you owe, whether it’s financed or leased, to the bank. And because cars do depreciate over time, it’s possible that you owe more than your other coverage (like collision or comprehensive) will pay out. That’s where GAP insurance comes in, covering the “gap” between what you are paid out and what you still owe.
Do I need GAP insurance?
GAP insurance is not legally required in any U.S. state. If you are only looking to carry the bare minimum, you do not need GAP insurance. However, this is a risky move. We highly recommend anyone who is paying on a vehicle to carry GAP insurance. Further, some lenders may require this. You should check with your lender to see what the stipulations of your loan are when deciding whether you should opt in to GAP insurance.
What does GAP insurance cover?
GAP insurance covers your totaled out vehicle due to a collision, weather damage, vandalism, and even theft.
The finance experts at Bert Ogden Chevrolet in Mission, Texas, are happy to answer your questions about financing a new vehicle from Bert Ogden Chevrolet.
The finance experts at Bert Ogden Chevrolet in Mission, Texas, are happy to answer your questions about financing a new vehicle from Bert Ogden Chevrolet.