Metro Honda

What Is Gap Insurance?

Teen Signing Papers

What is gap insurance on a car? Guaranteed asset protection insurance, better known as gap insurance, covers the value of the vehicle and the balance still owed on it at the time of trading in no matter if it’s a loan or lease. The finance team at Metro Honda is here to give you the lowdown on what gap insurance covers below.

What Else Does Gap Insurance Cover?

What is gap protection? Apart from covering the difference of your vehicle’s value and the amount you owe on it, gap insurance actually does more to protect your vehicle. It doesn’t cover bodily injuries, mechanical repairs, or your deductible, but it does cover:

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

With gap insurance, you can enjoy the peace of mind that comes with knowing you are covered when life throws you a curveball.

Is Gap Insurance Worth It?

Absolutely! Having gap insurance means protecting your vehicle investment when something unfortunate and unexpected happens, like the theft of your vehicle. Vehicles also depreciate the moment they are driven off the lot, and this insurance will cover the gap between the worth of your vehicle and what your insurance will cover if you get into an accident.

How Can I Get Gap Insurance?

Gap insurance can be purchased through your auto insurer, whether that’s through your dealership of choice or a business that deals explicitly with auto coverage. This affordable coverage can cost as little as $20 a year plus the one-time fee at the time of purchase.

Learn More at Metro Honda

If you want to complete your vehicle insurance with the addition of gap insurance, contact us at Metro Honda. We pride ourselves on having the knowledge and expertise to answer all of your financing questions like calculating interest rate on a car loan and much more!

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