Is Gap Insurance Worth It?


Is it about time to buy a new vehicle for your Waterford commutes? As you navigate your insurance options, at some point you may ask yourself, is gap insurance worth it? The answer depends on a number of factors. Get the details you need to make the best decision for your unique situation with the friendly finance team at John Bowman Chevrolet, Inc.!

What Is Gap Insurance on a Car?

Gap – or Guaranteed Asset Protection – insurance helps to cover the gap between your vehicle’s current cash value and the amount of money you may still owe on it. Whether you have a lease or loan, gap insurance is coverage you may want to consider. You can learn more about how gap insurance works in our separate, general guide to this optional type of coverage.

Do I Need to Have Gap Protection?

While gap insurance is not legally required for Lake Orion drivers, many may still wonder, “is gap insurance worth it?” For many drivers, yes, gap insurance is well worth the low price it is usually available at. Some reasons to buy gap protection include:

  • No matter what type of new vehicle you buy, depreciation begins as soon as you drive home to Grand Blanc.
  • Unfortunately, a car accident can happen at any time, whether you just bought your car or you’ve had it going on five years.
  • Much of the time, your auto insurance provider will only cover however much your vehicle is deemed to be worth at the time of the accident.
  • If your new vehicle is stolen or totaled and you owe more money on it than it is worth, gap insurance helps to account for the difference.
  • Generally speaking, gap insurance comes with a low cost and is very easy to obtain, so at the end of the day, there really is no reason not to have it.

How Can I Obtain Gap Insurance?

Thankfully, getting gap insurance for your Pontiac vehicle is incredibly simple! There are a few ways you can do so:

  • Your auto insurance provider might offer gap insurance coverage for as low as $20 per year
  • Some dealerships or car loan companies offer gap insurance for a one-time fee
  • There are also specialty gap insurance companies who offer the coverage for a one-time fee

Learn More About Gap Insurance at John Bowman Chevrolet, Inc.!

Have lingering questions about gap insurance? The finance professionals at John Bowman Chevrolet, Inc. are here to help. Contact us online today to reach out, or call us directly at (248) 625-5071! While you’re at it, be sure to inquire about our new vehicle specials so you don’t miss out on great savings. Have additional auto finance questions? Consult our car-buying tips for more advice you can trust!

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John Bowman Chevrolet, Inc. 42.7201, -83.4177.