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What is Gap Insurance?

Gap Insurance Form

When buying a new vehicle, it’s easy to get caught up in the excitement. It’s important to remember you’re going to want to go over insurance coverage. Of the many optional insurance coverages you can opt for, there is gap insurance. So, what does gap insurance do? Gap insurance is designed to cover the gap between the amount still owed on the vehicle and the true cash value of the vehicle at the time of an accident. Learn more about what gap insurance covers, how it can benefit you on Bayside roads, and more with the finance team at Platinum Volkswagen today!



What Does Gap Insurance Cover?

So what does gap insurance cover? Gap insurance covers a variety of issues when it comes to your vehicle. One important fact to keep in mind, however, is that this insurance does not cover damage to your vehicle, property damages, or bodily injuries. With that, here’s exactly what gap insurance does and does not cover:

Gap Insurance Does Cover:

  • Theft
  • Fire
  • Vandalism
  • Accident
  • Acts of nature (tornado, hurricane, flood, etc.)

Gap Insurance Does NOT Cover:

  • Deductible (though some gap insurance policies allow this)
  • Engine failures and other mechanical repairs/malfunctions
  • Death
  • Extended warranties

Overall, gap insurance is meant to cover the total loss in the event of an accident. While this is optional coverage, it’s worth talking with your insurance company to see what it offers you and if it’s beneficial in your situation.

Do I Need Gap Insurance?

Simply put, no. But this type of insurance coverage is highly recommended when purchasing a new car. Gap insurance is especially helpful if your dealership offers a plan that includes deductible coverage. Having this insurance will give you peace of mind, and help you save money, in the unfortunate event of an accident. Learn more about this coverage and if you could benefit from buying gap insurance with our financing experts.

Explore All Insurance & Finance Options at Platinum Volkswagen

Not sure if you’re ready to purchase? That’s all right! It always pays to be knowledgeable about insurance plans ahead of time. Learn more about financing deals,lease deals, and coverage options with us today, so you’re ready when you apply for financing on a new vehicle. If you have questions in the meantime, don’t hesitate to contact us!

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