You’ve just selected the car of your dreams – but now you need auto insurance. Shopping for car insurance is one of the least pleasant parts of acquiring a new vehicle. But it’s a necessary part, indeed. Adding to the issue is the fact that there are so many different coverage options, one of which is GAP coverage. GAP insurance is a term you might have heard before when shopping for a new vehicle. We’re here to break down what it is, and how it can help you and your vehicle when you’re suddenly caught in a bind.

So, what is it?

GAP insurance, also known as Guaranteed Auto Protection, is pitched to new and used car owners on the basis that cars depreciate immediately upon driving off the lot. Your shiny new vehicle is now a used automobile. Therefore, you could be in for a world of hurt to your wallet in the event of an unfortunate accident or theft.

What does it do?

GAP insurance is intended to cover the difference between your car’s depreciated value and the amount you owe on your auto loan if your car is stolen or totaled. This type of reassurance allows many drivers peace of mind.

Who needs it?

Not everyone needs GAP insurance. GAP coverage really only exists to protect drivers against the costs of a total loss. This only benefits drivers who are leasing or financing. Speak to our Ed Payne finance department if you’ve got questions about GAP insurance and if it’s right for you.

Are you looking for a new or used vehicle? Payne Auto Group’s GAP coverage is a great option for those looking for a little extra protection. Stop by one of our Rio Grande Valley dealerships to view our latest inventory! We have a wide selection of new and used cars and trucks from brands like Chevrolet, Ford, GMC, and Dodge. Here you’ll find just what you’re looking for, plus more!