When looking at your existing car insurance, you may be overlooking a key component that’s especially important for those who are purchasing a new or pre-owned car, truck, or SUV. That component is called gap insurance. At Griffin Chrysler Jeep® Dodge RAM, we encounter a lot of questions around gap insurance, which often gives car buyers, who don’t know anything about gap insurance, plenty of anxiety.
What Is Gap Insurance?
Gap insurance protects the driver and the bank that loaned you the money during unforeseen circumstances like a total loss caused by an accident or theft. It works with your existing collision and comprehensive insurance, but the difference is that gap insurance focuses on your responsibility to pay off the loan that you have against your new car.
If your vehicle is totaled and you still have payments due, gap insurance covers what’s involved so you’re not paying for a car you are no longer driving. If the concept of gap insurance still remains fuzzy, it’s best to consult one of our trained staff members in our finance department at 1121 S. Main St in Jefferson, WI.
Where Do I Get Gap Insurance?
Gap insurance will cost you a one-time payment. This payment can be made when you purchase or lease your new vehicle. The great thing about purchasing gap insurance at the point of sale is that you can roll the cost into your loan.
Gap insurance is just one of many things we offer while you’re shopping for a new vehicle. Of course, we can show you everything from new RAM trucks to new Jeep vehicles, but we also offer great customer service. We hope to see you soon!