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Is Gap Insurance Worth It?

Insurance Agent Examining Car After Accident

 

When you’re purchasing a new car from Don Franklin Auto, you’ll have to parse through various insurance options. Of the many optional insurance coverages you can choose from, gap insurance is one of them. So, what is gap protection? Put simply: gap protection covers the gap between the owed amount on the car and the true cash value of the car at the time of an accident. Read on to learn more about what gap protection exactly covers and how it can benefit you in Louisville, KY. 

What Is Gap Protection? 

Russel Springs, KY drivers often want to know, “What is gap protection on a car?” Gap insurance covers a variety of vehicle-related issues, but it’s important to remember that it’s meant to cover vehicle damage, not property or bodily injuries. Here’s exactly what gap insurance does, and does not, cover: 

Gap Insurance Covers:

  • 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

Bottom Line: The main takeaway from the question, “What is gap protection on a car?” is that it covers total loss in the event of an accident. 

Do You Need Gap Insurance?

In short: no you don’t need gap insurance. However, is gap insurance worth it? Absolutely! We highly recommend that Somerset, KY commuters opt for gap protection when purchasing a new vehicle as it will give you peace of mind in the unfortunate event of an accident. What’s more, gap insurance is really helpful if your dealership offers a plan that includes deductible coverage which will help you save money. Speak with our finance team to inquire about buying gap insurance.

Learn More About Your Insurance Options at Don Franklin Auto

Still asking yourself, “Is gap insurance worth it?” Contact our team at Don Franklin Auto to get a more in-depth rundown of your insurance coverages and to find out if gap protection suits your driving needs. From gap insurance to liability insurance, we’ll work to make sure your vehicle is covered and that you can have peace of mind on Lexington for years to come!

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