What is Gap Insurance?

car insurance paperwork with car key

What is gap insurance on a car, and why do so many Bay Shore drivers have it? Gap insurance is actually an acronym that stands for “Guaranteed Asset Protection.” This insurance covers the difference between the value of your car and the balance that is still owed, which means you’re protected against substantial financial losses.

Gap insurance also protects against theft and vandalism, which are not generally covered under other insurance plans. Find out more about what gap insurance is and learn whether or not it’s right for you at Habberstad BMW of Bay Shore!

 


What is Gap Protection For?

What is gap protection, and how does it work? While comprehensive and liability insurance protect against things like bodily injuries and mechanical defects, gap protection covers those unexpected damages like:

  • Theft
  • Fire
  • Vandalism
  • Accidents
  • Weather damage (tornado, hurricane, flood, etc.)

Because standard insurance typically won’t cover the above scenarios, gap insurance can be a huge asset. You might not need it, but if you do, you’ll undoubtedly be glad you added it to your plan!

Is GAP Insurance Worth It?

We’ve gone over what gap insurance is on a car, but is it worth it for most Babylon and West Islip drivers? Yes, many drivers find that the extra peace of mind is worth the modest cost.

Your vehicle starts to lose value the second you drive off the lot. If you have gap insurance, you won’t ever get stuck paying off a damaged vehicle. Your insurance agent will take care of that stress for you!

How Can I Get GAP Insurance?

If you want to get gap insurance, you can speak to an auto insurer through a dealership or a specialty business.

Gap insurance is generally very affordable in the Bay Shore, costing as little as $20 per year plus fees. Contact our finance department today for more information.

Explore Your Insurance Options at Habberstad BMW of Bay Shore

Now you know what gap insurance is, but is it right for you? Find out with our experts at Habberstad BMW of Bay Shore!
Stop by our Bay Shore dealership to chat about your automotive wants and needs, or contact us online at your convenience. We’d be happy to help you find the right level of coverage that helps you drive with absolute confidence.

 

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Habberstad BMW of Bay Shore 40.7269015, -73.2833735.