Can You Get Gap Insurance on a Used Car?
If you’re looking for GAP insurance near NY, Sansone Auto is here to help. We’re the team you can rely on for every stage of the vehicle ownership process, and that includes taking out the coverage that will keep your car safe and protected on every ride. Learn more about Gap insurance, and whether it’s available for pre-owned models, when you come down to Sansone Auto.
What is Gap Insurance?
Before you can decide if Gap insurance is right for your driving and car care needs, it’s useful to understand what the coverage entails, and how it works with your existing insurance. Gap insurance stands for “Guaranteed Asset Protection”, and it helps to bridge the gap between your existing insurance and the value of the vehicle.
This is most important if your vehicle has been stolen or totaled. Most insurance plans won’t cover the total loss of the vehicle, which means you may end up with excess costs. Gap insurance takes care of the difference, so you’re protected.
Who Needs Gap Insurance?
Gap insurance isn’t required for everyone, but it is a requirement if you’re leasing a new vehicle. This helps to protect the dealership from covering the costs of damage or theft. You typically need to show proof of Gap insurance before you can take a leased vehicle home.
Can I Purchase Gap Insurance for My Pre-Owned Car?
If you’re wondering about protecting your pre-owned vehicle with Gap insurance, the short answer is yes—to a point. For many pre-owned vehicles, the classic coverage is more than enough to keep you and your car safe, and Gap insurance may be an unnecessary added cost. It’s recommended that you get Gap insurance for your pre-owned car if it’s less than three years old, which is often the limit for providers.
If you have a significant loan out on your vehicle, one that is longer than 60 months, or you owe more on the car than it is worth, Gap insurance can help to protect you from covering those costs yourself.
Find Used Cars at Sansone Auto
No matter what your pre-owned vehicle purchasing needs might be, Sansone Auto is here to help. Visit our dealership to learn about your vehicle financing options, and to take home the best pre-owned vehicle for the road ahead today.