If you’re on the search for used cars for sale, Sansone Auto is the dealership you’ll want to turn to first. Learn about the pre-owned vehicle purchasing process and details like gap insurance at our dealership today.
What is GAP Insurance?
GAP insurance stands for Guaranteed Asset Protection, and it is typically a requirement when you lease a vehicle. That’s because it covers the distance between the value of the car and the coverage provided by your traditional insurance terms. This is especially important if your vehicle is totaled or stolen, which is why it’s required for leasing and recommended coverage for new vehicle purchases. GAP insurance will also help to protect you if you are underwater on your loan, which means you owe more than the car is worth.
Should I Purchase GAP Insurance for Pre-Owned Vehicles?
You know the benefits of buying GAP insurance for new cars, but what about pre-owned models? The truth of the matter is, it depends. In some cases, GAP insurance might not be helpful for pre-owned vehicle owners. As a pre-owned vehicle owner, however, there are some instances where GAP insurance can protect you.
You’ll want to purchase GAP insurance for your pre-owned car if you paid less than a 20 percent down payment, which means you owe more on the car and have more to lose, if your term is longer than 60 months, which also means you could owe a significant amount of money, or if you purchased a vehicle with a faster rate of depreciation than the average.
Learn About Insurance Coverage at Sansone Auto
For all of your insurance, protection, and financing needs, Sansone Auto is here to help. Visit our dealership to find the right coverage for your next pre-owned car today.
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