Why You Need GAP Insurance

When you buy a new car, it's only understandable that you'd want to protect your investment. That's why you need to buy GAP insurance.

GAP (Guaranteed Asset Protection) Insurance is a financial insurance policy you can purchase when you buy a new car. This insurance policy that protects you when you lose your car through theft or accidents. It covers the difference between the current value of the car (the amount more standard insurance policies pay you out) and the amount of the loan you used to purchase the vehicle in the first place.

"negative equity" got me like ?? ?? #adulting https://t.co/4it7FAuTp2

— Adulting101.how (@adulting101how) September 25, 2017

Guaranteed Asset Protection can be of great use to you if you're at the risk of being in negative equity. Negative equity arises when you owe more than the car is worth.

It's often possible to buy GAP insurance at the same time as a new car. To learn more, contact Mountain Home Auto Ranch in Mountain Home, ID. Our expert finance staff can answer all of your questions.

Categories: Finance