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Is GAP Insurance Necessary?

GAP insurance is often offered at the dealership when new cars are purchased, and some insurance brokers and agents often throw around the term and suggest it as a premium policy service for those who are buying new cars, but many people are left to wonder whether or not GAP insurance is really necessary or if it is simply a scam by insurance companies to procure more money from their clients.

The simple answer is that many people have benefited from GAP insurance coverage, but it is not entirely necessary. It serves as a safety net in case of a serious accident, but each driver must weigh their options and the likelihood of a serious accident occurring while GAP would be beneficial.

GAP insurance is used to cover the difference between the market value of a car and the money that is still owed on the car. For example a car that was worth $30k might only be worth $20-$22k shortly after it leaves the dealership. A car’s value plummets the second it is no longer considered “new” and a hefty car loan often leaves financiers in the learch if a serious accident happens to occur while the car loan is high.

GAP insurance is probably best suited for those who will be driving their new car on a daily basis as the amount of time a car is driven increases the likelihood of it being in an accident. A daily driver will likely find that GAP insurance is a nice policy for piece of mind and the premium service often does not tack on a great deal of money to premiums if the driver is not considered a high-risk insuree.

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Is GAP Insurance Necessary?
Is GAP Insurance Necessary?

Category Automotive Automobile Reviews

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