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Pros and Cons of a GAP Insurance Policy

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Compulsory Automobile Insurance

The states that require compulsory automobile insurance set minimum amounts of coverage that guarantee that medical costs and property damage caused by the insured in case an automobile accident is judged to be the fault of the insured. Another name for compulsory automotive insurance is liability automobile insurance. About compulsory automotive ...

GAP (guaranteed auto protection) is a form of additional car insurance that covers the additional amount owed on a car loan in the event of the vehicle being totaled, stolen, or damaged after a comprehensive plan is applied. GAP insurance policies can be beneficial to have if you are purchasing a brand new car with a loan, but are not for everyone. This article will take a look at the pros and cons of a GAP car insurance policy, and if it is right for your individual needs.

How does a GAP insurance policy work?

GAP insurance policies work by providing the additional cost of a vehicle after a comprehensive plan is applied. For instance if you purchase a vehicle for $30,000 and the depreciation of that vehicle is 15% when it is driven off the lot and is totaled that day you would owe $4,500 (15% of $30,000), after getting a full claim from a comprehensive insurance plan. The cost benefit analysis of a guaranteed auto protection plan has multiple variables and is not for everyone.

Pros of a GAP insurance policy

• Full coverage

In the event of an accident immediately after purchasing a vehicle a GAP insurance policy will protect you from owing money and being without a vehicle.

• No worrying

With a GAP insurance policy you will not need to worry about financials in the event of theft, natural disaster, or totaling of the vehicle.

• Great protection for expensive luxury vehicles

Certain expensive vehicles typically lose a majority of their initial value the moment they are driven off the lot; in the event of a bad accident a GAP insurance policy will protect you against owing money on a vehicle you no longer have.

• Less haggling with the initial insurance company over book value of the vehicle

With a comprehensive plan you will have to prove the vehicle is worth a desired amount when making a claim, based on year of vehicle, mileage, make and model, and other options. GAP insurance policies cover the slack left over from the comprehensive plan and can save you lots of time and money.

Cons of a GAP insurance policy

• Cost

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Pros and Cons of a GAP Insurance Policy
Pros and Cons of a GAP Insurance Policy

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