Is Gap Insurance Worth It?

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If you’ve been in the market for a new Kia model, then you want to ensure that you’ll have reliable coverage for years to come. While traditional insurance plans are always a safe bet, gap insurance is another great option to keep your coverage and avoid unnecessary services. Learn more about gap insurance and how it can benefit you at LaFontaine Kia today!

What is Gap Insurance?

Since gap insurance (Guaranteed Asset Protection) may not be as common as a traditional insurance plan, you may be thinking to yourself, “What it gap insurance?” Well, gap insurance covers the difference between the cash value of your car and the amount you still need to repay to the lender, and then applies it to a vehicle that is under a lease or a loan.

Is Gap Insurance Worth It?

So, now if you’re thinking, “Is gap insurance worth it?” Or perhaps even, “Do I need gap insurance?” In fact, many customers say yes, and here are just a few reasons why gap insurance can be an asset to you in the future and help keep your vehicle running in tip-top shape on Ypsilanti and Dexter roads:

  • Depreciation happens the moment you drive of the dealership lot.
  • Accidents can happen at any time, including right after you drive a new vehicle off the lot.
  • Most insurance companies only cover what your vehicle is worth at the time of the accident.
  • If your new car is totaled or stolen and you owe more on it than its current deemed value, gap coverage accounts for that difference.
  • The cost of gap insurance is relatively low, and it is easy to obtain, so there is really no reason not to have it just in case.
2019 red kia niro in city

How Do I Buy Gap Insurance?

If you’re sold on gap insurance, here are just a couple ways that you can find gap insurance coverage in Saline:

  • Your regular auto insurance company may offer it for as little as $20 per year.
  • You may be able to buy it for a one-time fee from your dealership or car loan company.
  • You can get it from a specialized Gap insurance company for a one-time fee.

Rely on LaFontaine Kia for Your Finance and Insurance Needs

Is gap insurance worth it to you? Learn more from our dedicated finance team as well as other helpful sources such as our guides to buying new vs. used and leasing vs. financing. As always, if you have any questions, feel free to contact us to speak with a dedicated member of our finance team or stop by our showroom near Canton!

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