What is GAP Insurance?

a insurance specialist going over an accident
 

When you purchase a new vehicle in Nixa, the insurance options might be a little daunting. For instance, what is GAP insurance on a car? GAP stands for Guaranteed Asset Protection Insurance. It covers the difference between the value of the model and the balance still owed on the auto loan should the car be in an accident. Read on to learn more about what is GAP protection with the finance department at Thompson Cadillac.

What is GAP Insurance Protection, and What Does it Cover?

When you ask what is GAP insurance on a car, the answer is that you’re buying protection for the gap between your vehicle’s value and the amount you owe on it. GAP insurance doesn’t cover injuries, mechanical repairs, or your deductible, but it does cover a variety of incidents that can happen in Ozark and beyond that include:

  • Theft
  • Fire
  • Vandalism
  • Accidents
  • Nature damages (tornado, hurricane, flood, etc.)

Having GAP protection keeps you from having to pay out of pocket when your insurance won’t cover these incidents. 

Is GAP Insurance Worth It?

Now that you know the answer to, “What is GAP insurance?”, you might be wondering if it’s a worthwhile investment. Absolutely! Your vehicle depreciates as soon as you drive it off the lot, and GAP insurance will cover that sudden difference between the value and your equity should any of the above accidents happen soon after you purchase your vehicle. 

How Can I Get GAP Insurance?

GAP insurance is available through your Republic auto insurance company, but you can also purchase it through our finance department. What is the cost of GAP insurance? It can be as little as $20 a year plus a one-time fee when you purchase it. 

Let the Finance Department at Thompson Cadillac Protect Your Vehicle

From GAP insurance to Cadillac warranty coverage, the finance department at Thompson Cadillac in Springfield can help you protect your new car investment for years to come. Contact us with any questions you have about GAP insurance and other coverage.

 

More from Thompson Cadillac

  • 2022 Cadillac XT6 Interior

      The 2022 Cadillac XT6 is an all-new luxury SUV designed to take your Nixa rides to new heights. It’s spacious, high-performing, and premium in every way, with seating for up to seven passengers and a wide array of sophisticated features. We’ve got everything you need to know about the Cadillac XT6 interior, including its…

  • 2021 Cadillac XT4 Interior

      Luxury isn’t limited when it comes to the 2021 Cadillac XT4 interior. The entry-level Cadillac SUV offers many amenities you’ll find in other top-shelf SUVs, paired with a nimble, compact stature that doesn’t skimp on seating space and cargo room. Take a look inside at the Cadillac XT4 interior and Cadillac XT4 interior colors…

  • The 2021 Cadillac Escalade Trim Levels

      You’ll be able to choose your ideal level of luxury with the 2021 Cadillac Escalade trim levels. Five sumptuous configurations allow you to customize your Nixa drives to the perfect balance of power, comfort, and convenience. Keep reading, and take a virtual tour of the Escalade trim level differences in this Escalade trim comparison…

Search
Contact
Glovebox
Search
Contact Us
Glovebox
Thompson Cadillac 37.1429, -93.2683.