Is Gap Insurance Worth It?

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What does gap insurance cover on your Dallas drives? Gap insurance is an optional insurance coverage plan that bridges the gap between the principle of your new vehicle loan and the true cash value of your vehicle after an accident. Not entirely sure what that means for your everyday commutes? Our team at Essence Maserati helps Fort Worth-area drivers to learn everything they need to know about what gap insurance does for them.

 

 

What is Gap Protection?

So, is gap insurance worth it? To answer that, you need to better understand gap insurance. So, what exactly does gap insurance do to help your everyday drives? As mentioned earlier, it reimburses Hurst drivers who still owe money on their damaged, destroyed, or stolen vehicle. Here’s a breakdown of what gap insurance does and does not cover:

Gap Insurance Covers:

  • Theft
  • Fire
  • Vandalism
  • Accident
  • Acts of nature (tornado, hurricane, flood, etc.)

Gap Insurance Does NOT Cover:

  • Deductible (though some gap insurance policies allow this)
  • Engine failures and other mechanical repairs/malfunctions
  • Death
  • Extended warranties

The major takeaway from the question “What is gap insurance on a car?” is that it covers the total loss from the above mentioned events if you owe more money on your auto loan than if you. So, do you need gap insurance? While it’s optional, it’s definitely a viable package you should consider with your insurance agent.

Do I Need Gap Insurance?

Drivers in Plano and Mansfield don’t need gap insurance to drive freely, as it only protects you from major financial losses in the event that your vehicle destroyed or totaled and you’re upside-down on your loan. However, keep in mind that gap insurance is especially helpful if your dealership offers a plan that includes deductible coverage or if your damage falls outside of your Maserati warranty.

So, is gap insurance worth it? If you plan on paying off your Maserati for several years, then getting gap insurance is likely a worthwhile endeavor. This is doubly true if your depreciation outpaces your payments in the first year or more.

Explore All Insurance & Finance Options at Essence Maserati

Are you still wondering, “is gap insurance worth it?” Our finance team at Essence Maserati will help you learn everything you need to know about how you can get the car you need and . If you’re still struggling with confusions, don’t hesitate to contact us online with any questions you may have.

Need more expert opinions from our team? Don’t hesitate to check out our car buying tips today to learn how to refinance a car loan and more!

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