Wondering what is GAP insurance on a car? GAP Insurance, or Guaranteed Asset Protection Insurance, covers the difference between the value of the vehicle and the balance that you still owe on it. Whether you want to apply for coverage or want to learn more, check out this handy guide from the finance team at Mercedes-Benz of Hampton, your trusted Williamsburg-area Mercedes-Benz dealership. Feel free to give us a call if you have any questions.
In addition to covering the difference between your vehicle’s value and what you still owe, Gap insurance also covers lots more to protect your luxury vehicle. Even though it doesn’t cover your deductible, bodily injuries, or mechanical repairs, it does cover:
Gap protection comes in handy when your normal insurance will not cover these unexpected inconveniences. You’ll never know when Gap insurance will be needed, which is why it’s always good to be fully prepared and have it.
Yes, it is! With GAP insurance, you’re protecting your investment (your vehicle) when something out of the ordinary happens, like theft, a natural disaster, or vandalism. We all know vehicles depreciate as soon as you leave the dealership’s lot, and this insurance coverage has your back if you’re in an accident.
Now that you know it’s worth having, you’re probably wondering how you can get GAP insurance. It’s available through your auto insurer, whether that’s done through your dealership of choice or a business that explicitly handles automotive coverage. Coverage can cost as low as $20 a year plus the one-time fee you’re charged at the time of purchase. Reach out to our finance team at our Hampton-area dealership for additional details.
If you’re looking to upgrade your ride with a new Mercedes-Benz vehicle, consider GAP insurance protection. Make the short drive from Norfolk, and we’ll help you find the new vehicle that’s best suited for you and answer all of your questions about what is Gap protection and other car-buying questions. We’re proud to serve as your go-to destination for all of your automotive needs.
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