What is gap insurance on a car? Gap Insurance, or Guaranteed Asset Protection Insurance, covers the model and the balance that’s still owed on it at the time of trading in no matter if it’s a lease or a loan. When you want to apply for coverage, or if you’re interested in learning more, contact the finance center at Schumacher European near Scottsdale.
What is gap protection? Gap insurance works to cover the difference between your vehicle’s value and the amount you owe on it. Gap insurance coverage does not include bodily injuries, mechanical repairs, or your deductible, but it will cover:
This type of insurance coverage is handy when regular insurance does not cover all of these unexpected inconveniences. Be prepared, because you never know when you will need the extra coverage. Does your car insurance cover hail damage? Find out with Schumacher European.
Absolutely! With gap insurance, you are protecting your vehicle investment in the event something out of the ordinary happens, like theft. And since your vehicle depreciates the second you drive off the lot, this insurance covers the gap between the worth of your vehicle and what your insurance will cover if you get into an accident.
You can get gap insurance through your automotive insurer, which can be through our Phoenix dealership or a business that handles automotive coverage. If you decide to get covered, it can cost as low as $20 a year, plus the one-time fee at the time of purchase.
If you’re ready to fully insure your new Mercedes-Benz vehicle, contact our finance department at Schumacher European near Mesa and Fountain Hills. Our friendly and knowledgeable finance team is ready to help answer any questions you have, or help you beat the average with your car loan interest rate.
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