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How Do I Know if I Have Gap Insurance?

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After an accident, gap insurance helps cover the difference between what you owe on your car vs. what it’s worth. For example, if your auto loan is $30,000 but your car is only valued at $27,000, your primary insurance will only pay out for the value. Gap insurance would cover the remaining $3,000, which can definitely come in handy should the unexpected occur in Rome. You may be asking yourself, “how do I know if I have gap insurance?” The finance team at Riverside Chevrolet Buick GMC is here to help!

Do You Have Gap Insurance?

How do you know if you have gap insurance? Unlike liability insurance, gap insurance isn’t required for Dalton drivers, making it an optional level of coverage you would’ve needed to ask for during your new car purchase.

However, some lease agreements in Rockmart require gap insurance to cover the vehicle in the event it is totaled. If you don’t remember whether you have gap insurance, check your lease agreement to be sure.

Gap insurance is most beneficial for lessees and drivers who are still paying on their auto loans. If you own your vehicle and it’s paid off, you likely don’t need it.

Look for Gap Waiver Provision

There are some instances where lenders will include a Gap Waiver Provision in their agreements. Gap Waiver Provisions are similar to gap insurance in that they cover the difference between what you owe and what’s paid out by your insurance company. The best way to determine if you have gap insurance is to contact your lender to go over the terms of your agreement.

How to Purchase Gap Insurance

If you didn’t buy Gap insurance during your new car purchase but want to add it on now, you can! Gap insurance can be obtained from your current provider, an online insurer, or your local Adairsville Buick, Chevrolet, GMC dealership. Consider the following before you buy:

  • Double check with your existing insurance company to see if gap insurance is already part of your policy.
  • Compare rates between lenders.
  • Read the terms and ask questions for any unclear points. The Riverside Chevrolet Buick GMC is here to help!

Get Answers to Your Insurance Questions from Riverside Chevrolet Buick GMC

If you need help deciding what kind of insurance coverage you need, the pros at Riverside Chevrolet Buick GMC are here! We’ll help you throughout your automotive journey and go over how to trade in your car at our dealership, or even answer what’s a good mileage on a used car. We can answer all your financing and car buying questions to guide you towards the right options for your needs. Contact us to get started!

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