What is Gap Insurance?

March 17th, 2019 by

What's gap insurance?

 

If your vehicle is ever declared a total loss due to an accident, theft or natural disaster, your insurance company might only reimburse you an amount equal to their assessed market value of your vehicle. Unfortunately, there may be a significant gap between what your insurer pays and the balance you owe on your vehicle loan GAP helps waive the difference. Depending on the amount you borrow, the outstanding balance on your loan can be greater than the amount your auto insurance company will pay in the event of a total loss. The Guaranteed Asset Protection (GAP) product protects you by waiving the difference and offering the following:

• Available on vehicles with MSRP /NADA value of up to$150,000

• Covers loan balance/amount financed up to 150% of the vehicle’s MSRP/NADA value

• Waives covered losses up to $50,000

• Includes coverage for your insurance deductible up to$1,000

When you want to apply for coverage, or if you just want to learn more about Kia warranty coverage, contact us at Ray Brandt Kia where our finance center can help answer your questions.

 


What Else Does Gap Insurance Cover?

What is gap protection? Apart from covering the difference of your vehicle’s value and the amount you owe on it, gap insurance covers a lot more to protect your vehicle. While it doesn’t cover bodily injuries, mechanical repairs, or your deductible, it covers:

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

Having this type of coverage comes in handy when regular insurance won’t cover all of these unexpected inconveniences. You never know when you’re going to need it, so it’s better to be prepared with gap insurance.

 

Who pays off my car?

Is Gap Insurance Worth It?

 

Absolutely! Having gap insurance means protecting your vehicles investment when something out of the ordinary occurs, like the theft of your vehicle. And since your vehicle depreciates the second you drive off the lot, this insurance will cover the Gap between the worth of your vehicle and what your insurance will cover if you get into an accident.

 

Example of GAP

 


How Can I Get Gap Insurance?

 

You can get gap insurance at the time of purchase for a one-time fee which may be included in your payment or paid for separately.

How do I buy GAP insurance?

 

Learn More at Ray Brandt Kia

If you’re ready to fully insure your used or new vehicle, contact our finance department at Ray Brandt Kia near New Orleans. Our knowledgeable staff is standing by to help answer any questions you may have.

More from Ray Brandt Kia

  • 2020 Kia Soul Configurations

    The Kia Soul lineup has become a fast favorite with New Orleans drivers for its spacious interior and fuel-efficient performance, so how can this SUV get any better? The 2020 Kia Soul configurations showcase the best of modern technology and engineering with six different Kia Soul trim levels to explore. So whether you’re trying to decide…

  • Our Founder Being Honored At The Children’s Hospital Sugar Plum Ball

    This past Saturday night, Mrs. Brandt along with her family, Ray Brandt Auto Group leaders and friends, attended the annual Children’s Hospital Sugar Plum Ball at the Fillmore at Harrah’s Casino.  With an Alice in Wonderland theme, the evening was hugely successful for the hospital and was especially meaningful as the Ray and Jessica Brandt…

  • What are the 2020 Kia Sportage Safety Rating?

    Looking for a midsize SUV that delivers impressive capability as well as the most advanced safety features? The 2020 Kia Sportage is a popular choice among Harvey families, and it’s easy to see why. Safety is at the top of the list for many car-buyers, so we’re often asked about the 2020 Kia Sportage safety…

Posted in Finance