Is Gap Insurance Worth It?

Car collision in the parking

When it’s time to seal the deal and head home in a new Acura, Providence and Warwick drivers may be reviewing various financing and insurance options. So, you may be wondering: “Is gap insurance worth it?” Although a unique coverage plan like this is optional to drivers, there are some benefits to having it alongside other insurance plans. It’s time to see is gap insurance worth it from the experts at First Acura, below!

What Is Gap Insurance?

You may be thinking, like many other drivers: “What is gap insurance?” Gap (Guaranteed Asset Protection) insurance is designed to cover the difference between the cash value of your car and the amount you still have to pay on it. This can be applied to drivers who have chosen to lease or finance an Acura model.

Do I Need Gap Insurance?

While gap insurance is not required by law, consumers are strongly encouraged to consider it as it offers drivers additional protection and coverage on the road. These are just a few reasons why gap insurance may be worth it to you:

  • Depreciation happens the moment you drive of the dealership lot.
  • Accidents can happen at any time, including right after you drive a new vehicle off the lot.
  • Most insurance companies only cover what your vehicle is worth at the time of the accident.
  • If your new car is totaled or stolen and you owe more on it than its current deemed value, gap coverage accounts for that difference.
  • The cost of gap insurance is relatively low, and it is easy to obtain, so there is really no reason NOT to have it.

How Do I Buy Gap Insurance?

If you’re wondering how or where you can purchase gap insurance for your Acura, these are some great places to get started:

  • Your regular auto insurance company may offer it for as little as $20 per year.
  • You may be able to buy it for a one-time fee from your dealership or car loan company.
  • You can get it from a specialized Gap insurance company for a one-time fee.

Find More Finance & Insurance Resources at First Acura

Now that you know if gap insurance is worth it to you or not, you can find more finance resources like can you lease a used car, how to trade in a car, and what does liability insurance cover. As always, our finance department is always on hand to answer any questions you may have. Contact us today to speak with a sales member or schedule a visit to our dealership near Cranston!

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