When should I get gap insurance?

Look folks, there are always risks and things you can't account for in life, and that's especially true when it comes to cars. There's always the possibility of an accident, and if your car is damaged beyond repair, that can put you in a pretty sticky situation if you're still leasing or making payments on a car loan. Luckily, there's gap insurance available to you, and we'd love to help you explore the benefits of having it here at Holler Hyundai.

Now, as to the question of, "When should I get gap insurance?" the answer is really quite simple. If you're leasing a new car or currently have a car loan to finance a vehicle with a lower actual cash value than the balance on the load, you should be carrying gap insurance.

We know that a lot of folks will tell you that gap insurance is just an optional supplement to your regular auto insurance coverage, but it's really not all that "optional" when you stop to think about it.

You see, if you're involved in an accident and your insurance adjuster deems the vehicle a total loss, the insurance company will often only cover up to the actual cash value of your vehicle. And given that with most new cars, the value depreciates precipitously from the very moment you drive it off the lot, that can leave you in a situation where there's a "gap" between the amount you're still liable for your on your auto loan and the amount your insurance company gives you. Luckily, that's where gap protection comes in.

With gap insurance covering the difference between what you owe and the actual cash value of your vehicle, you won't get caught paying out of pocket in the event of a covered accident or theft, allowing you to turn around and get right back out on the road.

At Holler Hyundai, we're happy to offer gap insurance coverage here at our Winter Park, FL dealership. Stop in today and see how having this protection can benefit you greatly.

Categories: Finance
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