Is Gap Insurance Worth It?

When it’s time to buy a new vehicle around the Freehold area, you may be interested in considering your options for Toyota insurance, such as gap insurance coverage. So, is gap insurance worth it? How much is gap insurance for a Toyota? Learn everything you need to know about gap insurance with the team at Galaxy Toyota below.

What is Gap Insurance?

Gap (Guaranteed Asset Protection) insurance covers the difference – or the “gap” – between the cash value of your vehicle and the amount that’s still owed on it. This applies to vehicles with a lease or loan.

Is Gap Insurance Worth It?

Is gap insurance worth it? Many Toyota insurance experts and consumers agree that buying gap insurance is worth the extra cost. There are several reasons why Toms River buyers should seriously consider gap insurance instead of leaving it all to chance on the streets of Long Branch:

• Depreciation happens the moment you drive off the dealership lot.
• Accidents can happen at any time, including right after you drive a new vehicle off the lot.
• Most insurance companies will cover what your vehicle is worth at the time of the accident.
• If your new car is totaled or stolen and you owe more than its current value, gap coverage accounts for that difference.

So, how much is gap insurance? The cost of gap insurance is relatively low, making it easy to obtain. That said, there is really no reason NOT to have it!

How Do I Buy Gap Insurance?

There are various ways to get this coverage in Eatontown:

• 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.

Rely on Galaxy Toyota for Your Finance & Insurance Needs

When you’re ready for your next car, explore the Toyota warranty options and use our payment calculator to estimate your monthly payments. You can also learn how our in-house financing can help you get the car you want at a great price! While you’re here, be sure to check out our new vehicle specials to save on your next new Toyota purchase.

Curious if car insurance covers hail damage? Learn more about Toyota insurance when you visit Galaxy Toyota, or feel free to contact us.