Is Gap Insurance Worth It?

gap insurance paperwork with car key

When the time comes to buy a new vehicle in Hudson, you’ll want to know about services and coverage available so you can avoid those that are unnecessary. Though optional, gap insurance coverage is an option you’ll want to consider. Learn more about it at Tulley Mazda, and contact our finance center if you have any questions!


What is Gap Insurance?

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

Do I Need Gap Insurance?

So is Gap protection worth it? Both consumers and automotive experts alike agree that purchasing gap insurance is definitely worth it. Here is why you should get gap insurance rather than leave anything to chance on Merrimack roads:

  • 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?

This is simple with a little research. When looking to get this coverage at a good price in Lowell, keep the following in mind:

  • 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 Tulley Mazda for Your Finance & Insurance Needs

Have questions about gap insurance or looking to get it with the purchase of your new Mazda? Check out your options at Tulley Mazda. Our finance team is ready to help you find the model and coverage that’s right for you. Don’t forget to check our new vehicle specials to get a great deal in Nashua and don’t hesitate to contact us in the meantime with any questions about our models, to find out which Mazda models are AWD, and more.

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