Is It Worth It To Purchase Gap Insurance?
The process of purchasing gap insurance for your vehicle is more than worth it, and you can shop around for different providers to find the best coverage you can get for your money. The insurance itself is usually only needed for a few years, but it can be a wise choice in a number of circumstances:
- During the purchase or lease of a brand new or slightly used vehicle
- You have purchased a vehicle with a high ticket price
- You have financed a new or used vehicle and did not have the money for a hefty down payment
- You lack the savings that would be needed if you were in an accident and your vehicle was totaled and you haven’t paid much into the vehicle
Every vehicle insurance comes with a cost and you as the purchaser have to weigh these options when considering purchasing something like gap insurance. In many cases, this insurance is very much worth the money it costs.