Gap Insurance Price Considerations

When you buy a car at Hillside Chevrolet Buick GMC, your salesperson will go over insurance options with you—one of them being gap insurance. First, what is gap insurance? It covers what you still owe on your auto loan should you total your vehicle. If you’re unsure of whether to spring for gap insurance, and you’d like to know more about the average cost of gap insurance, take a moment to learn about gap insurance price considerations. Then, reach out to the finance department at Hillside Chevrolet Buick GMC in Charlottetown for further assistance.

Gap Insurance Price Considerations

So, how much is gap insurance at the average dealership? Gap insurance prices can vary substantially depending on a few factors. Let’s take a closer look at the factors of gap insurance costs below:

• When you add gap insurance onto your car loan, you’ll pay one flat fee, which will be more affordable than making monthly contributions over the course of your vehicle’s lifespan.
• When purchased from your current auto insurer: When you buy gap insurance from an insurer, you’ll make annual payments over the course of your ownership. This tends to be more expensive than paying the flat fee, which can also be financed by being bundled into your loan. There’s really no reason to go through a third-party insurer.

Is the Gap Insurance Worth It?

Gap insurance costs are pretty affordable. If your vehicle is ever stolen or damaged and declared a total loss, or if you get into an accident where you owe more on the auto loan than your car is worth (your insurance payout), you’ll be glad you paid the gap insurance price. We highly recommend it. There are many benefits to having Gap insurance:

• New and Used vehicles qualify for personal or business use, for terms up to 96 months
• Coverage on most or all of the net outstanding balance including a deductible up to $1,000
• Helps to prevent potentially crippling financial obligations
• You can include the plan cost in your monthly car payments

Have Questions About the Average Cost of Gap Insurance?

If you have specific questions about how much gap insurance is, or you’d like to further discuss your options, don’t hesitate to reach out to Hillside Chevrolet Buick GMC for assistance. We can break down pricing with specificity. Our phone number is 833-914-1419. We’ll walk you through everything you need to know, and can discuss your other insurance options with you as well. In the meantime, take a moment to explore our car buying tips for other helpful reads, including our overview of the differences between leasing and financing!