Do You Need Gap Insurance When — Buying A New Car

Your loan term is (36 to 48 months), allowing you to build equity faster than the car depreciates.

If that new car is stolen or totaled in an accident, standard insurance only pays the —what the car is worth today , not what you paid or what you still owe. Gap insurance (Guaranteed Asset Protection) bridges this divide by paying the difference between your insurance settlement and your remaining loan balance. Who Should Get Gap Insurance? do you need gap insurance when buying a new car

You have three main options, but they vary significantly in cost: What Is Gap Insurance and How Does It Work? - Progressive Your loan term is (36 to 48 months),

Do You Need Gap Insurance for Your New Car? The moment you drive a new car off the lot, its value drops. For many buyers, this creates a risky financial scenario: you might owe more on your loan than the car is actually worth. Who Should Get Gap Insurance