Gap Insurance Form Car Dealer

Have him show you the information on gap insurance and ask whether or not it is included in your lease.

Gap insurance form car dealer. Gap insurance is also sometimes rendered as gap with the explanation that it stands for guaranteed asset protection but it is just as likely that it describes the gap between what is owed on the. If you ve purchased a car at a dealer before you ve probably been offered gap insurance an acronym for guaranteed asset protection insurance. Let s walk through what you need to know about gap lease or loan coverage and how to make the most of it. Go over the entire lease with your car dealer when you lease a vehicle and ask about gap insurance.

You are not obligated to buy gap insurance at the dealer. It s best to have gap insurance coverage before you finalize your lease and drive off the lot. 1 it is important to understand why gap insurance is important and how it works if you are looking to buy it. Insurance companies are competing aggressively with car dealerships to sell guaranteed asset protection or gap policies which cover the difference between a vehicle s loan balance and its cash.

And if you ve already bought coverage from your dealer you can request a gap insurance refund from that dealership. This insurance is usually offered to you in a dealership s finance office when you re buying a car and it s designed to add on to the insurance coverage you already have. Ask about this option and you can simply add on gap when you add the car to your policy. So what is it.

But be sure you have an active policy in place before you pull the plug on your dealer s policy. Many standard car insurers offer their own coverage for newer cars.