If you have a loan on your vehicle the answer is likely YES!
Gap coverage is designed to cover the difference between what you owe on the car and the current value. The Gap is the difference in what the vehicle is worth vs. what you owe on it. Let’s say for example you buy a car for $25,000 and you finance $23,000. When you drive that vehicle off the lot, the car can lose several thousand dollars in value. If you experience a total loss of your vehicle (traffic accident, car theft, or major hail damage for example) your insurance payout can be much less than what you owe. That is the Gap that we want to take care of. Your dealer will offer you Gap coverage when you purchase the vehicle, but it can be expensive. We had a customer come in today that had paid $800 for this coverage. We have several carriers that offer this coverage at a much lower price. For example, I worked on a quote today for $8 per 6 months. (or $80 for a full 5 year car note, instead of $800). Check with us to see if we can do the same for you. We will be happy to go over your options and make sure you have the best coverage options, that can save you from needless gaps in coverage.