Here at Sansone Chrysler Jeep® Dodge RAM, we pride ourselves in offering our customers a varied selection of new and used cars and providing them peace of mind throughout the car buying process. We also understand that adding gap insurance to your vehicle offers supreme peace of mind.
Gap insurance is a form of coverage that can be added to your vehicle at the time of purchase. You can think of it as a protective bubble that ensures your financial safety in the unfortunate event that you end up losing your vehicle. Typically, gap insurance plans cover car theft and if your car is totaled in an accident.
Gap insurance is a somewhat straightforward service and can mean the difference between paying an auto loan on a car you no longer own, and driving a new car that fulfills all your needs. Say for instance you own a RAM truck that still has $7,000 left on the loan, and you get into an accident that totals the vehicle. Also say that the value of the vehicle only pays off $5,000 of that remaining loan, leaving you $2,000 still to deal with. Instead of paying for this remainder, gap insurance covers the expense.
As a result, you’ll have the freedom to purchase something new and take to the road again in no time. That said, gap insurance is most beneficial for auto loans that are set to last longer than 60 months or for vehicles that depreciate quicker than average. Of course, many lease agreements require this coverage as well.
So, should you invest in gap insurance? The answer can be somewhat complicated. However, if you visit our car dealership serving Staten Island, NY, our team can help you determine if it’s right for you. At Sansone Chrysler Jeep Dodge RAM, we are devoted not just to our customer’s satisfaction, but to providing them with all the products and services they need to achieve peace of mind on the road.
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