What is GAP Insurance?

Couple walking to a Mazda CX-5

When it comes to financing or leasing a new Mazda, you’re bound to come across GAP insurance. But what is GAP insurance? GAP stands for Guaranteed Asset Protection and this name can be helpful coverage for Nazareth drivers. GAP insurance covers the gap— or, difference— between what your vehicle is currently worth and the remaining amount you still owe on it. Want to learn more? The best people to ask are at the Young Mazda finance center. Check out our helpful guide on GAP insurance then contact us with any questions.

GAP Insurance Coverage

In addition to covering the aforementioned difference between your vehicle’s current value and the outstanding balance on it, GAP insurance covers a few more assets. Though it doesn’t cover bodily injuries, mechanical repairs, or your deductible like more well-known insurance policies, GAP insurance protects from:

  • Vandalism
  • Accidents
  • Fire
  • Theft
  • Natural disasters (tornado, hurricane, flood, etc.)

Is GAP Insurance Worth It?

Noticeably, the things that GAP insurance protects are almost completely unpredictable. GAP protection is worth it for the added peace of mind in the event that unfortunate or seemingly inevitable circumstances fall upon you. Additionally, given the payment differential it covers regarding your vehicle’s worth vs. outstanding balance, it also lessens the potential financial stress of getting in an accident soon after you drive it off the lot.

Couple buying a car

How to Get GAP Insurance Coverage

Allentown drivers and beyond interested in getting Guaranteed Asset Protection insurance can apply to an in-house auto dealership insurer, or through a third party auto insurance entity. GAP coverage can be as affordable as just $20 a year, but can also include a one-time fee at the point of purchase, depending on which route you take.

Learn More From the Young Mazda Finance Team

No matter if you’re ready to get GAP protection or you have more questions, the finance team at Young Mazda is standing by to help. We want to make the car-buying process less stressful and more affordable. That’s why we offer new vehicle specials and more! Learn more with our dealership, find a new Mazda, learn about the new Mazda CX-30 price, Mazda CX-30 interior, buying vs. leasing, or get the coverage you need.

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