Is Gap Insurance Worth it?

couple meeting with car salesman
 

Drivers in Roseville with full car insurance coverage often are under the impression that if their vehicle is totaled, they won’t have to worry about paying off their car loan. They may think their car insurance will cover it. However, if your vehicle is worth less than what you owe on the loan, that may not be the case! But the good news is that gap insurance will cover it! That’s why it’s crucial to understand the importance of having gap insurance. Is gap insurance worth it? You bet! Jeffrey Kia, in Roseville, is here to help you understand what gap insurance is and why you need it.


What Does Gap Insurance Do?

If you’ve ever wondered, “Do I need gap insurance?”, the answer to the question is, it depends. To understand what gap insurance is for, it’s vital to first understand what full coverage insurance does. The “full” in full coverage refers to the full market value of your auto at the time of the collision in Grosse Pointe.

If you owe more on your vehicle than its fair market value when it’s wrecked, you’ll have to pay the difference or “gap” between the car’s worth and what you still owe on the loan. This is what gap insurance is for! It pays that difference, or “gap,” in certain situations, and gives you assistance at the time you need it most.


What Does Gap Insurance Cover?

Is gap insurance worth it? Look at the list below and think about the cost involved with these situations around St. Clair Shores. Typically, yes, gap insurance is worth it because gap insurance will cover any of the following conditions if your Kia is totaled: 

  • A traffic collision
  • Theft
  • Vandalism
  • Fire
  • A natural disaster (or “act of God”)

When to Get Gap Insurance

You may need gap insurance if any of the following situations apply:

  • Your loan was for a period of 5 years or longer
  • You leased your vehicle
  • The down payment on your loan was less than 20%
  • Your latest loan includes the payoff amount from an older loan
Car paperwork

Jeffrey Kia is at Your Service in Sterling Heights

Jeffrey Kia is here for all of your vehicle needs, from purchasing a new Kia to finding OEM parts to collision repairs, we’re always here for you! Our experienced and friendly finance team will answer all of your questions and help you understand the terms and conditions of your loan and if gap protection is worth it. Our customers keep coming back year after year, and you will too! Contact us today!

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(800) 362-4259

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30800 Gratiot Ave • Roseville, MI 48066

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Jeffrey Kia

30800 Gratiot Ave Roseville, MI

Phone: (800) 362-4259

https://goo.gl/maps/1A1bjk6bY482

Parts

Phone: (800) 920-8791

30800 Gratiot Ave Roseville, MI

Sales

Phone: (800) 362-4259

30800 Gratiot Ave Roseville, MI

Service

Phone: (800) 856-2140

30800 Gratiot Ave Roseville, MI
42.52294 -82.9182811
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Jeffrey Kia
Jeffrey Kia
webleads@jeffreyauto.com
30800 Gratiot Ave
Roseville, MI, 48066 United States
(800) 362-4259
https://www.jeffreykia.com/wp-content/themes/DealerInspireDealerTheme/images/logo.png
Jeffrey Kia 42.52294, -82.9182811.