Is GAP Insurance Worth It?

car insurance paperwork
You might be asking, “Do I need GAP insurance in Lookout Mountain?” Lexus of Chattanooga is here to help you be an informed auto buyer and answer your questions. First we need to talk about what GAP insurance does: GAP insurance covers the difference between what your car is worth and how much you owe on it, regardless of if you buy or lease. Learn more about GAP insurance below, then get more information on things like liability insurance from our experts at the Lexus of Chattanooga Finance Center.

Your vehicle begins depreciating as soon as it leaves Lexus of Chattanooga. It can lose up to twenty percent of its value in the first year in Ooltewah. If you opted to make a lower down payment, it might not take long for the amount of the loan or lease to surpass what the vehicle is worth. In case of theft, fire, or other damage, you can lose a significant amount of money if you owe more than your car is worth. The relatively small investment of GAP protection can help you stay in the black when the unexpected happens. Life is unpredictable, and what is GAP protection other than coverage for the unexpected? It’s definitely worth it, both financially and for peace of mind.

How Do I Get GAP Insurance?

Your auto insurer, either through the dealership or your private insurance company in Manchester can help you with purchasing gap insurance. There is typically a one-time fee when you purchase the insurance policy. Otherwise, gap insurance can cost as little as $20 annually.

What Else Does GAP insurance cover?

In addition to its primary coverage of the difference between your Lexus’ value and what you owe, gap insurance covers much more if something happens to your car. While gap protection doesn’t cover bodily injuries, mechanical problems, or your deductible, it will help with:

  • Theft
  • Fire
  • Vandalism
  • Storm damage/natural disasters

Lexus of Chattanooga’s Financial Center Can Help!

Whether you’d like more information about GAP insurance, you want tips on buying a new car, or you want to know the benefits of a Lexus credit card, our finance center can help you discover how to make your Lexus affordable. We offer specials and incentives to help you get a great deal on your new car, and we offer convenient online financing approval.

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5800 Lee Highway • Chattanooga, TN 37421

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Lexus of Chattanooga 35.019766, -85.201756.