At Folsom Lake Ford, we are a Ford dealership that prides ourselves on our customer’s satisfaction, treating them more like friends and family than a business. So, it only makes sense that we’d urge our new car buyers to consider buying GAP insurance for their vehicle.
What is GAP Insurance?
Well, GAP insurance serves as a source of financial protection if tragedy ever strikes and you lose your vehicle. Say, for instance, you owe $10,000 on a relatively new Ford Escape, but you end up in an accident that totals the vehicle. In this instance, the value of the car accounts for $8,000 of your auto-loan debt. However, you are still responsible for the remaining $2,000. This is where GAP insurance could come in handy, as it would cover the remaining balance, and free up your funds so that you can purchase a new replacement vehicle.
GAP insurance can also be helpful if your car is stolen, and will potentially cover the leftover auto loan amount. GAP insurance is particularly effective for drivers who are hoping to lease a vehicle and drivers who expect to put a lot of mileage on their car. That said, regardless of what kind of driver you are, it is worthwhile to at least consider the idea of adding GAP insurance to your car, as it can give you complete peace of mind while you’re out on the road.
If you’re still on the fence about GAP insurance don’t worry- our team at Folsom Lake Ford can help you determine if GAP insurance is right for you. We are committed to making the car buying process a smooth and pleasant experience and look forward to seeing you leave our dealership behind the wheel of something that you love.