What is gap insurance and do I need it?

What’s GAP insurance — and do you need it?

GAP (Guaranteed Asset Protection) covers the difference if your car is totaled or stolen and you owe more than it’s worth.

Example: If your car’s insurance payout is $15K but you owe $18K, GAP covers that $3K gap — so you’re not left paying for a car you don’t have.

Especially helpful if you put down a small payment or have a long loan. 

Often required by lenders on low-down deals. 

If you made a big down payment and owe less than your car’s value, GAP might be less critical.

Peace of mind on the road? Definitely worth considering!