When you stop in to purchase a vehicle from us at Rosts’ the topic of GAP coverage will undoubtably come up. First lets start with a formal definition:
A type of auto insurance that car owners can buy to protect themselves against losses that can arise when the amount of compensation received from a total loss does not fully cover the amount the insured owes on the vehicle’s financing or lease agreement.
In more layman’s terms this means that in the event you did get in an accident and your insurance company says your vehicle is not worth the amount you still owe on it–you would be fully covered through your gap insurance.
Gap insurance covers everything so you don’t have any out of pocket expense.
What Does It Cost?
Most Gap insurance plans range from $8-$12/month and are added to your existing payment plan.