Is Gap Insurance Worth It?

car finance paperwork


Buying a new vehicle can be an enormous investment, and if you’re anything like most of the drivers who come to Maserati of Central New Jersey, you’re going to do everything in that power to protect that investment. However, no one wants to spend more than they have to, and you might wonder, is gap insurance worth it?

Our financing team thinks that it’s a smart investment for every Rumson-area Maserati driver.

What is Gap Insurance?

The “gap” in gap insurance actually stands for “Guaranteed Asset Protection,” but what is gap insurance on a car, exactly? Simply put, this type of insurance covers the gap between the real cash value of your vehicle and the amount that you still owe on your financing or leasing plan.

In the event of an accident, insurance will determine how much to pay you based on the real cash value of your vehicle! However, if you owe more on your loan than the vehicle is currently worth, you’ll still be on the hook for the remainder. Gap insurance allows you to get back into a new vehicle without any residual debts.

Do I Need Gap Insurance?

For most drivers near Red Bank and Colts Neck, gap insurance really is worth the extra cost! Here’s why:

  • Depreciation occurs as soon as you drive off the lot, and depreciation can be especially steep with new luxury vehicles.
  • You never know when an accident will occur. If one happens at the wrong time, you might have to make more than one car payment to clear your debt.
  • What is gap protection going to do in the event of theft or vandalism? Here, it complements your comprehensive coverage, allowing you to get the money you need.

Still not convinced? While the cost of gap insurance will vary depending on where you go and what kind of vehicle you drive, some insurers may offer it for as little as $20 a year, or for a one-time fee. This means there’s really no reason not to opt in.

Rely on Maserati of Central New Jersey for Your Finance & Insurance Needs

Purchasing or leasing a new Maserati should feel like an adventure! Maserati of Central New Jersey is here to talk you through all of your financing and insurance options, so you can focus on what really matters to you. Still doing research? Check out more of our car buying tips today.

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855-648-6920

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816 US Highway 1 • Edison, NJ 08817

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Maserati of Central New Jersey

816 US Highway 1 Edison, NJ

Phone: 855-648-6920

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Phone: 732-955-4849

816 US Highway 1 Edison, NJ

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Phone: 855-648-6920

816 US Highway 1 Edison, NJ

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Phone: 855-648-6921

816 US Highway 1 Edison, NJ
40.512166 -74.381965
Maserati of Central New Jersey 40.512166, -74.381965.