Have you upgraded your car recently? If you’ve purchased one of our new vehicles and would like to do all you can to protect your investment, then you’re going to want to learn more about Gap insurance. It follows that you also probably want to know more about the Gap insurance cost. Though there’s no one set price for Gap insurance, at Land Rover Princeton we’re here to help you understand the ins and outs of Gap insurance.
Average Cost of Gap Insurance
Before we discuss cost, you should know that gap insurance is sold by a variety of insurance providers here in Mount Laurel, and where you get it will often determine how much it costs. Here are some common ways of obtaining gap insurance and their average cost:
- Gap Coverage As Endorsement to Your Auto Policy: You can often obtain a Gap insurance policy through your existing auto insurance policy as an endorsement. Think of endorsements as additions to existing policies. Gap insurance price in this instance is usually around $20 per year.
- Standalone Gap Coverage Through Your Insurer: Sometimes, your insurance company won’t provide Gap insurance as an endorsement, but rather, as a standalone policy. In this instance, the Gap insurance cost is usually around a one-time fee of $200-300.
- Gap Coverage As an Add-On To Your Auto Loan: A third convenient option for adding Gap insurance is as an addition to your auto loan. Gap insurance cost in this instance is usually between $500-$700.
What Is Gap Insurance?
Now you know about the average cost of Gap insurance in South Brunswick. But what exactly is it? It helps cover any difference between what your insurance company pays out when your vehicle is deemed a total loss following an accident and the amount outstanding (the amount you owe) on your loan or lease. It is important to note that Gap insurance is optional, whereas liability insurance is not optional. Looking for information about how to repair your vehicle after an accident? At Land Rover Princeton, our service center can help determine if your car is a total loss. If it’s not, we’ll be happy to provide you a repair estimate.
Is the Gap Insurance Price Worth It?
Is the cost of Gap insurance worth it? That depends on your outlook. While you won’t know if you’ll ever need it, that’s the point of insurance – to be there when life happens. The short answer is this: Gap insurance coverage can be worth it if you want to be sure you’re fully covered for the amount outstanding on your loan or lease in the event of an accident that results in a total loss.
Learn More About Insurance Coverage Price with Land Rover Princeton
Curious to see how much gap insurance with us will cost? Whether you’ve just recently purchased a car from us, you’re looking to find and finance a new one, or you have questions about what’s considered good mileage for a used car, we can help answer all your vehicle financing questions at Land Rover Princeton. We’re located conveniently near Hopewell, and we’re ready to answer any of your Land Rover finance questions!