Why You Need GAP Insurance for Your Vehicle

Imagine your car getting totaled or stolen. Your insurer can compensate only to cover the cost up to the market value of the car regardless of the initial value. GAP or Guaranteed Asset Protection is a vital policy to help you plan financially for your wheeled investment. Furthermore, it offers additional help where your insurance has failed.

So, let us say you owe $50,000 in car payments and your vehicle gets totaled. The insurance company values the current market price of your car at $40,000. You will be required to pay the extra $10,000. This is where GAP insurance becomes your best friend as it will cover the remaining balance.

Still uncertain of whether you want to acquire GAP coverage or not? Feel free to stop in at BMW of Myrtle Beach for more information and clarification. Our team in Myrtle Beach will help you determine the right type of financing for your vehicle.

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