GAP insurance is just that: a stopgap policy in case your vehicle is involved in a worst-case scenario accident. If you still owe more than a car is worth stemming from a significant total-loss accident, GAP insurance can help. However, there are several things it just won’t cover. Here are five such items.
1. Missed Car Payments
Whether it’s an accident or job loss, GAP insurance won’t cover any missed car payments for any reason. Consider other insurance for those issues.
2. Normal Repairs
Repairs and upkeep of almost any kind are outside the purview of GAP insurance policies. This is especially true of routine maintenance. Consider a Lexus Performance Protection Plan for that.
3. Replacement Parts
Likewise, if you need a part replaced, even a major one like something involving engine failure, GAP insurance is not designed to help.
4. Rental Car
While GAP insurance is there for serious accidents, it doesn’t cover any extras related to them. That includes the costs associated with rental cars.
5. Value Loss of Non-totaled Vehicle
This is the most-often miscommunication surrounding GAP insurance. It only helps add protection in the case of a total-loss accident. These types of plans don’t cover any lesser accidents. That even includes ones that result in a vehicle’s value loss greater than what is owed if that vehicle wasn’t totaled.
Let Lexus of Valencia Help with Vehicle Protection
While GAP insurance is limited in what it covers and can help with, we are not. Visit Lexus of Valencia to discuss everything from service protection plans to warranty options. Our financial experts can help walk you through all of your options.
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