If you're in the market for a new car in the Princeton, WV area, you will likely be asked about purchasing GAP insurance, and if you aren't, you need to ask your sales representative. Why?
- GAP isn't intended to replace your insurance; it's additional coverage in case something goes wrong. Filing an insurance claim will usually require you to pay a deductible. The dealership's GAP policy will not have a deductible.
- Filing a claim has an excellent chance of leading to a rate hike on your policy. Claims made about GAP will have zero impact on your insurance rates.
- Insurers have the right to cancel your policy at any time for too many claims or excessive overdue payments. As an extra layer of protection, GAP insurance cannot be canceled.
- Because GAP is not affiliated with your insurer, you can feel free to change insurers if you want, with no impact on your GAP insurance.
If you still owe on your trade-in vehicle, our team at Ramey Ford Princeton may roll that balance into the new loan for the vehicle being purchased. If totaled or stolen, GAP will pay the difference between the cash value of the auto and the loan balance, inclusive of negative equity. Be sure to find the right deal at 498 Courthouse Road today!