300 W. Hwy 90 Frontage Road New Iberia, LA 70560-3922
At Musson Patout Chrysler Dodge Jeep Ram, we offer a wide selection of vehicles and additional products to ensure complete coverage for your vehicle. This includes gap insurance, and we are happy to explain it to you and help you find the right financing product to cover your vehicle.
Gap insurance covers the difference between your vehicle's actual value, as determined by your auto insurance at the time of an incident-such as a collision resulting in a total loss or theft-and your outstanding loan or lease balance. For example, if your vehicle is totaled and the insurer values it at $20,000, but your remaining loan balance is $25,000, there is a $5,000 gap. Gap insurance pays this difference, so you're not responsible for it. It does not cover mechanical issues, repair costs, or vehicle value loss from non-total-loss incidents, but it provides peace of mind in other situations, which is why many choose it.
Gap insurance is useful for protecting against vehicle depreciation, ensuring you don't owe more than the vehicle's worth early in the loan or lease. It's especially beneficial if you financed your new car, truck, or SUV with little or no down payment, or if you select lengthy auto loan terms of 60 months or more. Additionally, it's a wise choice when leasing, as it is often required to protect the vehicle's value.
It's something that can protect you from potentially paying thousands out of pocket if your vehicle is totaled or stolen, ensuring you don't bear those costs.
At our dealership, you can buy gap insurance with various options available. We will assist you in finding a plan that suits your needs, whether for new vehicles or used options at the dealership. To learn more, contact Musson Patout Chrysler Dodge Jeep Ram today, and we'll be happy to discuss these options with you in areas like New Iberia, Broussard, and Lafayette, LA today.
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