What Does Gap Insurance Cover?

Tiny car with coins and finance paperwork

Buying a new luxury car from Momentum Alfa Romeo in Hurst is an incredible feeling! Of course, you’ll need auto insurance to cover your new Alfa Romeo. One of the many types of optional auto insurance coverages is called gap insurance. What does gap insurance cover? It covers the gap between the amount you owe on the car and the true cash value of it at the time of an accident. Keep reading to learn more about gap insurance from the finance team at Momentum Alfa Romeo. 

What Does Gap Insurance Do?

Gap insurance covers the damage to your vehicle, not the property or any bodily injuries from a collision. Below is a list of what gap insurance covers and doesn’t cover, but you should verify the information with your insurance agent in Southlake.

Gap Insurance Covers:

  • Fire
  • Theft
  • Accident
  • Damage from a tornado, hurricane, flood, or other “act of nature”
  • Vandalism

Gap Insurance Does NOT Cover:

  • Death
  • Your deductible (although some gap insurance policies allow this)
  • Engine failures and other needed mechanical repairs
  • Extended warranties
  • Bodily Injuries

So, the answer to the question “What does gap insurance do,” is that it covers the total loss in the event of a car accident. It is optional coverage and well worth talking with your insurance provider about.

Do You Need Gap Insurance?

At Momentum Alfa Romeo, we highly recommended that you get gap insurance when purchasing a new car, especially a luxury car. Having gap insurance will give you greater peace of mind on Keller roads and could save you from financial devastation. We invite you to chat with our financing specialists about gap insurance, leasing options, or our new vehicle specials

Explore Your Leasing and Financing Options at Momentum Alfa Romeo

When you’re ready to take the next steps to purchase a new car, reach out to us at Momentum Alfa Romeo near Dallas. Let’s go for a test drive around Hurst, or apply for financing online. You can also get a value for your trade-in from the comfort of your home. We are here and excited about seeing you behind the wheel of the car of your dreams, so don’t wait! Reach out to us now!

 

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