No one can predict the future, especially regarding vehicle accidents. While full coverage auto insurance can alleviate some risks, it might not be enough. That’s why many people opt to also get a GAP insurance policy in the event of a total loss due to an accident. However, it’s essential to know what this option doesn’t include.
1. Value of Non-Totaled Car
GAP insurance is of great help if you have a major accident that totals your vehicle. But in any lesser accident, it doesn’t help with lost value. That’s where full insurance that includes collision coverage is more beneficial.
2. Rental Car Costs
If you have an accident, even a bad one, GAP insurance doesn’t cover the costs of a rental car. It is purposefully built with one goal: to cover the value of a total loss.
3. Normal Repairs or Replacement
While GAP insurance can seem like a total stop-gap solution, it only comes in handy in a worst-case scenario. It doesn’t help with routine maintenance, repairs, or part replacement. Consider our Vehicle Protection Packages.
4. Engine Failure
GAP insurance is also not a solution for other significant repairs. While it may seem like total engine failure would be part of such a black-swan coverage policy, it isn’t.
5. Missed Car Payments
Even if you are forced to miss payments due to unemployment or even injury, GAP insurance can’t help. Its sole purpose is for vehicle value lost due to a total loss.
Discuss Vehicle Protection Options at Keyes Lexus in Van Nuys
Insurance options can be cumbersome. However, if you come down to Keyes Lexus in Van Nuys, we can help with options like warranty and service programs. Let us help with your next vehicle to ensure you are as covered as possible.
