The importance of Gap Insurance
Protect Your Investment with GAP Insurance in Morrisville, PA
Available at Grace Auto Group – Minutes from Philadelphia & Trenton
If your car is totaled or stolen, your auto insurance may not cover the full amount you owe on your loan. That’s where GAP Insurance (Guaranteed Asset Protection) comes in. At Grace Auto Group in Morrisville, PA, we offer affordable GAP coverage to protect your financial investment and give you peace of mind.
What Is GAP Insurance and Why It Matters
When a vehicle is totaled, standard insurance companies pay the wholesale value of the vehicle at the time of the loss—which can sometimes be thousands less than what you still owe on your loan or lease. GAP Insurance bridges that “gap” and covers the difference.
Example:
- Loan balance: $18,000
- Insurance payout: $14,000
- GAP covers: $4,000
- Without GAP insurance, you’d be responsible for that $4,000—even if the accident wasn’t your fault!
Benefits of Buying GAP Insurance Through Grace Auto Group
- One-Time Payment – No Monthly Bills
- Works with All Major Lenders
- Applies to Both Leases & Loans
- Covers Theft & Total Loss Accidents
- Protects You from Negative Equity
- Fast, Hassle-Free Enrollment at Time of Purchase
Why Buy GAP from Us vs. Your Insurance Company?
Common Questions About GAP Insurance
Q: Is GAP Insurance required?
A: Not legally, but many lenders recommend or require it for low or no-down-payment purchases.
Q: Does GAP Insurance cover my deductible?
A: Some policies may cover your deductible—ask our finance team for details.
Q: What if I refinance my loan?
A: GAP Insurance coverage ends when the original loan is refinanced, but the unused portion of your premium is typically refundable on a prorated basis. We can also help you secure new GAP coverage with your refinanced loan.
Q: Can I cancel GAP coverage?
A: Yes, you can cancel it early and receive a prorated refund if you pay off your loan or trade in your vehicle.
Get GAP Insurance Today with Your Vehicle Purchase
Protect your vehicle and your wallet. When you buy your next car at Grace Auto Group, our finance specialists will show you exactly how GAP Insurance can save you thousands.
📍 Located just minutes from Philadelphia & Trenton
📞 Call (215) 310-5921 or Contact Us