Why GAP Coverage Is Important
Protecting what you've earned should be top of mind when your in the market for a new vehicle. Between vehicle warranties and additional auto protection programs, GAP coverage should always be considered.
What is GAP Coverage? GAP Coverage is also known as Guaranteed Auto Protection. When you purchase a new vehicle, let's consider a brand new Cadillac for example, as soon as you drive off the lot, your vehicle depreciates value. If your vehicle is considered a total loss due to an accident or possibly stolen, your insurance company will only cover the market value of the vehicle. Your insurance will not pay what is owed on your vehicle if the loan amount is more then the valued dollar amount. GAP coverage will cover that "gap" between the market value and what you owe. At Crestmont, our Cadillac GAP coverage will even cover the cost of the insurance deductible.
How does Cadillac GAP coverage work? The opportunity to add Cadillac GAP coverage is only offered at the time of purchase, however, it can be cancelled at any time. Your coverage is fully refundable within 60 days, as long as no losses have occurred. For cancellations after 60 days, a pro rate refund will be given, less applicable cancellation fee. All charges will be refunded to the financial institution/lender. Cadillac GAP coverage is available for up to 84 months and finance amounts up to $125,000. With worry-free endorsement Cadillac GAP coverage will pay your financial loss up to $75,000, which includes up to $1,000 of your insurer's physical damage deductible.
It is important that you speak to your dealers financial advisor about the options to protecting your investment. This doesn't matter if you are purchasing a new Cadillac or any vehicle make and model. The Cadillac GAP coverage program details listed in this blog are presented on the publishing date and are subject to change. See dealer site for GAP Addendum and Brochure here. Please see your Beachwood Cadillac dealer for details to understand what GAP coverage options are available to you.
