Been thinking about talking with an auto gap insurance company to expand your F&I product and service offering? There’s no time like the present. After all, the last thing a customer wants to think about when they’re driving away in their brand new car is the total loss of their vehicle due to an accident or theft. So, it’s essential to discuss this eventuality and help your customers sort out their options.
What Is Gap Insurance?
Many customers will ask the question what is GAP insurance and what does GAP insurance cover? As a conscientious dealer, you’ll want to be prepared with the right answer. As an auto gap insurance provider, we can get you those answers.
In the simplest terms, GAP insurance covers and protects the financial interest of your customers in the event of a total loss of a vehicle. The fact is, insurance companies rarely pay out the entire cost of a vehicle loss to the consumer. For example, your customer may have just paid $25,000 for their vehicle, but in the event of a total loss, the insurance company may only pay out $20,000 for a replacement vehicle due to a number of factors. If the customer has financed the car, there may be a gap between what they still owe for the vehicle and the payout they’ll get through their auto insurer. This can be a devastating financial burden.
Auto gap insurance helps to close this gap by paying the difference between what the auto insurance companies pay and the balance due for the car.
Our auto gap insurance company offers a variety of auto GAP protection plans that ensure your customers won’t have to worry about the financial burden a total vehicle loss can cause. GAP coverage protection plans offer many desirable features that take the burden out of a new car purchase.