Gap Insurance for a Car – Do You Need It?
Are you currently leasing a Porsche Macan or are you paying on a loan? If you know that you owe more on the vehicle than it is worth, what happens if it is stolen tomorrow or you get into an accident where it is a total loss? This is when you need gap insurance and our staff at Porsche Woodland Hills will be more than happy to go over the details with you.
How Gap Insurance Works
Guaranteed asset protection, or gap insurance, is important to have if you happen to owe more on a vehicle than the fair market value. If you happen to get in an accident and it is a total loss, or your vehicle is stolen, your collision and comprehensive policies will only cover what your vehicle is worth. This could be as little as 80% due to depreciation. The last thing that you want is to find yourself in a situation where you end up having to pay on a vehicle that you are not able to drive. Gap insurance is there to insure you for the difference from what you owe on the vehicle and what the insurance company says it is worth.
If this is your first time buying or leasing one of our Porsche cars, we want to make the experience as easy and memorable for you as possible. When you have questions regarding gap insurance or some of the other details in your purchase or lease agreement, our Porsche finance team at Porsche Woodland Hills is here to help.
Come by to take a few models for a test drive and we can help you to make the best buying or leasing decision. You will find our Woodland Hills Porsche dealer location at 21301 Venture in lovely Woodland Hills, CA. If you want to give us a call to talk about financing, call our team at (818) 932-1600.