: You put down less than 20% of the car's price.
Consider gap insurance if any of the following apply to your financing or vehicle choice:
: Your repayment period is 60 months or longer . should you buy gap insurance
: You bought a luxury vehicle or a model known for losing value quickly.
: Most lease agreements benefit from or even require gap insurance because depreciation often outpaces your payments. : You put down less than 20% of the car's price
: If your car is stolen or totaled, standard comprehensive insurance only pays the current market value.
: You rolled debt from a previous vehicle into your new car loan. should you buy gap insurance
Guaranteed Asset Protection (GAP) insurance covers the "gap" between your car's and your outstanding loan or lease balance .
