Ready to buy a new Volvo in Billings? You may be worried about being offered unnecessary services and coverage. However, gap insurance coverage is an option you should take some time to seriously consider. Learn more about what gap insurance has to offer you in this guide from the finance team at Underriner Volvo.

What is Gap Insurance? 

Guaranteed Asset Protection insurance provides coverage for the difference between the cash value of your car and the amount still owed on it. Whether you lease or buy a vehicle, Gap insurance has you covered if your car, truck, or SUV is stolen or totaled when you still owe more than the vehicle is currently valued at. 

Do I Need Gap Insurance?

Are you asking yourself, "Is Gap protection worth it?" Many consumers and experts in the know agree that purchasing gap insurance is a smart decision. Here is why you should get gap insurance rather than leave anything to chance on Huntley and Shepherd area roads: 

  • Depreciation: A vehicle depreciates the moment you drive it off the lot.
  • Accidents can happen at any time: No matter how safely you drive, accidents including right after you drive a new vehicle off the lot.
  • Extra coverage: Most insurance companies only cover what your vehicle is worth at the time of the accident. If your new car is totaled or stolen and you owe more on it than its current deemed value, gap coverage accounts for that difference.
  • The cost of gap insurance is relatively low: Since it is affordable and easy to obtain, there's really no reason NOT to have it.

How Do I Buy Gap Insurance?

There are several easy ways to get gap insurance coverage in the Laurel, MT area:

  • Your current auto insurance company may offer it for as little as $20 per year.
  • You may be able to buy it for a one-time fee from your dealership or car loan company.
  • Specialized Gap insurance companies offer coverage for a one-time fee.

Get Finance & Insurance Solutions at Underriner Volvo

Whether you're shopping for a new Volvo S60, Volvo XC40, or Volvo XC90, the finance specialists at Underriner Volvo are here to help you get the loan or lease you want, as well as the insurance coverage that best suits your needs. Explore our finance specials and current incentives, then get pre-approved by completing our secure online finance application. If you'd like to learn about trading in a financed car, or if you'd like to know more about required and optional auto insurance coverage, please feel free to contact us.