What is Gap Insurance?

What is GAP insurance on a car? GAP Insurance stands for Guaranteed Asset Protection Insurance, and it covers the difference between the value of the vehicle and the balance still owed on it. Learn more about GAP insurance coverage below, and contact us at the Jaguar Mission Viejo finance center with any questions about Jaguar insurance and insurance options for GAP in Mission Viejo, CA. Then apply for financing online at your local authorized Jaguar retailer to get started on buying a car in Coto De Caza.

What Does GAP Insurance Cover?

What is GAP protection? This car insurance coverage pays out the difference between your vehicle’s value and the amount you owe on your car loan in the event of an accident that results in a total loss, or other such incidents:

• Theft
• Fire
• Vandalism
• Accidents
• Acts of nature (tornado, hurricane, flood, etc.)

However, it does not cover the following: bodily injuries, mechanical repairs, or your deductible. When regular car insurance won’t cover all of these unexpected incidents, buying Jaguar GAP insurance can provide you additional peace of mind on Laguna Beach roads.

Is GAP Insurance Worth It?

Is it worth it to purchase Jaguar GAP insurance? When you purchase a new vehicle, especially if it is a luxury car like a Jaguar, it definitely is. Having GAP insurance means protecting your vehicle investment when something out of the ordinary occurs, like the theft of your vehicle. And since cars depreciate the second you drive off the lot, this insurance will cover the “gap” between the worth of your vehicle and what your insurance will cover if you get into an accident.

If you purchase a used car, it won’t depreciate as much when you leave the lot, so it may not be needed. And if you’ve purchased a vehicle new and you’ve had it for a few years, the need for GAP insurance will likely decrease over time.

How Can I Get GAP Insurance?

There are several options for purchasing GAP insurance, and it can cost as little as $20 a year plus a one-time fee at the time of purchase with any of these services:

1. Through your regular car insurance company. Some plans with comprehensive and collision coverage already include GAP insurance, so check your policy.
2. Through the car dealership when you purchase your vehicle.
3. Through a company that specializes in GAP insurance.

How Much is Insurance for a Jaguar?

Is Jaguar auto insurance expensive? While auto insurance rates will vary depending on your own driving history, your location, and other factors, Jaguar insurance rates are relatively low compared to other luxury brands. According to one insurance rate comparison tool, here are average monthly insurance rates* for various luxury brands, based on the most expensive model to insure within each brand’s lineup:

• BMW: $238/month
• Mercedes-Benz: $229/month
• Tesla: $227/month
• Lexus: $220/month
• Jaguar: $201/month
• Audi: $197/month

*Rates last updated November 2019

Rely on Jaguar Mission Viejo for Your Auto Loan or Lease

If you’re ready to purchase a new vehicle with GAP coverage, rely on Jaguar Mission Viejo near Irvine. Our knowledgeable staff is standing by to help answer any questions you may have about GAP in Mission Viejo, CA and Jaguar insurance options for better peace of mind on the roads.