Ensuring your car-buying process is a smooth and easy experience depends a lot on the dealership you work with. At Lester Glenn Chevrolet, we are dedicated to making sure your experience is as stress-free as possible and that you drive home with a car you will love for years. One of the many things we will help you with during your car-shopping experience is guiding you through financing your new Chevy vehicle. One thing to consider during this process is whether or not you will need gap insurance.
Why You May Need Gap Insurance
Gap insurance is becoming more relevant for many drivers as of late, especially due to the fact that finance terms are extending as long as five or six years. One benefit of an extended finance term is that you pay less each month. On the other hand, since brand new cars experience depreciation quickly, an incident that totals your car could leave you without a car while still owing more than the current value of the vehicle.
So does this mean that buying new cars is just too big of a risk? Definitely not. In fact, brand new cars are being offered with more advanced safety systems than ever, which, while never a replacement for attentive driving, reduce the risk of collisions. And then there’s gap insurance, a financial safety net that will help foot the bill in case your car gets totaled before you have fully paid it off. Gap insurance policies are inexpensive and take a load of stress off your shoulders in case the worst happens, making them a worthwhile purchase if you have a long finance term.
To learn more about if gap insurance is right for your next car purchase, visit or contact your local Toms River, NJ Chevrolet dealer today.