Have you been thinking that it’s time for you to buy or lease a new Ford? If so, then you can count on our friendly staff here at Dean Arbour Ford of Alpena to ensure you have a great experience. Something that we are asked about often is gap insurance coverage and whether or not our customers need it. We have taken the time to put together some helpful details on this coverage to give you a clearer picture of how and why it is used. If you still have questions, you can always reach our team here at the dealership!
About Gap Insurance Coverage
Gap insurance coverage, also known as guaranteed asset protection or loan/lease payoff coverage, is optional and not many drivers understand what it’s for. If you lease or loan for a new Ford, you probably owe more on the vehicle than it’s worth the minute that you drive away. If your vehicle is stolen or it’s totaled, your insurance company is only going to offer you the fair market value price for it. This translates into you having to pay for a new Ford Edge or Ford Expedition that you are not able to drive. If you happen to have cap insurance coverage, this will protect you by paying off the difference between the amount that you owe and what the vehicle is worth.
This coverage is always an option and if you feel as though you no longer need it, you can cancel it at any time. No matter what, you can talk with us at Dean Arbour Ford of Alpena about gap insurance and the fine print that goes into Ford financing. Come by today to take a test drive at our beautiful Alpena, MI Ford dealership.