Learn About GAP Insurance at Lexus of Pembroke Pines

May 10th, 2020 by

Have you decided to lease a new Lexus RX? This is a big decision for any driver, since leasing agreements can be difficult to understand. Luckily for you, our finance team here at Lexus of Pembroke Pines can help you understand your leasing agreement in simple terms. For instance, have you ever found yourself wondering, “What is GAP insurance?” It’s not as complicated as you might think, and our Lexus finance specialists are here to break it down.

What is GAP Insurance?

All drivers need to get insurance for their vehicles, no matter if you lease or buy. Typically, drivers will opt for a few forms of insurance just to be safe. GAP insurance is a specific type of insurance that usually only comes into play when you are leasing a vehicle.

Guaranteed asset protection (GAP) insurance covers the total value of your vehicle. Let’s say you get into an accident in your new Lexus vehicle; your collision and comprehensive insurance will cover the cost of damages to your vehicle. However, if the damage costs more than your vehicle’s value, then there’s a gap in what you owe.

This is where GAP insurance comes in to protect the “gap” in coverage for your new Lexus RX. Our finance team recommends that you take a close look at your auto loan or lease agreement before you decide whether or not you need GAP insurance. 

Learn More at Our Dealership

Still not sure if you really need GAP insurance? Get in touch with our Lexus finance center near Miami, FL. At Lexus of Pembroke Pines, we can walk you through the ins and outs of your lease so you can make an informed decision that’s right for your automotive needs.