Here at Mercedes-Benz of Jacksonville, our ultimate aim is to help ease the car buying process for all of our customers. Oftentimes, that means facilitating the buying and selling of new and pre-owned Mercedes-Benz models at our Jacksonville, FL car dealership. Other times, that means helping educate drivers on proper car ownership and maintenance. In this case, our expert staff is here to help you learn all about gap insurance.
Gap Insurance: The Basics
In simple terms, gap insurance protects you and your vehicle if your car is totaled. However, in reality, gap insurance is a bit more complicated to understand. Gap insurance largely deals with leased vehicles and stands for guaranteed asset protection. Essentially, this means that if your Mercedes-Benz car is totaled or stolen, the gap insurance will protect the asset, the vehicle, and allow you to replace your vehicle. This is separate from collision insurance and comprehensive insurance, which primarily deal with the cost of the actual accident.
Should I Get Gap Insurance?
Gap insurance covers the difference between what you owe on the vehicle and what the vehicle is worth. That’s why it’s typically a good option for drivers who have taken out a loan or lease on their vehicle. However, if you’ve already paid off a significant portion of your loan, gap insurance might not be necessary for you. Ultimately, the decision varies from driver to driver, so talk to our finance department at Mercedes-Benz of Jacksonville to find out more about the specifics.
Talk to one our Florida Mercedes-Benz representatives at Mercedes-Benz of Jacksonville to learn more about gap insurance as well as the terms and cost of leasing a vehicle from our dealership. Visit Mercedes-Benz of Jacksonville today!