If you are buying or leasing a new Ford F-150 or Ford Fusion, we invite you to come to talk with our finance team at Griffin Ford Fort Atkinson. Not only do we have the inventory and incentives that you need, but we are also available to make sure that you have the best possible buying experience. It is important to us that you understand all the fine print, including gap insurance, and whether or not it is something you need.
Gap insurance is sometimes referred to as loan or lease payoff coverage. This is a type of insurance coverage that helps pay off an auto loan should your vehicle be deemed a total loss due to being totaled or stolen. When you are financing or leasing a new Ford model, the lender may require that you have comprehensive and collision coverage until the vehicle is paid off. Gap insurance acts as the buffer that covers the difference between what your insurance plan pays for and what you owe on the vehicle.
Not everyone needs gap insurance, however. It’s typically recommended for those who finance for more than 60 months, lease, or who rolled over negative equity from a previous loan. Additionally, gap coverage normally costs an average of $3-$5 a month, so it is not necessarily as expensive as you thought.
If you have questions when it comes to gap insurance coverage and whether or not it fits your unique situation, you have the guidance you need by talking with our professional and knowledgeable Ford finance team at Griffin Ford Fort Atkinson.
We are located at 1642 Janesville Avenue in Fort Atkinson, WI if you would like to speak with us in person! Or you can simply call our finance team at (877) 855-6959.