If you are planning on buying or leasing a new car, it is important that you consider how you will protect your loan and how your auto insurance rates will change. If you plan to lease your new car or submit a modest down payment, it is also a good idea to consider GAP insurance. Guaranteed Auto Protection (GAP) Insurance is typically required in a leasing contract, but is also important if you put down a small down payment for your new car. In the event of an accident, your insurance company will only pay you the current market value of your car, not the total amount you owe to the finance company, often leaving “a gap in coverage”. This is where your GAP insurance coverage kicks in, and pays the difference. And, the good news is it is very inexpensive. Often only $12 to $15 additional to your premium for a 6-month term.

Extended Mechanical Breakdown Warranties allow you to feel at ease with your newly purchased vehicle and can also increase your car’s resale value. Extended Warranties can be purchased as long as there are miles or time left on your original manufacturer warranty. So if you want to extend your protection beyond the typical 3-year warranty give us a call for quotes.

If properly protected, you can avoid costly repairs for nearly all electrical and mechanical components of your new car. Depending on the type of coverage you choose, an extended warranty plan can also  include costs of 24-hour roadside assistance, tire protection, rental vehicle assistance, and sometimes even trip interruption on top of the actual component coverage.

Contact the insurance experts at Randy Jones Insurance today to get a quote on GAP insurance or adding an extended warranty plan.