Toyota GAP Protection
Toyota GAP coverage helps protect you financially if your vehicle is declared a total loss and your insurance payout does not cover what you still owe. Because unexpected events happen — and you shouldn’t be left paying for a vehicle you can no longer drive.
Here’s how it works. Let’s say you finance a vehicle for $25k. You’re driving it for a few years before, and out of nowhere, someone ignores a stop light and smashes into you. The good news is that you made it out without a scratch. The bad news is that your vehicle wasn’t so lucky. Good thing you’ve got insurance, right? Not so much.
If your insurance company decides your car is totaled, they’ll only pay you the market value of your vehicle. And, a few years after you bought it, what you owe on the car is more than what the car is worth. So, while the insurance will pay most of it — they won’t pay all of it. So, you’re stuck with a totaled car — and a remaining bill for $6k. Do you want to pay for a car you no longer drive? Of course not. That’s where Toyota GAP Insurance comes into play.
Forget paying for a vehicle you no longer get to enjoy. When your insurance cuts the check for your totaled car — and it’s less than what you owe — you can give the bill to someone else. GAP insurance does just what it says. It covers the gap between what you owe and what your car is worth. So you won’t be stuck with a bill for a vehicle you don’t operate. It’s peace of mind — on top of the peace of mind you already have with your insurance. But there’s a catch.
Toyota GAP insurance is only available at the dealership you purchased your car. And it’s not something that can be added on at a later date. So, when sales associates mention GAP insurance, it’s not because they want to hit a monthly bonus — or because they’re trying to nickel and dime you in your contract.
When what you pay exceeds the market value of your car (and it normally does when interest is factored in), it’s just a good idea to have that added protection. We mentioned you being stuck with a $6k bill in that hypothetical situation above. But it could be even more — especially if you have a high-interest loan.
So, it’s best to opt in for your Toyota GAP insurance. If you want to know how much your Toyota GAP insurance will cost or any other details about the coverage, we’ll happily answer all your questions.
Don’t roll out in your new Toyota without the extra coverage. Peace of mind goes a long way — and fills in all the gaps down the road. Check out our inventory, talk with our finance team, and get the coverage that fits your needs.
