Here at Lester Glenn Chrysler Dodge Jeep® RAM, we offer an incredible selection of the country’s best vehicles. Drivers in the Brick and Toms River, NJ areas have no shortage of excellent options, such as the 2019 Chrysler Pacifica and 2019 RAM 1500.

However, picking out a new car isn’t quite as simple as finding the one you want and getting behind the wheel. Unfortunately, you have to deal with vehicle financing and insurance. As your Toms River Chrysler dealer, we’re here to help. One insurance policy that many have questions about is gap insurance.

So, what is gap insurance and do you need it? Gap, or guaranteed asset protection, insurance is a type of car insurance you couple with another plan like collision coverage or comprehensive coverage. Unlike the other two, gap insurance protects you against paying costly fees if your car is totaled.

When you finance a new vehicle, you owe the lessor the total amount of the car’s price. However, when you take possession of the vehicle, its value decreases. In the event of an accident, your collision insurance only covers you for the damage up to the current value of the car. Gap insurance means you don’t still owe the remaining balance.

To determine if gap insurance is right for you, you’ll want to figure out what the current value of your car is versus what you still owe. Typically, we recommend gap insurance when you purchase or lease a new vehicle. To figure out which policies are best for you, visit us today at 1199 Route 37 W or call us at 888-819-3758. Our expert staff is happy to help you go over your budget and your needs and find the vehicle and plans that work best for you.