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What is Hyundai GAP Insurance?

car insurance paperwork with car key

Now that you’ve chosen a new Hyundai vehicle, there are a few key decisions to make about your insurance coverage. Liability insurance is required by law by most states, but additional insurance — like comprehensive, collision, and GAP insurance — are optional. Many Centerville drivers aren’t familiar with their insurance options, especially GAP insurance. What does GAP insurance do for Miamisburg drivers? Find out with this guide from the Voss Hyundai finance center.

What Does GAP Insurance Do?

GAP, or Guaranteed Asset Protection, kicks in if you’re involved in an accident while owing more on your vehicle than its current market value. It covers the difference between what your conventional insurance will pay out (the vehicle’s market value) and what you actually owe on it. Without this optional coverage, you could end up paying the difference out-of-pocket.

What Does GAP Insurance Cover?

What does GAP insurance cover if your car is totaled? All new (and many pre-owned) Hyundai models are covered by the generous Hyundai Assistance warranty. You can rest assured that your car is covered from paint to powertrain, but you have the option to add additional coverage for protection in the event of a total loss. Hyundai GAP insurance covers Kettering drivers against unexpected damage that results from natural disaster, accidents, or theft. Here are a few points to keep in mind:

  • What does GAP insurance do if your car is totaled? GAP insurance covers the difference between your insurance payout and your outstanding loan balance up to $150,000 or 150% of the car’s MSRP.
  • GAP insurance can also pay up to $1000 of your deductible.
  • Losses of up to $50,000 may be covered by your Hyundai insurance.

Hyundai Assurance Coverage Exclusions

Keep in mind that there are some circumstances not covered by Hyundai Guaranteed Asset Protection:

  • Damage resulting from illegal behavior like fraudulent activity or DUIs.
  • Damage to vehicles used for competitive driving or racing.
  • Costs that exceed the program maximums.

Explore Your Hyundai Insurance Options in Dayton

Still asking, “what does GAP insurance cover?” To learn more about GAP coverage and exceptions, feel free to contact our friendly financing team. You can also learn more about how you can get a gap insurance refund for your vehicle. We’re happy to answer your questions about other Hyundai insurance coverage programs, Hyundai warranty transfer, and more.

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