What is gap insurance and do I need it?

Gap insurance helps cover the difference between what you owe on your loan and what your vehicle is worth if it’s totaled or stolen. You may need it if you put little or no money down, financed a used Buick with a longer term, or have negative equity from a trade.

What This Means

GAP (Guaranteed Asset Protection) generally kicks in after your primary coverage—like comprehensive and collision—pays the car’s current market value. For example, if a used Buick you purchased in Findlay is totaled early in your loan, the payout may not match the remaining balance, and that gap can leave you responsible for thousands of dollars.

One reason it’s worth considering: vehicle values can drop quickly in the first years. In fact, the average new car loses about 20% in the first year ([Source]).

Why It Matters

• Protects your budget: can help prevent an unexpected “balance due” after a total loss.
• Common with used Buick loans: if your down payment was small or your trade payoff didn’t fully cover what you owed, you’re more exposed.
• Not always necessary: if you’re putting enough money down, have substantial equity, or have a short loan term, your “gap” may be minimal.

Your Next Steps

1. Check your loan estimate for down payment, loan term, and whether you rolled any negative equity into the balance.
2. Ask your insurance provider whether gap coverage is available and what it costs for your specific used Buick.
3. If you’re unsure, bring your numbers to Cars On Main in Findlay—our family-owned team can help you compare options before you sign.

If you want a clear answer for your situation and a used Buick plan that fits your budget, get in touch with Cars On Main today.