Gap coverage exists to protect 2 specific types of drivers against the costs of a total loss: those who are financing, and those who are leasing. If you own your car free and clear, or owe less on your loan than the car is worth, you don’t need gap insurance.
In other words the gap is the difference between a car’s actual cash value and how much a driver owes on it. A car becomes “used,” and begins to depreciate, the moment you drive it out of the dealership.
For many, owing more than the value of your car is simply a fact of car ownership. But for those who experience a total loss such as, a stolen or wrecked vehicle owing more on your loan than your car is worth is an issue for many. That is where Subaru Equity Shield GAP and Optimum Vehicle Protectinon (OVP) come in handy. If anything unexpected were to happen to your vehicle, having the Equity Shield GAP insurance will help cover all if not most between your auto insurance and what you may still owe on your loan.
Gap insurance can be vital for people who are financing or leasing a vehicle and owe more than the car is worth, but if you own your vehicle and it accrews damage to the body, tires, windshield or keys; that is where having Optimum Vehicle Protection insurance comes in handy. Feel assured knowing that you and your vehicle are covered from costly repairs that can happen from the unknown.