Can You Add GAP Insurance Any Time?

GAP insurance is an optional plan that helps protect your finances in case of a sudden theft or loss early in the loan process, and is usually added when you buy your car. But can you add GAP insurance at any time? Yes, you can add this coverage to your new vehicle from Audi Van Nuys, even if you bought it a few months ago.

What Is GAP Insurance?

For many drivers, it’s easy to end up “upside-down” on their car loan, meaning that they owe more on the loan than the car is worth. If you’re stuck in this position when your vehicle is totaled or stolen, the insurance company will pay for what the car is worth—not how much is left on your loan. When this happens, GAP insurance steps in and covers the extra cost, so you’re not stuck without a car, but still paying off the loan.

Can I Add GAP Insurance Later?

Many drivers add GAP insurance as part of their new car financing plan, which may allow you to roll in the cost of the extra insurance with your loan; some lenders even require it. However, you can still add GAP insurance for as long as you’re still making payments. You can even add GAP insurance on a pre-owned Audi car!

Can I Drop GAP Insurance?

GAP insurance is great in the early stages of financing, when you’re more likely to end up owing more on a car than it’s worth. However, later on in your financing plan, you may find it’s not necessary anymore. As long as your loan terms don’t require it, simply contact your insurance company about dropping your optional GAP coverage. 

Apply for Audi Financing in Sherman Oaks, CA

GAP insurance gives you even more confidence on the road, and our team can roll the cost into your financing plan. Find out more at our Sherman Oaks Audi dealership and find your next great drive. We’re here to support you at every step in your journey, from leasing and finance to GAP insurance and lease-end questions. Call or visit today to find out more.