What is Gap Protection?

If your vehicle is stolen or damaged beyond repair, your auto insurance alone may not pay everything you owe.  Insurance typically pays the vehicle's actual cash value rather than the amount remaining on your loan or lease, which could leave a financial "gap" of thousands of dollars.  In addition, if your down payment was less than 20%, you may owe more than your car is worth.

Example: Your insurance company appraises your vehicle at $10,000 and you owe your lender $15,000, you have a gap payment of $5,000. You owe more than your vehicle is worth.

Benefits:

If you're considering the purchase of a Volvo pr pre-owned vehicle from Patrick Volvo Cars, and would like to learn more about the possibility of adding Gap Insurance Protection to your new loan, let a member of our finance team help you make the best decision.  Simply call us or fill out the form below and a one of our members will be in touch soon.