What is Hyundai GAP Insurance?

2021 Hyundai Accent Limited

After you choose a new Hyundai model to take home to Waterford, you have a few more big decisions to make before you can wrap up the car-buying process. While liability insurance is required in most states, whether to add other coverage—like comprehensive, collision, or GAP insurance—is up to you. So, what is Hyundai GAP insurance? Under Hyundai’s Guaranteed Asset Protection, GAP insurance covers the difference if you’re involved in an accident while owing more than your vehicle’s current market value. Without it, you could end up paying toward a car you may not even be able to drive. In this guide from the Old Saybrook Hyundai finance center, we’ll go over the details.

Hyundai Insurance: Guaranteed Asset Protection (GAP)

Every Hyundai comes backed by a generous warranty plan that covers everything from your car’s paint to its powertrain. However, you may want to add extra coverage in case of a total loss. That’s where Hyundai GAP insurance comes in! You’ll be covered against unexpected damage due to theft, accidents, or natural disasters. Here’s what you need to know:

  • Hyundai GAP insurance will cover the difference between your outstanding loan balance and insurance payout, up to $150,000 or 150% of your car’s MSRP.
  • GAP insurance will also take care of your deductible up to $1,000.
  • Losses of up to $50,000 may be waived.

Hyundai Insurance: Coverage Exclusions

Guaranteed Asset Protection can be a lifesaver in the event of a major collision, but there are a few exceptions that Madison drivers should be aware of:

  • GAP does not cover damage that results from illegal behavior such as DUIs or fraudulent activity.
  • Vehicles used for competitive driving or racing are not eligible for coverage.
  • GAP coverage cannot exceed the program maximums.
  • To learn more about GAP exceptions, feel free to contact our financing team.

Learn More About GAP Insurance from Old Saybrook Hyundai! 

Now that you know a bit about Hyundai GAP insurance, you may have questions about other coverage plans. Feel free to contact us with auto financing questions of all kinds—whether you’re hoping to refinance a car loan or sell your car at a Hyundai dealership in Branford. Our team of friendly auto finance experts is here to help!

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