The moment you drive your brand-new truck off the dealership lot, it’s not the same anymore. This is because after you sign your name on the contract to purchase, your new truck goes from “brand new” to “used” and the depreciation clock begins.
Depreciation occurs from the daily wear and tear that equipment, like your truck (or fleet), accumulates over time. The depreciation accumulated from your vehicle(s) creates a negative balance that reduces the original value your truck(s) once had. Thus, decreasing the amount you could receive from your insurance in case your truck was involved in an accident. Thankfully gap insurance, helps truck and fleet owners combat this cycle and save thousands in cases of accidents, theft, or natural disasters.
What is Gap Insurance?
Gap Insurance is an optional coverage option that you can add onto your truck insurance coverage plan. As mentioned in the name, this addition pays the difference—or the “gap”—between what is owed on the truck and its value at the time of an accident.
Who Should Get Gap Insurance?
If you’re considering Gap Insurance for your fleet or truck and have questions, please contact us. However, it’s a great idea to consider purchasing Gap Insurance if you
- Made less than a 20% down payment.
- Financed or Leased for 60+ months.
- Purchased a vehicle that depreciates at a faster rate.
- Rolled over negative equity from an old truck loan into a new loan.
If this sounds like you or your company, Gap Insurance may be an option that you should consider. Use Truck Master Warranty’s free quote generator to compare and contrast coverage options for your truck(s) needs.
Where Can I get gap insurance? Is it costly?
At Truck Master Warranty we provide a Gap Coverage that
- Covers Gap Deficiency
- Can be used on new & used trucks.
- Can be used on retail or leased trucks.
- Includes terms up to 84 months.
- Offers up to $50,000 in coverage.
- Is only available at time of truck delivery.
Truck Master Gap is available in 40+ states, on both new and pre-owned purchases/leases. Costs and coverage rate differ based on different factors, for a specific quote fill out our free quote generator.
Have more questions about gap Insurance?
Since 2013, Truck Master Warranty has delivered the most feature rich, most covered parts, with the highest “levels of liability” along with competitive labor rates in the heavy truck market. We strive to deliver nothing but the best value, and that includes providing our customers with quality care.
If you have any questions about Gap Insurance that was not answered in this article, feel free to contact Truck Master Warranty on our contact page. Or, call us at 800-326-5204 and we’ll gladly assist.