What Does Gap Insurance Cover for Exotic Cars?

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Gap Insurance coverage covers the difference between what your vehicle is worth and the amount you owe on it. But how does it work when it comes to exotic cars? We're answering that and more with our guide below. Do you have any questions or want to visit our showroom to explore our current inventory? Call our sales team today!

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Gap Insurance for Exotic Cars: What to Know?

When you purchase an exotic, high-value vehicle, your full-coverage insurance policy generally won't fully protect it. In addition to comprehensive and collision coverage, you should consider having value coverage or new car replacement through Gap insurance if you leased or financed it.

If you purchased or leased your exotic vehicle, Gap insurance pays off your loan after an accident. Insurance policies won't pay the amount you bought the car for, only the cash value (minus your deductible). So, if it's worth $10,000 and you have a $500 deductible, your payout will be $9,500.

While many Dc Metro and DMV area dealerships offer Gap insurance, you don't have to purchase it there. You can discuss Gap insurance with your current provider.

What is The most Gap Insurance Will Pay?

Most Gap insurance coverage gets capped at $25,000. Gap insurance works best if your vehicle is a total loss. It's best to check the policy, as some high-end luxury or sports cars may not be eligible for Gap insurance. Some carriers also won't underwrite vehicles with certain types of loans, like loans with balloon payments or loans longer than 72 months.

Which Brands Sell Exotic, Luxury, or Performance Vehicles?

Have you wondered if your vehicle falls under the exotic, luxury, or performance category? Below is a look at some of the automotive brands that would fall under this category:

Alfa Romeo
Aston Martin
Bentley
Bugatti
Ferrari
Koenigsegg
Lamborghini
Lotus
McLaren
Porsche
Rolls-Royce

Learn More at Sterling Motorcars Today!

Want to know more about Gap insurance? At Sterling Motorcars, we're proud to be the chosen destination for Virginia and Maryland drivers looking for an exotic, luxury, or performance vehicle. Looking for a pre-owned exotic vehicle? We can help with that also — give us a call today!