Car owners frequently have the idea that GAP (guaranteed asset protection) insurance can only be purchased at the time of buying your vehicle. The reason they think this is probably due to the traditional method of selling GAP insurance in Canada, which occurs when purchasing a vehicle from the dealership. Once you are filling out paperwork in the finance office, it is common for the salesperson to try to sell you insurance products. Unfortunately, some salespeople are quite persistent with pushing these insurance products, as they take up to 75% commission.
From the sales pitch, many customers think that it is only possible to buy GAP insurance while they are purchasing their car, but this is not true. It is also not the case that GAP insurance is only sold at the dealership, as Obvi has brought GAP insurance fully online in Western Canada.
Can I buy GAP insurance after I buy a car?
Yes, if you meet these important criteria.
GAP protection is ideal for those who have a long-term loan (48 months up to 84 months) and a relatively new vehicle (up to 4 years old). With Obvi’s GAP insurance, both new and used vehicle purchases are eligible, and almost anyone in British Columbia, Alberta, Saskatchewan or Manitoba who has recently signed a new auto loan or lease between $20,000 and $100,000 qualifies.
What are the advantages of buying GAP Insurance online?
1) Time — buying at the dealership means that you can’t take your time, do your research to understand what you are being offered, and find out what other options you have. With going online, you can take your time to look at as much information as you want
2) Money — going online means that you cut out the middleman and don’t pay up to 75% commission (which is why buying at the dealership is so expensive). You get the fair price you deserve
3) Pressure — there’s no pressure to buy! We won’t push you, but our experienced insurance experts are at the end of a phone or available for an online chat on our website if you need them
4) And many more — in fact, check out our blog post here to fully understand why buying insurance online in Canada is the way forward