Best GAP Insurance Canada
You may have heard of products such as GAP insurance or extended auto warranty the last time you purchased a vehicle or insurance. However, if you don’t deal with them frequently it can be confusing understanding how the coverage works and what options are available.
GAP (short for guaranteed asset protection) insurance pays the difference between your remaining car loan balance and the settlement amount (the “gap”) from your auto insurance provider if your vehicle is considered a write off. Long-term loans, elevated interest rates, high vehicle prices, and negative equity rollovers mean most vehicle owners carry a loan much higher than the value of their car, truck, or SUV.
GAP insurance is often sold at the car dealership when you are purchasing a vehicle. You can make a one-off payment or it is more likely that you are encouraged to roll GAP insurance into your monthly payments. Obvi.ca has made GAP insurance available for online purchase in Western Canada, which is why we think Obvi has the best GAP insurance in Canada.
What are some negatives of how GAP insurance is traditionally sold?
Confusing policies – Some policies are difficult to read, with deliberately complicated terminology, misleading marketing, and complicated clauses. Obvi has tried hard to create easy-to-understand policies written in simple English so you aren’t left confused.
High price – Buying from the dealership can be expensive. Obvi cuts out the middleman meaning no dealer commission. Going direct online with Obvi also means you can avoid the difficult sales process. Obvi policies are priced fairly, and you save money.
Rolling into monthly payments – there is nothing wrong with paying monthly (Obvi now offers a 36 month payment plan). However, if you are encouraged to roll gap insurance into your monthly vehicle payments and are NOT given the total cost, then you can end up paying much more than you first realized. Obvi has simple and transparent prices so you can always see the total cost.
Obvi – the best GAP insurance in Canada
Obvi is disrupting the market in Canada by bringing GAP insurance online and in doing so, saving Canadians money. Why is going online with Obvi good for consumers?
- Purchasing online rather than at the dealership means you can take your time to research and think about your purchase. There is also no sales pressure online so you don’t feel pushed into a decision.
- You’re busy, why would you want to spend time calling people for quotes, or even going in person to an office? Everything can be done online in minutes, and if you have questions, our live agents are there to help.
- By going direct, the extra layers of sales commissions can be removed saving you money.
- With going online, you can review the reputation of the company issuing the policy.