When you drive off in your new BMW, the last thing you want to think about is the unexpected—but accidents and theft can happen. If your vehicle is ever declared a total loss, you could be left with a financial gap between what your insurance pays and what you still owe on your loan or lease. That’s where GAP Waiver comes in, offering essential protection and peace of mind.
At BMW of Bridgewater, we want to ensure you’re fully covered in any situation. Learn how GAP Waiver can save you from unexpected costs and why it’s a smart choice for BMW owners.
What Is GAP Waiver?
GAP (Guaranteed Asset Protection) Waiver is a type of coverage that helps pay off your remaining loan or lease balance if your BMW is totaled due to an accident or stolen. Since insurance companies typically reimburse you based on your car’s current market value—and not necessarily what you still owe—this can leave you financially responsible for the difference. GAP Waiver covers that gap, so you’re not left paying out of pocket.
How Does GAP Waiver Work?
Imagine you financed a 2024 BMW X5 for $65,000. After a year, its market value drops to $55,000. If your vehicle is totaled, your insurance company may only cover that $55,000, leaving you responsible for the remaining $10,000 on your loan. With GAP Waiver, that remaining balance is covered, so you don’t have to worry about paying for a car you no longer have.
Why You Need GAP Waiver for Your BMW
- Protects You from Depreciation – New vehicles lose value quickly, and GAP Waiver ensures you’re not stuck covering the difference.
- Eliminates Unexpected Financial Burdens – Avoid paying thousands out of pocket in case of a total loss.
- Often Required for Leased Vehicles – If you’re leasing a BMW, GAP Waiver is usually a required form of protection.
- Affordable Protection for Long-Term Savings – The cost of GAP Waiver is small compared to the potential thousands you could owe without it.
Who Should Consider GAP Waiver?
You should strongly consider GAP Waiver if you:
- Lease or finance your BMW
- Put little or no money down on your purchase
- Have a loan term longer than 60 months
- Drive more than 15,000 miles per year, leading to faster depreciation
If any of these apply to you, GAP Waiver is a smart choice for protecting your financial future.
Get GAP Waiver at BMW of Bridgewater Today!
At BMW of Bridgewater, we want to help you drive with confidence. Our finance experts are here to guide you through your protection options, ensuring you get the right coverage for your BMW.
Visit us today or contact our finance team to learn more about adding GAP Waiver to your purchase or lease. Don’t wait until it’s too late—protect your investment now!