Learn about gap insurance, its importance for used vehicles like Ram, and how to protect yourself financially.
Published: December 4, 2025
Tags: used Ram Alliance, used cars under $30,000, affordable used vehicles North Canton, quality used SUVs and trucks
Learn about gap insurance, its importance for used vehicles like Ram, and how to protect yourself financially.
December 4, 2025
Gap insurance covers the difference between what you owe on your vehicle and its current market value if it's totaled or stolen. It is particularly important for those financing a used vehicle, such as a pre-owned Ram.
When you purchase a vehicle, its value begins to depreciate immediately. If your used Ram is involved in an accident and deemed a total loss, your standard insurance may only cover its current market value, which could be less than what you owe on your loan. Gap insurance fills this financial gap, ensuring you're not left with an outstanding balance after the loss of your vehicle.
According to industry statistics, nearly 25% of vehicles are financed with loans that exceed their actual cash value [Source]. This means that many buyers, especially those purchasing used cars like Ram trucks, face potential financial strain if their vehicle is totaled. Gap insurance is a safeguard against this risk, providing peace of mind and financial protection in unexpected circumstances.
If you’re considering buying a used vehicle from Stewart Automotive Group in North Canton, OH, it’s wise to evaluate whether gap insurance is right for you. Speak with your insurance provider about coverage options and consider adding gap insurance when financing a pre-owned Ram or any other used car. For more personalized advice or questions regarding financing options, get in touch with our team today!