What Does Gap Insurance Cover?
Buying a new car from Midlands Mazda means you’ll have to look over various options in terms of financing and insuring your car. Of the many optional insurance coverages you can opt for, there is gap insurance. So, what does gap insurance do? Put simply: it is designed to cover the gap between the owed amount on the car and the true cash value of the car at the time of an accident. Let’s discuss exactly what this insurance covers, and how it can benefit your West Columbia area drives.
What Does Gap Insurance Cover?
Gap insurance covers a variety of issues related to your vehicle. One thing Irmo drivers should keep in mind, however, is that it is meant to cover damage to your vehicle, and not property or bodily injuries. With that, here’s exactly what gap insurance does, and does not, cover:
- Gap Insurance Covers
- Acts of nature (tornado, hurricane, flood, etc.)
- Gap Insurance Does NOT Cover
- Deductible (though some gap insurance policies allow this)
- Engine failures and other mechanical repairs/malfunctions
- Extended warranties
The main takeaway from the question ‘what does gap insurance do?’, is that it is meant to cover total loss in the event of an accident. Though it is an optional coverage, it is worth talking with your insurance company about what it offers you.
Do I Need Gap Insurance?
In short: no. But it is highly recommended that you opt for gap insurance when purchasing a new car and going through the various insurance plans and financing options. Gap insurance is especially helpful if your dealership offers a plan that includes deductible coverage. Having this insurance will give you peace of mind, and help you save money, in the unfortunate event of an accident. Speak with our financing team to talk about buying gap insurance.
Explore All Insurance and Finance Options at Midlands Mazda
Whether you’re ready to purchase or just starting to look, it pays to have the knowledge about various insurance plans. Make sure you understand exactly what you need, and want, before purchasing a car. The right coverage can save you time and money down the road. Visit us today in Columbia, or simply contact us online with any questions you may have!
More from Midlands Mazda
When it comes to handling the roadways, the 2019 Mazda CX-9 performance features will deliver the right power, handling, and traction you need. Explore the Mazda CX-9 specs in more detail below, or head to Midlands Mazda to test drive your favorite CX-9 model. New Inventory Contact Us Engines The Mazda CX-9 engine brings a vast…
Are you wondering, “how can I lower my car loan interest rate?” We at Midlands Mazda can help you with the answer. Learn more about auto financing, new Mazda models, and more so you no longer have to ask, “can you lower interest rates on a car loan.” Trust the experts at our Midlands Mazda finance department…
The 2019 Mazda CX-5 safety features include a variety of passive and active features that keep you safe while on the go in West Columbia. From an impressive Mazda safety rating to the innovative technology, these safety features stand out as some of the best. Learn more about the 2019 Mazda CX-5 safety features below or head…