Gap Insurance Explained

January 23rd, 2019 by

Have you been thinking about buying or leasing a new Mazda car and you want to learn more about gap insurance? Many shoppers have heard about gap insurance coverage, but they are not sure what it is for or if they need it. Whether you are looking at a new Mazda CX-9 or a different model, we have the selection you need at Woodhouse Mazda along with the professional staff to assist with all financing and coverage questions you have.


Basics of Gap Insurance


In a nutshell, gap insurance coverage is an optional type of coverage that protects you when you owe more money on a vehicle you are buying or leasing than the amount it is worth. Gap insurance stands for guaranteed asset protection and it is sometimes called loan or lease payoff coverage. This coverage is very helpful if you are in an accident and the vehicle is deemed a total loss or if the vehicle is stolen. It helps to recover the difference in the amount you get from the insurance company so that you are not left trying to come up with payments on a vehicle you cannot drive for obvious reasons.


The good news is that gap insurance coverage is very affordable, with most consumers not having to pay more than $5 a month. In some instances, you have the ability to prepay for coverage, which you can then get reimbursed for if you no longer need the coverage in the future.


Do you still have questions about gap insurance and whether or not you should have it for your loan or lease? Our Mazda finance team is friendly, knowledgeable, and ready to help at Woodhouse Mazda. You can give us a call at any time to discuss your gap insurance options at (855) 889-8061 or stop by to see us in person at our dealership located at 6603 L Street in beautiful Omaha, NE.

Posted in Finance