GAP Insurance Coverage
Don Mealey’s Sport Mazda provides the programs you need to protect your investment in your new Mazda with a variety of plans to cover every concern. Check out this GAP insurance plan.
When your vehicle is stolen or damaged beyond repair, GAP insurance cancels your debt! If you’re making payments on a vehicle that’s stolen or damaged beyond repair, auto insurance alone may not pay everything you owe. Insurance typically pays the vehicle’s actual cash value rather than the amount remaining on your loan or lease, which could leave a financial “gap” of thousands of dollars.
GAP insurance coverage gives you peace of mind. If your insurance company determines that your vehicle is a total loss, GAP insurance covers the remaining balance (up to $50,000) on your loan of lease after the payment from your insurance company. Your deductible (up to $1,000) may be included in this balance. (Deductible benefit may vary by state.)
GAP Insurance Benefits:
- Cancels up to $50,000 of loan balance or lease balance
- Helps maintain your good credit
- Covers negative equity
- Auto insurance deductible (up to $1,000) may be included if the amount you owe on the vehicle exceeds your settlement check
- GAP insurance is provided even if no auto insurance is in effect at time of loss (vehicle’s NADA average retail value replaces insurance settlement amount in the GAP calculation)
- One-time low cost makes it affordable
- Convenient because it’s sold in conjunction with the vehicle purchase
- GAP is provided for the term of your loan
GAP insurance amount could be limited if the amount of the loan or lease exceeds a certain percentage of the actual value of the covered vehicle. Actual payoffs vary and there may be amounts for which you remain liable.