Do you want to buy or lease a new automobile? If so, we invite you to visit our location to see our extensive inventory of new cars for sale. When drivers arrive at our Dodge dealership near Lexington, KY to see our inventory, they often have many questions about the vehicles we have for sale or lease. They also ask us about other things, such as whether they should get gap insurance.
Gap insurance differs from your standard auto coverage. If your car is totaled, your standard coverage will only pay what your vehicle is worth at the time of the accident. If you owe more than the value of your automobile, you’ll have to pay the difference between your loan balance and your car’s current value out of pocket. As its name implies, gap insurance is designed to cover the “gap” or the difference between your car’s value and what you owe on your vehicle.
Gap insurance covers more than just accidents that destroy your automobile. If your Dodge Charger or Chrysler 300 is stolen and it remains unrecovered, gap insurance will kick in then, too.
If you lease an automobile, you may have to carry gap insurance as a condition of your lease contract. That shouldn’t be a problem for most motorists because gap insurance is an extremely affordable kind of coverage.
If you don’t have a loan on your car or you can pay the gap between what you owe and your car’s market value comfortably, you don’t need gap insurance. If you financed your vehicle over 60 months or more or you rolled negative equity from a prior car loan into your current loan, it’s usually wise to purchase gap insurance.
To learn more about gap insurance or to find a new or pre-owned automobile you’ll love, visit Buckeye Superstore today.