What Does GAP Insurance Cover?
Buying a new car in the St. James area is exciting! But it does require careful consideration, especially when it comes to financing and insurance. Traditional car insurance is required, but there are also additional insurance options, such as gap insurance.
What Does Gap Insurance Do?
Gap insurance covers the “gaps” between the amount owed on the car and the true cash value at the time an accident occurs. Essentially, it provides additional coverage to reduce out-of-pocket costs. Many drivers choose to add a gap insurance policy for the peace of mind that it offers — after all, few things are more frustrating than being on the hook for part of your loan if your car gets totaled.
Gap Insurance Coverage
This optional insurance covers a variety of vehicle-related issues that may around in Springfield. Keep in mind that gap insurance only covers damage to your vehicle. It doesn’t cover property damage or bodily injuries.
- Gap Insurance Covers:
- Acts of nature (tornado, hurricane, flood, etc.)
- Gap Insurance Does NOT Cover
- Engine failures and other mechanical repairs/malfunctions
- Deductible (though some gap insurance policies allow this)
- Extended warranties
Do I Need Gap Insurance?
The short answer is no, you don’t need it. But our finance team recommend gap insurance because it’s meant to cover total loss if you get into an accident. Gap insurance can help save you money down the line and give you peace of mind knowing that you’re covered if an incident does occur.
Explore Finance and Insurance Options at Kingdom Kia
Whether you’re just starting to look at vehicles or you’re ready to start the car-buying process, knowing about your insurance options ahead of time will help you make decisions. Contact us with any questions about insurance coverage or finance options, and visit our showroom in Rolla to explore our new Kia and used car inventories.
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