Buying a new Mazda CX-9 or Mazda MX-5 Miata is an exciting and memorable experience. However, if you are not used to all the terminology, fine print, and insurance coverage options, you may feel a bit lost. The good news is that you can get the help you are looking for when you work with our staff at Sames Mazda. We have an in-house Mazda finance team who is available to assist with the process, including helping you understand gap insurance and whether or not you need it.
If you are financing a vehicle, it is not likely that the value of your vehicle is going to be equal or greater than the amount you finance over the loan lifespan. Most people tend to owe more on the vehicle than the fair market price, which is where gap insurance comes in should you have a total loss or theft. Gap insurance covers the portion between the amount your vehicle is worth and the money that you owe on the loan.
Depending on the amount of money that you put down on your new Mazda car near Encinal, you may even end up upside down on the loan from the very beginning. This is one of the times when you need to have gap insurance, which is also known as guaranteed asset protection or lease/loan payoff coverage. You should also know that you can cancel gap insurance at any time if you no longer need it and it only costs a few extra dollars per month.
Sames Mazda is located at 6001 San Dario Avenue in Laredo, TX when you would like to come by to test drive a new Mazda model. To talk with our Mazda finance team about your buying or leasing options as well as gap insurance coverage, simply give us a call at (888) 415-6543.