When shopping for a new vehicle around Federal Way and Sumner, many drivers opt for the added peace of mind provided by gap insurance. Gap insurance helps cover the “gap” between what you owe on your car and what it’s worth in the event of an accident. A common question we hear at Sunset Kia of Auburn is, “Do I have gap insurance?” How do you know if you have gap insurance? The team at Sunset Kia of Auburn answers this question and more in the guide below.
Gap insurance is optional, unlike liability insurance. Because of this, you may need to ask for this coverage before or after you purchase your vehicle. However, if you are leasing a vehicle, the terms of your lease may require gap insurance.
If you’re financing or leasing a car, don’t immediately assume you have to purchase gap coverage. In some cases, car loan and leasing companies will include a Gap Waiver Provision in their agreements. This will take care of the gap between the amount you owe and what’s paid out by the insurance company. One way to find out if you have gap coverage is to contact your lender or leasing company. They will let you know if this type of provision is part of your agreement.
If you do not have gap insurance and would like to tack on this coverage, you have a few options available to you. You can purchase it from your insurance provider, from an online insurer that specializes in this kind of insurance, or from the dealership where your car is from. Prior to purchasing gap insurance, keep these tips in mind:
Confirm whether gap insurance is part of your regular car insurance policy.
Some finance and lease companies include gap insurance with your loan or lease. Let them know upfront if you do not want gap coverage.
Are you still unsure about whether you have GAP insurance? Contact us today and a member of our finance team can help you out.
GAP insurance is just one of the many ways you can protect your investment; another is buying from Sunset Kia of Auburn. As part of the Sunset Auto Family, your new Kia is backed by Warranty Protection for Life and Oil Changes for Life.
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