Deciding to buy the Mazda CX-3 should be a fun and rewarding experience. The last thing you want is to make the wrong decisions when it comes to financing or insurance coverage, both of which we are happy to help with here at Stokes Mazda. As your local North Charleston, SC Mazda dealer, we’ll work with you to ensure you understand buying or leasing process and answer any questions that you may have. One inquiry we receive often revolves around gap insurance, and what it is exactly.
Gap (guaranteed auto protection) insurance is a type of coverage that comes into play if your vehicle is ever stolen or totaled due to an accident. If you owe more than the fair market value price, gap insurance helps cover the difference. Many drivers opt for gap insurance for added peace of mind and to ensure they’re not stuck paying for a vehicle that is no longer driveable. When you come to a point in your loan payoff where you no longer need gap insurance, you can cancel it.
It should be known that gap insurance isn’t necessarily required for every driver. There are certain situations in which it is advisable:
- You leased the vehicle
- You financed for more than 60 months
- You made less than a 20-percent down payment
- You rolled over negative equity from a previous loan
If you have any lingering questions about gap insurance, contact our Mazda dealers serving Bluffton, SC at (877) 847-8658. You will find our dealership located at 3570 Ashley Phosphate Road in North Charleston, SC, home to a full selection of new and pre-owned Mazda models.