Does CarMax Sell Gap Insurance?

Gap insurance is a type of coverage that helps to protect drivers from owing more money than their car is worth in the event of an accident. When a car is totaled in an accident, most insurance companies will only pay up to the fair market value of the vehicle, which can sometimes be less than the amount you owe on the loan. Gap insurance can help to cover the difference between the loan amount and the fair market value, and it is often offered as an optional add-on when buying a car. But does CarMax sell gap insurance?

What is CarMax?

CarMax is the largest used car retailer in the United States. It specializes in selling used cars, often with very low mileage and great prices. CarMax makes it easy to shop for a car with its no-haggle pricing and wide selection of vehicles. When you buy a car from CarMax, you also get a 7-day money-back guarantee, as well as a 5-day/500-mile exchange policy.

Does CarMax Sell Gap Insurance?

The short answer is yes, CarMax does sell gap insurance. When you buy a car from CarMax, you can add gap insurance to your purchase for an additional fee. The cost of gap insurance varies depending on the price of the car you are buying and the amount of coverage you get. Most gap insurance policies will cover the difference between the fair market value of your car and the amount you owe on the loan, up to a certain amount.

Alternatives to Gap Insurance

Gap insurance is not the only way to protect yourself from owing money on a totaled car. If you have a loan on your car, you can also purchase loan/lease payoff coverage, which can help to cover the remaining balance on your car loan if your car is totaled in an accident. This type of coverage is usually cheaper than gap insurance, but it only covers the remaining loan balance, not the difference between the loan balance and the fair market value of the car.

How to Get Gap Insurance

If you decide to purchase gap insurance from CarMax, you will need to talk to your salesperson about adding it to your purchase. The cost of gap insurance varies depending on the price of the car and the amount of coverage you get, so your salesperson can help you determine the best option for you. Gap insurance is also available from other sources, such as your own insurance company, so you may want to compare prices before making a decision.

Conclusion

Gap insurance is a type of coverage that can help to protect drivers from owing more money than their car is worth in the event of an accident. CarMax does sell gap insurance, and it can be added to your purchase for an additional fee. Gap insurance is not the only way to protect yourself from owing money on a totaled car, and you may want to compare prices and look into other options before making a decision.