Carmax Gap Insurance Customer Service Number

What is Gap Insurance?

Gap insurance (also known as loan/lease payoff coverage) is an optional insurance product that is offered to car owners that covers the difference between the amount a motorist owes on a vehicle loan or lease and the amount an insurance company will pay out in the event of a total loss. It is often used when the vehicle owner has put a down payment on a car, or has recently made a large payment against the loan balance, and the insurance company will only pay the actual cash value of the car at the time of the loss. Gap insurance bridges the gap between the actual cash value of a vehicle and what is still owed on the loan or lease.

Why Get Gap Insurance?

Gap insurance is an important safety net to have in place when purchasing a car. The coverage ensures that a motorist won’t be left with a large financial burden if the car is totaled in an accident or stolen. Without gap insurance, the owner of a totaled car might still owe the loan balance to the lender, even though they no longer have the car. Gap insurance covers the difference between the payoff balance and the actual cash value of the car, so the vehicle owner can cover the debt and move on.

What Does Carmax Gap Insurance Offer?

Carmax offers gap insurance to its customers to provide financial protection in the event of a total loss. The insurance is designed to cover the gap between the loan or lease balance and the actual cash value of the car at the time of the loss. Customers can purchase the coverage for one lump sum, or spread it out over their loan payments.

How Do I Contact Carmax Gap Insurance?

If you need to contact Carmax Gap Insurance for any reason, you can reach them at 1-800-935-5913. The customer service team is available 7 days a week from 8am to 9pm EST. You can also visit the Carmax website and contact them through the online chat option.

Other Gap Insurance Options

Carmax Gap Insurance is just one option available to car owners. There are other gap insurance companies available, such as Allstate, Farmers and Geico. It is important to shop around and compare coverage and prices before making a decision.

Conclusion

Gap insurance is an important safety net to have in place when purchasing a car. Carmax Gap Insurance offers financial protection in the event of a total loss. If you need to contact Carmax Gap Insurance, you can reach them at 1-800-935-5913. There are other gap insurance companies available, so be sure to shop around to compare coverage and prices before making a decision.