Do Hyundai Leases Include Gap Insurance
Do Hyundai Leases Include Gap Insurance?
When it comes to leasing a brand new Hyundai, many car shoppers are often curious about their insurance options. One of the most common questions asked is whether Hyundai leases include gap insurance. The answer is, it depends.
What is Gap Insurance?
Gap insurance is an optional add-on that provides additional coverage to the vehicle’s regular insurance policy. It pays the difference between the actual cash value of the vehicle and the balance owed on the lease or loan if the car is totaled or stolen.
Why Do I Need Gap Insurance?
Gap insurance is particularly beneficial for those who are leasing their vehicle. A lease typically requires the lessee to pay the difference between the actual cash value of the vehicle and the balance owed on the lease when the lease is up. This is referred to as the “gap."
Without gap insurance, the lessee would be responsible for the remaining balance. This could result in a large financial burden for the lessee if the car is totaled or stolen during the lease period.
Does Hyundai Include Gap Insurance?
It depends on the type of lease. Some Hyundai dealerships offer gap insurance as part of the lease agreement. However, others may not include it. It’s important to ask the dealership about the details of the lease agreement to find out if gap insurance is included.
Where Can I Get Gap Insurance?
If gap insurance is not included in the lease agreement, it can be purchased from the dealership or a third-party insurance provider. It’s important to compare quotes from multiple providers to get the best rate.
In Conclusion
Whether Hyundai leases include gap insurance or not depends on the specific lease agreement. It’s important to ask the dealership about the details of the lease agreement to find out if gap insurance is included. If it’s not included, gap insurance can be purchased from the dealership or a third-party insurance provider.
