Does Carmax Have Gap Insurance
Does Carmax Have Gap Insurance?
When it comes to buying a new car, you may want to consider adding gap insurance to your purchase. Gap insurance helps to protect you if your car is totaled in an accident or stolen. But does Carmax have gap insurance and what do they offer? Let’s take a look at the details.
What is Gap Insurance?
Gap insurance is an optional insurance coverage that pays the difference between the actual cash value of a vehicle and the amount you still owe on the loan if the vehicle is totaled in an accident or stolen. This can be a huge financial help if you have an upside-down loan or owe more than the car is worth. Without gap insurance, you may be stuck paying the loan off even though you no longer have the car.
Does Carmax Have Gap Insurance?
Yes, Carmax does have gap insurance. When you purchase a car from Carmax, you have the option to add gap insurance to your purchase. The cost of the gap insurance will depend on the make and model of the vehicle, as well as the length of the loan and your credit score. Depending on your specific situation, the cost of the gap insurance may range from a few hundred dollars to a few thousand.
What Does Carmax Gap Insurance Cover?
Carmax gap insurance covers the difference between the actual cash value of the vehicle and the remaining loan balance after a total loss or theft. This coverage also includes a deductible of up to $1,000 for theft and up to $2,000 for total loss. This means that if your vehicle is totaled or stolen, you will only be responsible for paying up to $1,000 or $2,000 out of pocket, depending on the cause of the loss.
Is Carmax Gap Insurance Worth It?
Whether or not Carmax gap insurance is worth it will depend on your individual situation. If you have an upside-down loan or owe more than the car is worth, gap insurance can be a lifesaver. It can help to protect you from a financial disaster if your car is totaled or stolen. On the other hand, if you don’t have an upside-down loan or don’t owe more than the car is worth, gap insurance may not be worth the additional cost.
In Conclusion
Carmax does offer gap insurance when you purchase a vehicle. The cost of the insurance will depend on the make and model of the vehicle, as well as the length of the loan and your credit score. It is important to consider if gap insurance is worth it for your individual situation. If you have an upside-down loan or owe more than the car is worth, gap insurance can be a huge financial help if something happens to your vehicle.
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