Buying or leasing a new Mazda MX-5 Miata should be an exciting experience, so you never want to worry that you are not making the right decisions. The good news is that you will have all the assistance you need when you work with our finance department at Freeman Mazda. We have the professional, knowledgeable staff that you need to help you not only find the right financing but also to go over the details on gap insurance and whether or not you need it.
Sometimes referred to as lease or loan payoff, gap insurance is necessary if your vehicle is stolen or lost and you happen to owe more on it than your insurance company says it is worth. It is important that you think about adding this kind of coverage if you do not want to be left without the cushion if something goes wrong. It can help to pay off the balance of your loan minus your deductible.
Of course, gap insurance is not for everyone, so you need to do the math and think about your unique situation. Basically speaking, gap insurance is a buffer that protects you from depreciation because vehicles tend to depreciate significantly once you drive it off of the dealership lot. If your vehicle ends up stolen or there is enough physical damage for it to be deemed a total loss, gap insurance applies. In many instances, gap insurance will only cost you a few dollars a month and you also have the ability to cancel it once it is no longer needed.
Come in to talk with us at Freeman Mazda if you have questions on gap insurance. We are located at 1840 East Airport Freeway in lovely Irving, TX or you are welcome to call our Mazda finance team with any of your loan or gap insurance concerns at (888) 332-6146.