If you are going to buy or lease a new Hyundai Elantra or Hyundai Ioniq, you will want to learn more about gap insurance and how it works. This type of insurance coverage is not for everyone, but there are many customers who could benefit from having the added security in case something goes wrong. Whether you are new to gap insurance or you have questions about the loan process, our Hyundai finance team at Kearny Mesa Hyundai is happy to help with the details.
Gap insurance, or guaranteed asset protection, is there to help you fully protect your investment when you buy or lease a brand-new car. Purchasing or leasing a new vehicle is always exciting, so that last thing you want to do is have the fun come to an end when the vehicle is totaled or stolen and you have a major loan to pay off. You need to know that any standard collision or comprehensive auto policies are only going to cover the fair market value of the vehicle.
If your vehicle is stolen or totaled due to an accident, you do not want to have to pay for a vehicle you are unable to drive. The good news is that if you have gap insurance it will help by insuring you for the difference in what your insurance company pays and the amount that you owe. If you are leasing, it might be required that you have gap insurance as part of the lease agreement.
Are you looking at a new vehicle and you want help with the loan process or gap insurance? Our Hyundai finance team can help you at Kearny Mesa Hyundai located at 4797 Convoy Street in lovely San Diego, CA. If you have questions regarding the details of gap insurance, simply give us a call at (844) 528-5606.