At Folsom Lake Kia, we talk with many customers about their options when they are ready to buy or lease a new Kia Sorento or Kia Stinger. If you are unsure of the loan process or all of the finer details, you can feel confident in our expertise at our Folsom, CA Kia dealer location. When it comes to something like gap insurance, it is normal to wonder whether or not this is the type of expense you need when you get ready to drive away in your new Kia car.
Gap insurance is important when you are buying a or leasing a vehicle and you owe more than the vehicle is worth. Your standard collision and comprehensive auto insurance policies will only cover the fair market value of your new car, which can be as little as 80% of the amount you paid from the moment that you drive off of the lot. If you get into an accident and your vehicle is totaled or it is stolen, you could have to pay off the loan on a vehicle you are unable to drive.
What makes gap insurance helpful is that it insures the difference between the amount that you owe and what your insurance company deems the vehicle to be worth. If you are leasing a vehicle, the chances are good that you will be required to have gap insurance in place. In many cases, the cost of gap insurance coverage will only be a few extra dollars per month and you also have the ability to cancel it once you no longer need it.
Do you still have questions regarding gap insurance? We are more than happy to help at Folsom Lake Kia. You can call to talk with our Kia finance team at (888) 292-5929 or we would love to see you in person at our dealership located at 12751 Folsom Blvd in sunny Folsom, CA.