CarMax, the car dealership with lots of discounts on used cars, is a company that’s worth investing your money into to get the most bang for your buck. As one of the top leading used vehicle retailer, most customers would love to understand how their insurance policy.
If you’re like most people, you probably don’t think much about Gap insurance. After all, it’s not something that typically comes up when you’re shopping for a car. But if you ever find yourself in a dangerous situation while driving your car, Gap insurance can be a life-saving addition.
Does CarMax Offer Gap Insurance in 2022?
Yes, CarMax offers gap insurance for new and pre-owned vehicles. Gap insurance covers the difference between what you pay for and what your car is worth if you have to sell it in a hurry and don’t have enough money to cover the full purchase price. However, GAP is not offered to all vehicle purchases at CarMax. It is usually offered to buyers with little or no downpayment and higher interest financing.
If you still have more questions about Gap Insurance offered by CarMax, carry on reading! You’ll find all the information you need here!
What does CarMax GAP Insurance do?
GAP insurance is purchased to cover your loss if your vehicle is totaled in an accident.
The insurance company only pays you what they value the vehicle not how much you owe the finance company. CarMax Guaranteed Asset Protection (GAP) will cover that differance and pay off the loan.
CarMax GAP Insurance Contact
According to CarMax website, if you have any queries about their GAP insurance, you can always contact them via (800) 925-3612.
Should You Buy Gap Insurance?
The short answer is: Yes, you should definitely buy Gap insurance.
Gap insurance is a type of insurance that can help cover the difference between what you owe on your car and what the finance company is willing to give you as a loan. This type of insurance is especially important if you have a high-interest loan or if you’re using your car for business purposes.
If you don’t have Gap insurance, your lender could repossess your car and take it away without giving you a chance to make up the difference. So, it’s important to have one.
It’s worth noting that it’s not always necessary to have one, consulting with a financial expert will always help you make the right decision.
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How Much Does CarMax GAP Insurance Cost?
Although the price may vary, CarMax GAP Insurance cost around $30 annually. The good thing is that they do offer a GAP calculator to help you estimate the amount you’ll pay. The cost is relatively low compared to the consequences of not having it. This is in accordance to insuranks.
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Types of Car Insurance
If you’re like most drivers, you likely have a few different types of car insurance policies in your arsenal. Whether you’ve got comprehensive, liability, or collision coverage, each has its own set of benefits and drawbacks. Here’s a look at the three most common types of car insurance: comprehensive, liability, and collision.
Comprehensive Coverage
Comprehensive coverage is the most basic type of car insurance. It pays for damage to your car regardless of who was at fault. This type of policy is great if you don’t drive particularly recklessly or if you rarely get into accidents. However, comprehensive coverage can be expensive, so it’s best to compare rates before choosing a policy.
Liability Coverage
If you’re in an accident that wasn’t your fault, liability coverage will help pay for the damages caused by the other driver. This type of policy typically costs more than comprehensive coverage but is worth it if you tend to get into accidents often. Liability coverage can also protect you if someone sues you because of an accident.
Collision Coverage
If your car is damaged in an accident but not by another vehicle, collision coverage will cover the cost of repairing or replacing your car. This type of coverage is generally initiated by the other driver’s insurance company, but it doesn’t matter who pays for the damage. If you’re in an accident, this policy will cover only those damages that are not covered by your comprehensive or collision coverage.
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Conclusion
Carmax offers GAP Insurance to some of the buyers when it’s necessary at a cost of about $30 per year.
Generally, the company offers a variety of policy options, and its rates are usually reasonable. However, make sure you read the fine print to make sure you’re getting the coverage you need.
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