What to Know About Kia Gap Insurance
Kia Gap Insurance
Gap insurance is a term you only hear every once in awhile in reference to vehicle financing, but what is it? It’s a type of insurance coverage that you can add to your collision policy in case your vehicle is involved in an accident that results in total loss. Having gap insurance covers the “gap” between the amount you pay for repairs/new vehicle and the settlement offer. This way you don’t have to worry about covering costs out of pocket. Kia allows you to acquire gap insurance when you purchase a new Kia model.
Any policy holder over 18 and a legal resident of the United States can buy Kia gap insurance. Additionally, if you didn’t purchase it straight away when you first obtained your vehicle, Kia allows you to buy gap insurance for any vehicle under nine years of age or under 90,000 miles. The vehicle must also be restricted to a certain price range.
Gap insurance is necessary because many normal insurance policies do not cover “new for old” cover. Unless the total loss occurs within the first year of vehicle registration. Even then, this sort of coverage can be rare. Kia gap insurance will cover the difference between the settlement offer and the original purchase price of the vehicle. Allowing you to avoid paying those costs out of pocket.