Does Mapfre offer gap insurance?
I have a car insurance policy through Mapfre already, but I’m financing a brand new vehicle. Does Mapfre have gap insurance, or do I need to purchase it through my dealership?
Jacqulyn Graber · Answered on Feb 07, 2023
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you live in Massachusetts, Mapfre is a wonderful auto insurance provider—especially since they do offer gap insurance.
Gap insurance isn’t legally required, but your loan provider may demand it if you finance or lease your vehicle, at least while you’re upside down on your car loan. You can typically purchase gap insurance straight through your dealership, but this can get pricey—especially since the payments will be rolled into your regular loan payments, meaning you’ll pay interest on your gap coverage.
A typically cheaper option is to add it to your car insurance policy, and Mapfre lets you do just that! Even better, Mapfre was the first insurance provider in Massachusetts to offer gap insurance to customers who are using their vehicles to work for a rideshare company driving for Lyft or Uber.
Compared to a standalone car insurance policy, gap insurance is a smart choice if you’ve got a new vehicle. Say you get into an accident where your car is deemed a total loss. Car insurance would only cover the current value of your vehicle… which wouldn’t be much. However, gap insurance shines by covering the amount left on your loan plus the depreciated value of your vehicle.
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