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Does my used Mazda require gap insurance?
I am buying a used 2017 Mazda3. My loan balance is $14,000 after my down payment. The car is worth $16,000. Should I still get gap insurance?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Whether you need
gap insurance
depends on the terms and conditions of your loan, as well as the actual cash value of your vehicle. Used cars typically don’t depreciate as quickly as new vehicles. You are less likely to pay more than the vehicle is worth.
Given the balance of your loan currently, you shouldn’t need gap insurance. However, it’s worth taking some time to calculate the value of your vehicle with depreciation and the rate that you’ll be paying for your loan.
If it seems like you’ll never owe more on your loan than what your vehicle is worth, you can skip the gap insurance.
“
View full answer
- Gregory R.
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