At MINI of Chicago, we work with customers on a regular basis to make sure they are fully informed when it comes to the details involved with buying or leasing a MINI Convertible or a MINI Countryman. You may not be familiar with the ins and outs of gap insurance and the finer details of financing, but we are always here to help. Once you come by for a test drive and find the vehicle you want to call your own, our MINI finance team is available to address your questions and concerns.
When it comes to gap insurance, this type of coverage is there to act as a buffer if you owe more than what your vehicle is worth if it is either stolen or a total loss due to an accident. Standard coverage for collision and comprehensive auto insurance takes care of the fair-market value of your new car. However, this may be as little as 80 percent of the total that you paid due to the depreciation that takes place the minute you drive off the lot. Without gap insurance, you could end up having to pay for a vehicle that you can’t even drive.
Anyone who owes more than the new car is worth should enroll in gap insurance coverage. Many lease agreements will also require that you acquire gap coverage. However, you do have the ability to cancel your coverage if the balance changes and you no longer need it.
If you still have questions regarding gap insurance or the loan process, we invite you to come by to talk with the MINI finance team serving Oak Park, IL at MINI of Chicago located at 1111 W. Diversey Pkwy. To talk with our staff about buying, leasing, or the details involved in enrolling for gap insurance, simply call our dealership at (866) 203-1850.