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Jan 5, 2024 · Gap insurance covers the difference between what you owe on a car lease or loan and the amount paid out in a total loss settlement from an auto...
- Jason Metz
Sep 19, 2023 · Gap insurance covers the difference between your vehicle's value and the amount you owe on your car loan or lease. Gap insurance makes sense if you owe more...
- Julia Kagan
Jul 14, 2021 · What does gap insurance cover? Gap insurance covers what’s owed on a car after a total loss, whether that’s the result of an accident or vehicle theft. Gap...
ByAllstate. Last updated: May 2022. Gap insurance is an optional car insurance coverage that helps pay off your auto loan if your car is totaled or stolen and you owe more than the car's depreciated value. Gap insurance may also be called "loan/lease gap coverage."
Gap insurance is an optional auto insurance coverage that applies if your car is stolen or deemed a total loss. When your loan amount is more than your vehicle is worth, gap insurance coverage pays the difference.
- 2 min
- How does gap insurance work?Gap insurance protects you from depreciation. Once you buy your car, its value starts to decrease—sometimes significantly. If you finance or lease...
- What does gap insurance cover?Gap insurance applies any time your vehicle is stolen or totaled in an accident. When you file a qualifying claim, your comprehensive or collision...
- Why do I need gap insurance?When there's a significant difference between your car's value and what you owe on it, gap coverage can be a valuable safeguard.
- Do I need gap insurance?Gap insurance isn't required by any insurer or state, but some leasing companies may require you to purchase it.
- How much is gap insurance?The cost for gap coverage varies by insurer. You can get an exact price for loan/lease payoff coverage, which is similar to gap coverage, from Prog...
- How long does gap insurance last?Once you add gap insurance, it applies for the duration of your policy. However, you won't need gap coverage for the entire length of the loan. Onc...
Gap insurance stands for Guaranteed Asset Protection insurance. It is an optional, add-on coverage that can help certain drivers cover the “gap” between the financed amount owed on their car and their car’s actual cash value (ACV), in the event of a covered incident where their car is declared a total loss.
Sep 2, 2022 · Table of contents. 1. How does gap insurance work? 2. What does gap insurance cover? 3. Do I need gap insurance? 4. Is gap insurance worth it? 5. How much does gap insurance cost? 6. How to buy gap insurance.
