What Is Gap Insurance & How Does It Work? | Progressive – Gap insurance (also known as loan/lease payoff) is an optional auto insurance coverage and applies if your car is totaled or stolen. If the amount left on your loan is more than your car is worth, gap coverage can pay the difference. For example, you have $25,000 on your loan and your car is only worth $20,000, your policy’s loan/lease payoff.
One of your requirements, when you finance a car, is to carry full coverage auto insurance. It’s required so that the collateral on the loan is protected. Unfortunately, your insurance might not pay what you expect it to. This is when GAP insurance can come to the rescue.
GAP coverage for your vehicle is only $168 which is less than what a dealer charges, plus you can finance the cost so you don’t have to pay out of pocket. 1 If your car is stolen or totaled, your auto insurance will cover the actual cash value, but you remain liable for payment of the difference between your loan balance and the insurance settlement.
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If you are a single car family, you probably cannot afford to be without a car for any period of time. Gap insurance coverage helps indemnify your family in case of a total loss. Essentially, you do not need gap insurance if you are certain that your loan-to-value amount will not leave you with an upside down car loan in the event of a total loss.
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McClary says to prioritize collateralized loans, like your mortgage or auto loan. Defaulting on those could lead to. Often.
The coverage will comprise of hospitalisation expenses for injury and personal accident. and a bruising trade spat with.
If you’re looking for coverage to help protect your vehicle, you might want to consider collision coverage and comprehensive coverage, which help pay repair costs if your car is damaged in a covered loss. And, optional coverages, like new car replacement coverage or loan/lease gap coverage help protect your investment in a brand-new car.
If you finance or lease your vehicle and it gets totaled, loan/lease gap coverage can cover the difference between the current value of your vehicle and what is owed on it. Learn more about loan.