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Buying gap insurance for a used car can be confusing (and a pain). Check out this comprehensive guide to gap insurance for used cars.
Several factors will determine if gap insurance is worth it for you, including cost, coverage options and providers. But, it's relatively low-cost coverage that can provide added financial...
Why do I need gap insurance? ; When you might need gap insurance ; How does gap insurance work? ; Can you get gap insurance after you buy a car? ; Is gap insurance worth it?
Key Takeaways: ; Gap insurance covers the gap between a vehicle’s actual cash value and the outstanding balance on a loan or lease if your car is totaled or stolen. ; While it isn’t legally mandated, many lenders or lessors require drivers to carry it as a condition of a loan or lease. ; Gap insurance does not cover costs related to vehicle repairs, personal injuries, or other accident-related expenses.
several providers to find the best car insurance rates for your profile. Buying online could... Some lenders may require full coverage if you’ve financed your car, or gap coverage to...
Compare rates from top providers all in one place ; Guaranteed asset protection insurance (also known as gap insurance) helps protect your wallet if your car is stolen or totaled. In this guide, we’ll explain what gap insurance is and how it works. We’ll also recommend two of the best car insurance companies that offer gap coverage. Gap insurance, also referred to as loan/lease payoff insurance, is optional coverage that helps pay the remaining balance of your auto loan or lease in the event of theft or a total loss. If your financed or lea ...
Most dealers and dealerships require you to have car insurance before you purchase a new vehicle. ; Some insurance companies offer a grace period, which allows you to purchase and drive a new vehicle for a set amount of time without starting a new insurance policy. ; The best way to get new car insurance is to shop around and get car insurance quotes to find the right provider for you.
What is GAP insurance? ; GAP stands for Guaranteed Asset Protection. GAP insurance protects you against financial loss if your vehicle is written off or declared a total loss by your car insurance provider. ; If you have a motor accident and your vehicle’s written off, or if your car’s stolen, your insurance will provide a financial settlement for the loss of your vehicle. ; Unfortunately, your motor insurance usually only pays out the current market value, which is likely to be less than the price you paid. ; GAP insurance is a standalone policy that’s designed to cover the difference between the price you paid for the vehicle and its current market value.
In This Guide: What Does Gap Insurance Cover? · Do You Need Gap Insurance Coverage? · How Much Does Gap Insurance Cost? · Gap Coverage: The Bottom Line · Gap Coverage Insurance: FAQ