Where Can I Purchase Gap Insurance Only

Where Can I Purchase Gap Insurance Only - Guaranteed Car Protection Insurance (GAP) (2023) GAP insurance is optional insurance that saves you from paying the rest of your loan if your car is declared a total loss. You can find GAP insurance for as little as $20 a year.

Graduated from the University of WA with a B.A. In English literature, Shawn has written professionally in the fields of entertainment, insurance, business, marketing and politics. His work has been published in SUPERJUMP, FanFare, Den of Geek, and Amplihigher. He is passionate about using his writing skills and insurance knowledge to educate the public on everyday issues…

Where Can I Purchase Gap Insurance Only

Daniel Walker 2005 graduated with a bachelor's degree in administrative management and managed his family's insurance agency FCI Agency (BBB A+) for more than 15 years. He is licensed as an insurance agent to underwrite property and casualty insurance, including home, life, auto, umbrella and residential fire insurance. It has also been featured on websites such as Reviews.com and Safeco. To keep our content accurate…

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Buying a new car is an important event for young adults and an exciting business for all drivers. It's also a significant investment, with the average non-luxury vehicle costing more than $43,000.

Everyone hopes that nothing will happen to their new car, but the unfortunate truth is that accidents happen every day. If your new vehicle is a total loss due to damage or theft, you may owe more on your car loan than your insurance company is willing to pay.

New York Car Accidents Involving Leased Cars

This is where GAP insurance comes in. GAP coverage on a financed car helps you pay off the remaining balance of the loan so you can trade in the vehicle you paid off faster. You can find the best value for your car by looking at a total car value calculator.

Find out more about GAP insurance below, including where to get it and whether you need it. Then compare GAP insurance quotes from different companies to find the best possible price.

Wondering if GAP insurance is right for you? Consider these reasons why you might want to buy one, as well as reasons why you might not.

GAP - or Guaranteed Asset Protection - is an add-on you can buy to protect yourself in case you rent or lease the car outright. How does GAP insurance work after a car theft?

Where Can I Buy Gap Insurance?

When you have a car loan, you will likely owe more than your car is worth for the first few years. If you have to pay more for your car than it is worth, it is called an upside down loan or an underwater loan.

Getting an underwater loan is usually not a bad thing, but it becomes a problem if you total your car. Standard auto insurance will help replace your car, but it will only cover the actual cash value (ACV). If your loan is turned over, you will still owe money on a car you no longer own.

GAP coverage protects you in this situation by paying the difference between what you owe and your car's ACV.

A common myth about buying a new car is that it loses half its value by the time you drive off the dealer's lot. Although the actual amount of depreciation is not that great, according to Kelley Blue Book, your car will lose about 20% of its value in the first year of ownership.

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GAP insurance protects against wear and tear. For example, let's say you took out a loan or leased a car. If your insurance company determines the vehicle is worth $10,000, that's what you'll get for trading in a new car.

However, if you have $15,000 left on your car loan, your lender won't worry that you no longer have a car. They still need to be paid, and you're stuck with a $5,000 bill.

This is where GAP insurance comes in. After you pay your deductible, your GAP insurance will cover the rest of the loan.

Not everyone is eligible for GAP insurance. First, you will need collision and comprehensive coverage for your car. You may also need to be the original owner or lessee of the vehicle. Requirements vary by company, so check with your insurance agent to learn more. If you are wondering, "Can I find car insurance company agents in my area?" the answer is usually yes.

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Although you can buy GAP insurance as an add-on to your car insurance policy, many dealers and lenders include it when purchasing a vehicle.

If you get GAP insurance this way, the cost is included in your monthly car payment. However, while it's convenient, it's not that affordable - you'll pay interest on your GAP insurance along with the rest of your loan.

Not all dealerships offer GAP insurance, so it's worth asking when buying a new car.

Leased vehicles depreciate just like any other car, which means it's easy to end up owing more than you're worth after an accident. Because of this financial risk, you should consider getting GAP insurance for the first installment of the lease.

How Much Car Insurance Do I Need?

As with car loans, many car dealers include GAP insurance directly with the lease. However, you will generally pay less if you choose to get GAP insurance through your insurance company.

Although it does not cover all the costs associated with a car loan or lease, GAP insurance can save you from paying the balance of the loan or lease if you pay off the car in full.

Finding out if you have GAP coverage is a simple task and there are two places you can check.

Check your car insurance policy first. You can probably find out online by looking at your policy, but you can always call your insurance agent to check for you.

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You can also read the terms and conditions of your car insurance loan or lease to see if GAP coverage is included. If looking at the documents doesn't sound appealing, you can call the dealership where you bought or leased the car.

Although GAP insurance can save you a lot of money if you've bought a brand new car, it's not necessary for everyone. You won't need it if you own your car or have paid the loan down for less than the value of your vehicle.

GAP coverage can protect you from the financial burden of paying off any loan if you pay off the car in full. But GAP coverage isn't always a good buy, especially if:

If you're not sure if GAP insurance is right for you, you can always talk to an insurance agent. They will be able to help you decide how much coverage you need.

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GAP coverage is not the same as full coverage. As you saw above, GAP insurance offers are limited.

Comprehensive coverage includes liability, comprehensive, collision, uninsured/underinsured motorist and medical benefits or personal injury insurance. If you have a car loan or lease, you probably need comprehensive insurance.

While comprehensive coverage protects your car from most things life can throw at it, it won't help you pay off your car loan. That is why it is recommended to buy GAP insurance until you pay off the loan.

Although GAP coverage can save you thousands of dollars, it is usually very affordable. Most GAP insurance policies cost as little as $20 per year. However, insurance companies charge different amounts for their coverage options and types of auto insurance.

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The second option for GAP insurance is the dealer where you buy or rent the car. You will pay significantly more for GAP insurance with this option, as dealers typically charge a flat fee of $500-$700.

When you buy GAP insurance from a dealer, it is valid for the duration of the loan. If you get GAP insurance from an insurance company, it is valid until you cancel it.

You usually only need GAP coverage for the first year or two of the loan. Once you've paid off your loan to the point where your car's ACV is more than what you owe, you can cancel your GAP coverage.

Although GAP insurance is affordable and valuable, not all insurance companies offer it. If buying GAP insurance from an insurance company sounds attractive, consider these options and read these reviews about them:

What Exactly Is Gap Insurance?

You may notice some big names missing from this list. That's because companies like Geico and Farmers don't offer GAP coverage, while others offer similar products that aren't exactly the same.

For example, State Farm offers Payoff Protector and USAA offers Total

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