Call Us Toll Free: (844) 892-3939
Best Auto Insurance Agent
HOME
 
CONTACT US
 
SITE CONTENTS
 

What is Gap Insurance?

 
Motor Vehicle Insurance
  Best Auto Insurance Agents
  Automobile Insurance
  Commercial Auto Insurance
  Classic Car Insurance
  Recreation Vehicle Insurance
  Motorcycle Insurance
Types of Auto Insurance
  Auto Liability Insurance
  Comprehensive and Collision
  Uninsured Motorist Coverage
  Roadside Assistance Insurance
What is Gap Insurance

Gap Insurance

What is Gap Insurance?



A number of car insurance companies offer full comprehensive car insurance policies that offer only a new car replacement for the first year of ownership. This means that after that year, you will only receive payment up to the depreciated value of the vehicle - not what it would cost to purchase a new vehicle. Even though the car may still feel “brand new” to you, that's not the way the auto insurance companies see it.

So for example, let's say your car was stolen after you have only owned it for 13 months. In this case, if you were to get another brand new vehicle to replace the car that was stolen, your car insurance company may only pay you your car's current market value which is definitely lower than the car's retail price and you'll end up spending your own money to pay the difference. And if you still have a loan out on the car, then the money would actually have to go to the lender and then you would have even less money available to purchase a new car.

Gap insurance or guaranteed auto protection, in the incident of a total loss, is what covers the difference between your car's insurance payout or the car's current market value. It will also cover the actual money you paid for the car or money that you still owe from a car loan.

Having a gap insurance takes the risk out of your auto insurance policy not paying you enough in the event of a total car loss to due damage or theft. Some great gap insurance policies even cover the deductibles from your primary car insurance policy.

While gap insurance adds a great deal of value to your policy, it is also important to know though what it does not cover.

Gap insurance does not pay for things such as

  • balance of a car financing if the vehicle is repossessed

  • down payment for a brand new car

  • carry over balances into your new car loan

  • vehicle repairs (it only applies in the event of total loss)


Call us and we'll connect you to our licensed car insurance agent to assist you with your gap insurance needs and provide you more information about gap insurance. We guarantee personalized service, detailed information on gap coverage and to help you get an auto insurance policy that's just right for you.


Car Insurance in : Car Insurance Agency


Auto Insurance in : Auto Insurance Agency


Cheap Auto Insurance in : Cheap Car Insurance


gap Insurance in : gap Car Insurance

Frequently Asked Questions
  Can I get cheap car insurance?
  Do I need comp and collision?
  I got in car accident, now what?
  How long should it take to process car insurance claim?
  Does bad credit history affect car insurance rates?
  I'm renting a car; do I need to pay for extra insurance?
  I have a bad driving record; can I still get auto insurance coverage?
  What is Gap Insurance?
Best Auto Insurance Agent

 

Best Auto Insurance Agent

 

Best Auto Insurance Agent Alabama Best Auto Insurance Agent Alaska Best Auto Insurance Agent Arizona Best Auto Insurance Agent Arkansas
Best Auto Insurance Agent California Best Auto Insurance Agent Colorado Best Auto Insurance Agent Connecticut Best Auto Insurance Agent Delaware
Best Auto Insurance Agent District Of Columbia Best Auto Insurance Agent Florida Best Auto Insurance Agent Georgia Best Auto Insurance Agent Hawaii
Best Auto Insurance Agent Idaho Best Auto Insurance Agent Illinois Best Auto Insurance Agent Indiana Best Auto Insurance Agent Iowa
Best Auto Insurance Agent Kansas Best Auto Insurance Agent Kentucky Best Auto Insurance Agent Louisiana Best Auto Insurance Agent Maine
Best Auto Insurance Agent Maryland Best Auto Insurance Agent Massachusetts Best Auto Insurance Agent Michigan Best Auto Insurance Agent Minnesota
Best Auto Insurance Agent Mississippi Best Auto Insurance Agent Missouri Best Auto Insurance Agent Montana Best Auto Insurance Agent Nebraska
Best Auto Insurance Agent Nevada Best Auto Insurance Agent New Hampshire Best Auto Insurance Agent New Jersey Best Auto Insurance Agent New Mexico
Best Auto Insurance Agent New York Best Auto Insurance Agent North Carolina Best Auto Insurance Agent North Dakota Best Auto Insurance Agent Ohio
Best Auto Insurance Agent Oklahoma Best Auto Insurance Agent Oregon Best Auto Insurance Agent Pennsylvania Best Auto Insurance Agent Puerto Rico
Best Auto Insurance Agent Rhode Island Best Auto Insurance Agent South Carolina Best Auto Insurance Agent South Dakota Best Auto Insurance Agent Tennessee
Best Auto Insurance Agent Texas Best Auto Insurance Agent Utah Best Auto Insurance Agent Vermont Best Auto Insurance Agent Virginia
Best Auto Insurance Agent Washington Best Auto Insurance Agent West Virginia Best Auto Insurance Agent Wisconsin Best Auto Insurance Agent Wyoming

 

Site Map Site Map Site Map
Contact Us Contact Us Contact Us
Best Auto Insurance Agents Best Auto Insurance Agents Best Auto Insurance Agents
Automobile Insurance Automobile Insurance Automobile Insurance
Commercial Auto Insurance Commercial Auto Insurance Commercial Auto Insurance
Classic Car Insurance Classic Car Insurance Classic Car Insurance
Recreation Vehicle Insurance Recreation Vehicle Insurance Recreation Vehicle Insurance
Motorcycle Insurance Motorcycle Insurance Motorcycle Insurance
Auto Liability Insurance Auto Liability Insurance Auto Liability Insurance
Comprehensive and Collision Comprehensive and Collision Comprehensive and Collision
Uninsured Motorist Coverage Uninsured Motorist Coverage Uninsured Motorist Coverage
Roadside Assistance Insurance Roadside Assistance Insurance Roadside Assistance Insurance
Can I get cheap car insurance? Can I get cheap car insurance? Can I get cheap car insurance?
Do I need comp and collision? Do I need comp and collision? Do I need comp and collision?
I got in car accident, now what? I got in car accident, now what? I got in car accident, now what?
How long should it take to process car insurance claim? How long should it take to process car insurance claim? How long should it take to process car insurance claim?
Does bad credit history affect car insurance rates? Does bad credit history affect car insurance rates? Does bad credit history affect car insurance rates?
I'm renting a car; do I need to pay for extra insurance? I'm renting a car; do I need to pay for extra insurance? I'm renting a car; do I need to pay for extra insurance?
I have a bad driving record; can I still get auto insurance coverage? I have a bad driving record; can I still get auto insurance coverage? I have a bad driving record; can I still get auto insurance coverage?
What is Gap Insurance? What is Gap Insurance? What is Gap Insurance?