Insurance Companies That Offer Gap Insurance On Used Cars
Gap insurance isn t just sold at car dealerships many insurers offer gap insurance as part of a car insurance policy.
Insurance companies that offer gap insurance on used cars. Why have gap insurance. Ace american insurance company naic 22667 american modern home insurance company naic 23469 american national property and casualty company naic 28401 arch insurance company naic 11150. Click here to find contact information for a specific company search for company profile. In some cases when you are insuring a new car you can get gap coverage as an add on endorsement to your standard policy.
While there are several criteria for rating providers of gap insurance coverage the criteria that are most important include price confidence customer service quality and availability of a variety of coverage options. Gap insurance stands for guaranteed auto protection and is designed to offer protection that isn t normally provided by a standard personal auto insurance policy. Check with your insurer to find out if it is offered. Gap insurance is an optional insurance coverage for newer cars that can be added to your collision insurance policy.
It s well known that new cars depreciate the minute they are driven off the forecourt. Some insurers require your vehicle to be brand new in order for you to purchase gap insurance. Commercial personal guaranteed auto protection gap coverages revised march 17 2016. Gap insurance is usually paid.
Buying separately from the dealership could cost around 150 to 300 for a three year policy but generally the more expensive the car the more expensive your cover will be. Dealers selling gap insurance are now not allowed to sell it at the same time as you buy a car. Guaranteed asset protection gap insurance also known as gaps was established in the north american financial industry gap insurance protects the borrower if the car is totaled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. Rating gap auto insurance providers is not the easiest job with so many companies offering the same insurance.
And according to the iii buying gap coverage from an insurance company often costs less than buying it from a car dealership. Insurance companies only pay for up to the. Read this guide to gap insurance for used cars and you can weigh the pros and cons. Gap insurance providers include many major car insurance companies as explained earlier.
Gap coverage is mainly used on new and used small vehicles cars and trucks and heavy trucks. If you buy a gap insurance policy from the car dealer you could be paying more than you need to with prices ranging from 300 upwards. It may pay the difference between the balance of a lease or loan due on a vehicle and what your insurance company pays if the car is considered a covered total loss.
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