Buy Auto Insurance With Gap Coverage
What Is Gap Insurance?
Gap auto insurance helps protect against financial losses in case your vehicle is stolen or totaled. It covers the gap between the amount you owe on your car loan and the actual cash value of your vehicle. If you are ever in an accident, your standard auto insurance does not cover the entire amount you owe, leaving you to pay the remaining amount on your car loan by yourself. During such situations, gap coverage comes in handy.
Some Quick Facts About Gap Insurance
Gap insurance bridges the gap between your vehicle's actual cash value and the remaining amount on your car loan in case it is totaled or stolen.
Gap insurance typically only covers the difference for a limited time frame, mostly during the initial term of your auto loan or lease.
Gap insurance is an optional add-on auto insurance coverage, so you must purchase it separately through your provider.
It does not cover all circumstances, such as if you deliberately damaged your car or in cases where your insurance claim was denied.
The cost of the coverage varies greatly depending on your vehicle and insurer, so always compare gap insurance quotes from multiple providers.
What Does Gap Insurance Cover?
Difference Between the Vehicle’s Actual Cash Value and the Amount Owed on the Lease or Loan
Gap insurance coverage is the best choice for those seeking extra protection for their leased vehicles. This coverage addresses the difference between your car's actual cash value, which is how much the car is worth, and the amount due on your car's loan or lease. It is no secret that vehicles tend to depreciate quickly, which means their worth decreases over time. If your car is declared a total loss, your standard coverage will compensate based on the depreciated value. Gap insurance is handy as it covers the difference, ensuring the policyholder is not financially weighed down.
Why Do I Need Gap Insurance?
If your car is totaled, your standard auto insurance will not cover the entire loan amount, leaving you to pay the rest out of your pocket.
If you're leasing a vehicle, gap insurance can protect you from owing a deficiency balance in case your car gets totaled in an accident, theft, or other insured event.
It helps bridge the gap between your car's actual cash value and the amount you owe on your car loan, ensuring you don’t pay for a vehicle you no longer own.
If your household owns multiple vehicles, this coverage can help protect against financial losses if one of the vehicles gets totaled due to a covered event.
If you live in an area with a high theft and crime rate, gap insurance is a wise decision to help you secure your financial investments.
How Much Gap Insurance Do I Need?
Assessing your auto loan balance is essential if you are considering gap insurance. A gap insurance policy will help cover the disparity between the depreciated value of your vehicle and the remaining amount on your car loan. This add-on policy ensures you are not left financially vulnerable in situations like theft and car crashes where your vehicle is totaled.
How Much Does Gap Insurance Cost? Cost?
Your gap insurance rates may vary depending on your circumstances. The insurance company you choose plays a significant role in deciding your rates. However, there are various other factors responsible for determining your premiums, here are some:
Get a Free Gap Insurance Coverage Quote
Are you looking to secure car insurance with gap coverage? Our experienced auto insurance agents are here to help. Get a free gap insurance quote today to protect your vehicle and investment. Our assistance ensures complete coverage, bridging the gap between standard insurance and your car loan. So, do not wait for something to happen—grab your first free gap insurance quote from CINCO today!
Frequently Asked Questions Regarding Gap Insurance
Ans) Gap coverage auto insurance is typically available for new and used vehicles, including cars, trucks, and SUVs.
Ans) Yes, you can get gap insurance for both new and pre-owned vehicles. However, insurers usually sell gap insurance on used cars if they are not over three years old. It is best to talk to your insurance provider for further clarity.
Ans) Your gap insurance helps cover the gap between your vehicle's actual cash value and the remaining amount on your car loan in case it's totaled.
Ans) Gap insurance does not typically include the coverage of negative equity transferred from previous financial agreements.
Ans) If your car is declared a total loss after a theft, your insurance company covers the difference between your car's actual cash value and the remaining amount on your car loan.
WHY CUSTOMERS LOVE CINCO AUTO INSURANCE?
Angelica Sandoval
Dealing with insurance is stressful enough, so when I contacted them from start to finish I received the best customer service. Ed...
Google Review
Katrina Hughes
My experience was great!!! I walked in and spoke with Edward. He helped me find the best quote that fit everything I was looking f...
Google Review
Rosy Palacios
Edward is an amazing agent who searched for my best convenience and the most affordable for me. He explained with deep details my ...
Google Review
Maria Martinez
I spoke with Evelyn and she was able to promptly give me a great insurance quote. Quick and great customer service, definitely rec...
Google Review
Luis Ortuno
100% recommended, just had the opportunity to do the paperwork for my full coverage insurance with Edward over the phone without h...
Google Review
Wendy Castillo
Thank you Edward for helping me today! Fast and easy! I originally called just for an estimate but ended up getting my insurance b...
Google Review
Jocelyn Adams
My insurance agent Edward was so nice and patient with me he did everything he could to make sure I got great service and he didn�...
Google Review
Maria Fernanda
Edward was definitely a huge help! Definitely recommend this company to anyone, they’re very welcoming and transparent!
Google Review
Tamekia Owens
Very friendly and fast service… Highly recommended to do business with.
Google Review
Myrna Garcia
Edward was very helpful. I loved that he took time to find a great price for my auto insurance, worked with me on the best coverag...
Google Review
Jimmey McCullough
They're very helpful, friendly, and have good customer service. I will also recommend them to family and friends.
Google Review
Monica Herrera
Best customer service in town! Kind and generous! Love that they charge low prices compared to others.
Google Review
Daniel Alvarado
Nataly was a great help. She provided great service and made the sign-up process easy. Definitely recommend coming here.
Google Review
Luis Morales
A big shout out to Edward! I have received excellent customer service! Please go look for him! Outstanding agent!
Google Review
Eduardo Ruiz
Nataly is a great person; she helped us find great prices on our insurance. This company has really low rates and excellent servic...
Google Review
Reyna Arroyo
Samantha was very helpful and quick. She was able to give me a quote and great discounts. Will recommend to my family and friends.
Google Review
Cynthia D. Khaled
Edward's customer service skills were excellent and he answered all of my questions.
Google Review
Claire Small
Amanda was so professional, sweet, a great listener, and worked hard to find me a fantastic quote. I immediately didn't waste time...
Google Review
Abril Hernandez
Thank you, Edward! You did an amazing job finding me the best price and also gave me great service.
Google Review
Christina Saldana
Eduardo texted me back in a timely fashion and then set me up with Amanda. She was nice and patient and made the process so easy! ...
Google Review
Cooking with Gala
Edward had great customer service, was friendly and super helpful. Great price and quick service.
Google Review
Ednandez
Just moved to Texas from Kentucky and Keyla made my switch of insurance very smooth. She was awesome! Very nice and helpful throug...
Google Review
Ryan Anderson
Elsa was by far so amazing. I would recommend everyone come here and see her; she has great prices.
Google Review
Ryan Anderson
Elsa was by far so amazing. I would recommend everyone come here and see her; she has great prices.
Google Review