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What insurance companies sell gap insurance?


Where to buy gap insurance

Gap insurance providers include many major car insurance companies. Allstate, Nationwide, Esurance and USAA all sell gap insurance. Progressive has a similar policy, called loan/lease payoff coverage, which is slightly different from gap insurance because a maximum payout of 25 percent of your vehicle's actual cash value is stipulated in your policy. 

In some cases when you are insuring a new car, you can get gap coverage as an add-on endorsement to your standard policy; check with your insurer to find out if it is offered. You must also have collision and comprehensive coverage on the policy.

Can I buy gap insurance online?

CarInsurance.com offers a number of different gap policy options. In each state where we are an online insurance agency and offer Safeco, Travelers, Progressive, and The Hartford we offer loan/lease gap coverage along with your auto insurance policy.These policies are limited to the terms of your policy and must be purchased with comprehensive and collision. Depending on the insurer, sometimes gap coverage will cover your claim deductible. Typically, however, gap insurance only pays the difference between what is owed and the actual cash value of the car.

Below are standard terms for a gap policy, but remember the terms of loan/lease gap coverage will vary depending upon the guidelines of the issuing company:

  • Gap insurance is available if there is a leaseholder or lien holder on the vehicle. A lessor or lien holder can only be a financial institution; it cannot be a private individual.
  • Provides coverage when a vehicle sustains a total loss.
  • Covers the difference between the actual cash value (ACV) of the vehicle at the time of loss (less deductible) and the amount owed on the loan or lease.
  • Can be purchased on new and used vehicles at any time during the policy term.
  • Collision and comprehensive coverages required.
  • Payment will not include unpaid finance, excess mileage or any other charges or expenses associated with the loan or lease.
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4 Responses to "What insurance companies sell gap insurance?"
  1. Silas Santos

    I have a car insurance already, but State Farm does not offer Gap insurance. How can I get only the Gap?

      Reply»  
  2. Shanna

    You need to update your info. USAA no longer offers gap insurance through their bank or through their insurance. Insurance only offers a 20% bump to the ACV.

      Reply»  
  3. Valerie Sand

    I am searching for Gap or loan/lease coverage for a used car. I have not picked a car yet. I am currently shopping. However, I would like to find out about a policy ahead of time. My loan approval is for a used car for a maximum of $10,000. I plan on staying under that maximum. My insurance company (since 1985) - Farmer's Insurance, does not provide Gap insurance. I want to purchase a separate policy for my loan. If that is possible I would greatly appreciate the information. Is it possible to have a monthly payment rather than being paid in full up front. I live in Spring Valley, CA 91978. Thank you for your time and assistance.

      Reply»  
  4. BIbek

    Good GAP insurance information. Appreciate it.

      Reply»  
Disclaimer: Answers and comments provided are for information purposes. They are not intended to substitute informed professional advice. These responses should not be interpreted as a recommendation to buy or sell any insurance product, or to provide financial or legal advice. Please refer to your insurance policy for specific coverage and exclusion information. Please read our Terms of Service.

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