What Is Gap Insurance and How Does It Work? - Progressive
Gap insurance is an optional auto insurance coverage that applies if your car is stolen or deemed a total loss. When your loan amount is more than your vehicle is worth, gap insurance coverage pays the difference.
Where & How to Buy Gap Insurance - Progressive
Where to buy gap insurance: dealer vs. insurance company How to get gap insurance from the dealer. When you buy or lease a car, the dealer will likely ask if you want to purchase gap insurance when you discuss your financing options. Buying gap insurance from a dealer can be more expensive if the cost of the coverage is bundled into your loan ...
Do You Need Gap Insurance on a Lease? | Progressive
The point of gap insurance is to help you cover the financial difference between what you owe and what the car's worth. So, if the vehicle is worth more than what you owe on it, you don't have any need for gap insurance. Just be sure to get approval from your lessor if you're foregoing gap insurance or canceling it from an existing insurance ...
Gap Insurance Claims Process | Progressive
A gap insurance claim can take several weeks to process, though it ultimately depends on the circumstances of the accident or theft that led you to file a claim. Your vehicle insurance company must first determine the actual cash value of your vehicle.
How Do I Know If I Have Gap Insurance? - Progressive
How to check if you have gap insurance from your auto insurance policy Determining whether you have gap insurance through your auto insurance policy is simple. Car insurance documents generally have a page that lists the coverages on your policy, including optional coverages like auto collision coverage and comprehensive car insurance coverage .
What Is a Gap Waiver? - Progressive
A gap waiver and gap insurance coverage function similarly — they cover the difference between what you owe and the car's actual cash value (ACV) in the event the vehicle is totaled or stolen. While the waiver is attained through your lender or lease company, gap coverage is typically an added coverage on your auto insurance policy or ...
Can You Get Gap Insurance on a Used Car? - Progressive
Gap insurance is most often recommended for new cars, as they depreciate the quickest, but you can typically buy gap coverage for used cars too. Note that some insurers will only sell gap insurance on used cars if they're less than three years old. Gap insurance on a used vehicle can cost very little, so it can provide peace of mind if you owe ...
Gap Insurance Through a Dealership | Progressive
Gap insurance through a dealership is optional, but your lender may require some form of gap coverage when you finance your car. Your car dealership may offer gap insurance when you get a new car, but you may be able to pay less by adding gap coverage, or a similar coverage called loan/lease payoff, to your auto policy (instead of purchasing it ...
Loan/Lease Payoff Coverage | Progressive
Example: Your vehicle is worth $12,000 and is totaled in an accident, but you owe $14,000 on your loan. Your collision coverage pays out $12,000 (minus your deductible), while your loan/lease coverage pays out the $2,000 difference to help cover your remaining loan balance.
Insurance on a Leased Car | Progressive
Is gap insurance needed for my leased vehicle? Lessors may require gap insurance for a leased car since new vehicles depreciate quickly once driven off the dealer's lot. Note that Progressive offers loan/lease payoff coverage, which is similar to gap coverage. Learn more about gap insurance for a leased vehicle.
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