Insurance Companies That Offer Gap Insurance On Used Cars

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Insurance companies that offer gap insurance on used cars. Why have gap insurance. Gap coverage is mainly used on new and used small vehicles cars and trucks and heavy trucks. 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. Commercial personal guaranteed auto protection gap coverages revised march 17 2016.

It s well known that new cars depreciate the minute they are driven off the forecourt. 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. Check with your insurer to find out if it is offered. Gap insurance providers include many major car insurance companies as explained earlier.

Click here to find contact information for a specific company search for company profile. 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. 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.

Rating gap auto insurance providers is not the easiest job with so many companies offering the same insurance. Gap insurance is an optional insurance coverage for newer cars that can be added to your collision insurance policy.