Insurance Companies That Offer Gap Insurance On Used Cars
Gap insurance is an optional insurance coverage for newer cars that can be added to your collision insurance policy.
Insurance companies that offer gap insurance on used cars. 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. In some cases when you are insuring a new car you can get gap coverage as an add on endorsement to your standard policy. Insurance companies only pay for up to the. 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. 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. Click here to find contact information for a specific company search for company profile.
Rating gap auto insurance providers is not the easiest job with so many companies offering the same insurance. 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. 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. Gap insurance providers include many major car insurance companies as explained earlier.
Read this guide to gap insurance for used cars and you can weigh the pros and cons. Why have gap insurance.
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