Gap insurance calculator
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How much is gap insurance per month.
Do You Need Gap Insurance?
“Gap” is an insurance industry acronym for “guaranteed auto protection.” Gap insurance reimburses a car owner when the payment for a total loss is less than the outstanding loan or lease balance.
Gap insurance covers the difference between the depreciated value of the car and the loan amount owed if the car is involved in an accident.
Does progressive offer gap insurance
If you finance or lease a car without a down payment, then the amount you’ve borrowed may be more than the total value of the car. If the car is totaled in an accident or stolen, standard car insurance will only pay up to the current value, which may be less than the outstanding loan or lease amount.
Key Takeaways
- Gap insurance, guaranteed auto protection, reimburses a car owner when the payment for a total loss is less than the outstanding loan or lease balance.
- Gap insurance makes sense for people who put no money down and choose a long payoff period since they may owe more than the car's current value.
- You may be able to skip gap insurance if you made a down payment of at least 20% on the car when you bo
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