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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. For example, if you owe $25,000 on your loan and your car is only worth $20,000, your ...
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. Your gap insurance provider will then verify ...
“GAP” is an acronym for guaranteed asset protection. A gap waiver, also known as a gap addendum, is a supplement that you can add to your auto loan or lease. A gap waiver is a debt cancellation agreement which absolves you from paying the difference between what you owe on the vehicle and what it’s worth if the vehicle is declared a total ...
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 ...
Progressive Advantage Agency, Inc. (CA Lic #0F50053, TX Lic #1394132) is domiciled in Ohio, has its principal place of business at 6300 Wilson Mills Road, Mayfield Village, Ohio 44143, and does business in CA as Progressive Advantage Insurance Agency, Inc. Commercial auto policies are underwritten by Progressive Casualty Ins. Co. & affiliates.
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 amount, which means you'd be paying interest on your gap ...
Many dealers will automatically include gap coverage, but you can decline their coverage if you prefer to buy through your insurer or if your loan terms don't require gap coverage. 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.
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Progressive Advantage Agency, Inc. (CA Lic #0F50053, TX Lic #1394132) is domiciled in Ohio, has its principal place of business at 6300 Wilson Mills Road, Mayfield Village, Ohio 44143, and does business in CA as Progressive Advantage Insurance Agency, Inc.
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 ...