Gap Insurance Coverage
Car Insurance Add-On
- Peace of mind coverage when you buy a new car
- Helps pay off your auto loan if your car is totaled or stolen and you owe more than it's worth
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What is loan or lease gap coverage?
Loan or lease gap coverage is an optional auto coverage add-on. It helps cover the difference between your car's value and what you still owe your lender if it's totaled or stolen.
How Gap Insurance Protects Your Vehicle
Here are some ways a gap insurance policy can help protect you from unexpected losses.
Did you know?
According to Insurance Information Institute, the value of a car goes down 20%-30% in the first year.
You're Leasing Your Car
You're involved in an accident a few days after leasing your car, and your vehicle is a total loss. Leasing and loan gap coverage helps pay the difference, or the gap, to help cover what you owe.
You Made a Small Down Payment on a New Car
You finance a new car with a small down payment. Now you have negative equity because you owe more money on the car than it’s worth. Gap insurance helps cover the difference if you owe more than the car is worth.
You Have a Longer Financing Term for Your Car
You financed a new car but chose a longer loan term. There’s a good chance you'll pay a higher balance for longer now. Gap insurance covers the difference between what you owe and what the car is worth, even with a longer loan.
Frequently Asked Questions
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The information on this webpage represents only a brief description of coverages and may or may not be part of your policy. Insurance policy terms and conditions may apply. Coverage features and limits vary by state and may be subject to change. Some products are not available in every state. Discount availability and eligibility vary by state and policy terms. (Discounts may only apply to auto and property policies.) Please check with your agent and read the policy for exact details on coverages and exclusions.