Key Information You Need for a Gap Insurance Quote

To get a gap insurance quote, you will typically need to follow these steps:

Steps to Get a Gap Insurance Quote:

1. Prepare the Necessary Information:

   • Vehicle Information: Make, model, year, Vehicle Identification Number (VIN), and current mileage of your car.
   • Loan or Lease Details: The remaining balance on your car loan or lease agreement.
   • Insurance Information: If you already have a car insurance policy, you may need details such as the type of coverage you have.
   • Location: Your ZIP code (since premiums can vary by location).

2. Request a Quote from Your Current Auto Insurance Provider: Many auto insurance companies offer gap insurance as an optional add-on to your existing auto insurance policy. Some of the most popular providers are:

   • Geico
   • Progressive
   • State Farm
   • Allstate

   You can either visit their website or call an agent to get a quote.

3. Check with the Car Dealership: If you’re purchasing a new or used car, the dealership may offer gap insurance as part gap insurance quote of their financing package. While convenient, it can be more expensive than adding it to your existing insurance policy.

4. Online Comparison Tools: You can use online platforms to compare quotes from multiple insurance providers. Websites like:

   • The Zebra
   • Compare.com
   • QuoteWizard

   These sites allow you to quickly compare gap insurance quotes from various companies to help you find the best deal.

5. Contact Your Lender or Leasing Company: If you’re financing or leasing a vehicle, your lender or leasing company may also offer gap insurance. Check with them to see if it’s available and what the cost is.

How Much Does Gap Insurance Typically Cost?

• Auto Insurance Providers: Adding gap insurance to your existing policy can cost between $20 to $50 per year.
• Through Dealerships or Lenders: When purchased through a dealership or a leasing company, gap insurance might cost $300 to $700 for the full term of the loan or lease.

Factors That Can Affect Your Quote:

• Vehicle Value: New cars depreciate quickly, so the cost of gap insurance may be higher for newer vehicles.
• Loan or Lease Balance: The higher the remaining balance on your loan or lease, the more you may need gap insurance, affecting the cost.
• Location: Insurance rates can vary by state or region.
• Your Current Insurance Provider: If you already have auto insurance with a company, they may offer a discount for bundling gap insurance with your other coverage.

Conclusion

To get the best gap insurance quote, compare options from different auto insurance companies, dealerships, and lenders. It’s a small cost to protect yourself from financial risk in case your car is totaled or stolen, and it can save you from owing money on a car you no longer have.