Car Insurance Companies That Offer Gap Insurance

Get The Cheapest Car Insurance Rate Guaranteed Go Here >Few investments suffer the kind of immediate decline in value as when buying a new car. The moment you drive a car off the dealer’s lot, the vehicle becomes worth several hundred dollars less than the price you just agreed upon paying. Depending on how expensive the car, the price you agreed to pay for it and interest rate on your loan, you may owe more on your vehicle than the car’s actual value. Should you find yourself involved in an accident that destroys your car, your insurance company will only pay you the listed value of your vehicle. This could result in a gap forming between the value of your car and the amount of money you still owe on your loan. Cheap Car Insurance.Gap insurance covers this discrepancy, and provides car owners the peace of mind knowing they won’t owe more than their car’s value. Most major auto insurance companies offer gap insurance, but some might feature the coverage under a different name. Consult with your insurance agent to determine what options your insurance provider offers. Consumers looking to shop around have several companies to consider. Progressive – Progressive offers Loan/Lease Payoff insurance that will pay the difference between what you owe on your vehicle and the car’s actual cash value. Progressive’s loan/lease coverage is available to any new or existing Progressive customer if they have a loan or lease held by a financial institution and comprehension and collision coverage. Premiums for loan/lease coverage will vary depending on the type of vehicle. American Family – Loan/lease coverage with American Family works in the same way as with most car insurance companies. Policy holders must possess a loan or lease held by a financial institution, and comprehension and collision coverage as part of their policy to obtain loan/lease coverage. The cost of adding loan/lease coverage to your insurance policy depends on the type of vehicle you own. Travelers Insurance – Referred to as Guaranteed Auto Protection (GAP) coverage, Travelers GAP insurance provides the same protection against the value of your car versus the outstanding balance on your loan or lease as other major insurance companies. Esurance – Esurance offers gap insurance that pays owners up to 25 percent of the car’s cash value. Esurance’s policy allows customers to keep the difference between the gap payout and the difference due on the loan or lease. Auto Financer – The finance company that holds the lean on your title may offer gap insurance to help cover the difference between your loan and value of the vehicle.Best rates on Auto Insurance. Consult with your loan provider for details.