To get a gap insurance quote, here’s a step-by-step guide to help you:
1. Gather Required Information
You will need the following information to get an accurate quote for gap insurance:
-
Vehicle Information:
- Make, model, year, and VIN (Vehicle Identification Number).
- Current mileage.
- The condition of the car (new, used, or certified pre-owned).
-
Loan/Lease Information:
- Remaining balance on your loan or lease.
- Length of your loan or lease (for example, 36 months, 60 months).
- Interest rate and down payment (for loans).
-
Insurance Information:
- Your current car insurance policy type (comprehensive, collision, etc.), as gap insurance is often added to your existing auto insurance.
2. Contact Your Auto Insurance Provider
Many car insurance companies offer gap insurance as an add-on to your existing coverage. To get a quote:
- Visit your insurer’s website or call your insurance gap insurance quote agent to inquire about the cost of adding gap coverage to your policy.
- Companies that offer gap insurance include:
- Geico
- Progressive
- State Farm
- Allstate
- Nationwide
The cost typically ranges from $20 to $50 per year if added to your existing auto insurance policy.
3. Check with Your Dealership
If you’re buying a new or used car, the dealership might offer gap insurance as part of their financing deal. Keep in mind that dealerships typically charge more for gap coverage compared to insurers. Always compare quotes.
4. Compare Quotes Online
Several websites allow you to compare gap insurance quotes from different providers:
- The Zebra
- Compare.com
- QuoteWizard
These platforms will provide quotes from multiple insurers so you can choose the best rate.
5. Consult Your Lender or Leasing Company
If you’re financing or leasing your car, your lender or leasing company may offer gap insurance directly. It’s convenient, but check their rates as they might be higher than those offered by auto insurance companies.
How Much Does Gap Insurance Cost?
- Through Auto Insurance Companies: Adding gap insurance to your policy typically costs $20 to $50 per year.
- Through Dealerships or Leasing Companies: Gap insurance purchased directly from the dealership or leasing company may cost $300 to $700 for the entire term of the loan or lease.
Conclusion
Getting a gap insurance quote involves reaching out to your current auto insurer, visiting a dealership, or using online comparison tools. It’s important to compare prices and coverage options to ensure you’re getting the best deal. Gap insurance can be a valuable protection if you’re financing or leasing a car and want to avoid owing money on a car you no longer have.