Does Santander Consumer USA Have Gap Insurance?

Gap insurance is a type of coverage that helps protect drivers from owing more money on a vehicle than what it is worth. It can be helpful in the event of an accident or theft, as the insurance will cover the gap between the amount of the loan and the actual value of the car. It is important to know if your lender offers gap insurance before signing a loan agreement.

What is Gap Insurance?

Gap Insurance is a type of insurance that helps protect drivers from owing more money on a vehicle than what it is worth. It covers the "gap" between the amount of the loan and the actual value of the car. This can be beneficial in the event of an accident or theft, as the insurance will cover the difference between the loan amount and the actual value of the car. Gap insurance is not required by law, but it is highly recommended for drivers who have taken out a loan to purchase a vehicle.

Does Santander Consumer USA Offer Gap Insurance?

Yes, Santander Consumer USA does offer gap insurance. This type of coverage is available for both new and used vehicles, and it can be added to a loan agreement at the time of purchase. Santander Consumer USA offers three different types of gap insurance coverage: Total Loss, Theft, and Vehicle Return.

Total Loss Gap Insurance

Total Loss gap insurance covers the difference between the amount of the loan and the actual value of the car in the event of a total loss. This type of coverage may be beneficial for drivers who have purchased a new vehicle, as the value of the vehicle can depreciate quickly. Total Loss gap insurance can help protect drivers from owing more money on the vehicle than what it is worth.

Theft Gap Insurance

Theft gap insurance covers the difference between the amount of the loan and the actual value of the car in the event of theft. This type of coverage may be beneficial for drivers who have purchased a used vehicle, as the value of the vehicle can depreciate quickly. Theft gap insurance can help protect drivers from owing more money on the vehicle than what it is worth.

Vehicle Return Gap Insurance

Vehicle Return gap insurance covers the difference between the amount of the loan and the actual value of the car in the event of a voluntary return of the vehicle. This type of coverage may be beneficial for drivers who have purchased a new or used vehicle, as the value of the vehicle can depreciate quickly. Vehicle Return gap insurance can help protect drivers from owing more money on the vehicle than what it is worth.

Gap insurance is a beneficial type of coverage that can help protect drivers from owing more money on a vehicle than what it is worth. Santander Consumer USA offers gap insurance coverage for both new and used vehicles. Drivers should consider purchasing gap insurance to ensure they are protected in the event of an accident or theft.