How Much Is Progressive Gap Insurance
What Is Progressive Gap Insurance?
Gap insurance, also known as loan/lease payoff coverage, is a type of insurance coverage that pays the difference between the amount you owe on your car loan and the amount your car is actually worth. If your car is totaled or stolen, the insurer will pay the difference between the actual cash value of your car and the remaining balance of your loan or lease. Progressive gap insurance, specifically, is offered through Progressive Insurance and is generally offered on a new or nearly new vehicle. The cost and coverage of this type of insurance vary based on the type of vehicle you have, the amount of your loan, and the state you live in.
What Does Progressive Gap Insurance Cover?
Progressive gap insurance covers the difference between the amount you owe on your car loan and the actual cash value of your car. This coverage usually applies only to new and nearly new vehicles, and it is important to note that Progressive gap insurance does not cover any damage to your car due to an accident or other type of incident. It only covers the difference between the amount you owe and the actual cash value of your car.
How Much Does Progressive Gap Insurance Cost?
The cost of Progressive gap insurance varies depending on where you live and the type of car you have. Generally, the cost is around $20 a month, although this can range from $10 to $50 a month depending on your loan amount, the type of car you have, and the state you live in. It is important to compare the cost of Progressive gap insurance with other providers as the cost can vary significantly.
Is Progressive Gap Insurance Worth It?
Whether or not Progressive gap insurance is worth it depends on your individual needs and circumstances. If you have a loan or lease on a new or nearly new vehicle and you are concerned about being able to pay off the loan in the event of an accident or theft, then Progressive gap insurance may be worth it. However, if you are not concerned about this, then it may not be necessary. It is important to compare the cost of the coverage with other providers to make sure you are getting the best deal.
What Is Not Covered By Progressive Gap Insurance?
Progressive gap insurance does not cover any damage to your car due to an accident or other type of incident. It also does not cover any taxes, fees, or other expenses related to the purchase of your car. Additionally, Progressive gap insurance does not cover the cost of any repairs or replacements that may be needed due to an accident or other type of incident. You will be responsible for these costs.
Conclusion
Progressive gap insurance is a type of insurance coverage offered by Progressive Insurance that can help pay the difference between the amount you owe on your car loan and the amount your car is actually worth if your car is totaled or stolen. The cost and coverage of this type of insurance vary based on the type of vehicle you have, the amount of your loan, and the state you live in. It is important to compare the cost of Progressive gap insurance with other providers to make sure you are getting the best deal.
Progressive Gap Insurance Percentage - Insurance Reference
Progressive Gap Insurance Percentage - Insurance Reference
Progressive Gap Insurance Percentage - Insurance Reference
So, who exactly is in the coverage gap? - Care4Carolina
Gap Insurance for your New or Leased Cars
