Cost of Gap Insurance from Geico

Gap insurance, also known as Guaranteed Auto Protection (GAP) insurance, is an insurance policy that helps bridge the gap between the amount you owe on your car and the amount it’s worth – in the event it’s totaled or stolen. Gap insurance is an optional form of coverage that may be worth considering if you are financing or leasing your vehicle, and it’s available from many insurance companies, including Geico.

What Does Gap Insurance Cover?

Gap insurance covers the difference between the amount you owe on your loan or lease and the amount your car is worth, up to the policy limits. When you purchase a car, its value begins to depreciate immediately. Your loan or lease balance may exceed the value of your car if your vehicle is totaled or stolen before you’ve paid off your loan. In this case, gap insurance provides financial protection.

How Much Does Gap Insurance Cost?

The cost of gap insurance can vary greatly depending on your provider, the type of policy you purchase, and other factors. Generally speaking, gap insurance costs $20 to $40 per year, according to The Balance. This is a relatively small amount compared to the value of the vehicle and the amount of the loan or lease you’ll be paying off. If you finance your vehicle with a loan, your lender may require you to purchase gap insurance, which will be included in your monthly car payment.

Gap Insurance from Geico

Gap insurance from Geico provides financial protection for you if your vehicle is totaled or stolen and you owe more money than your vehicle is worth. Geico’s total loss gap coverage helps cover the difference between what you still owe on your loan or lease and the amount your vehicle is worth at the time of the loss. Geico’s gap insurance also pays the difference between what you owe and the amount your car insurance pays out.

How to Get Gap Insurance from Geico

Gap insurance is an optional coverage, but you may be required to get it if you finance or lease your vehicle. To get gap coverage from Geico, you can call Geico’s representatives at 800-207-7847. If you are already insured with Geico, you’ll be able to add gap coverage to your existing policy. Geico also offers a variety of other insurance products, such as homeowners insurance, renters insurance, motorcycle insurance, boat insurance, and more.

The Bottom Line

Gap insurance from Geico can provide you with financial protection in the event that your vehicle is totaled or stolen and you owe more money than your vehicle is worth. The cost of gap insurance from Geico is generally between $20 and $40 per year, and you can add gap coverage to an existing policy or purchase it when you finance or lease a vehicle. For more information about gap insurance from Geico, you can speak to a representative by calling 800-207-7847.