Does Aaa Offer Gap Insurance
Monday, May 29, 2023
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Does AAA Offer Gap Insurance?
Gap insurance is a type of coverage that helps cover the difference between the amount a car is worth and the amount the consumer owes on the loan. It is sometimes referred to as loan/lease payoff insurance. Many people think that AAA offers gap insurance, but this is not the case. While AAA does offer many types of auto insurance, gap insurance is not one of them.
What is Gap Insurance?
Gap insurance is a type of auto insurance that helps cover the difference between the amount a car is worth and the amount that is owed on the loan. For example, if you buy a car for $20,000 and take out a loan for the same amount, the car's value may decrease significantly over the life of the loan. If the car is totaled or stolen, the insurance company will only pay the market value of the car at the time, which could be less than the amount still owed on the loan. Gap insurance helps bridge the gap between the amount owed and the amount the insurer pays.
Do All Insurers Offer Gap Insurance?
No, not all insurers offer gap insurance. Many major insurers, such as State Farm, Allstate, and Geico, do not offer gap insurance. Other insurers, such as Liberty Mutual, Farmers, and Progressive, do offer gap insurance as an optional coverage. It's important to check with your insurance company to determine if they offer gap insurance and how much it will cost.
Does AAA Offer Gap Insurance?
AAA does not offer gap insurance. While AAA does offer many types of auto insurance, such as liability, comprehensive, and collision coverage, gap insurance is not one of them.
What Does AAA Offer?
While AAA does not offer gap insurance, it does offer other types of auto insurance coverage. AAA offers liability, comprehensive, and collision coverage. It also offers roadside assistance, which can be beneficial if your car breaks down and you need help to get it back on the road. Additionally, AAA offers accident forgiveness, which means that your premium won't go up if you have an accident.
Conclusion
AAA does not offer gap insurance, but it does offer other types of auto insurance coverage, such as liability, comprehensive, and collision coverage. It also offers roadside assistance and accident forgiveness. If you're looking for gap insurance, you'll need to shop around and compare rates from different insurers. Be sure to read the policy carefully and make sure you understand what is and isn't covered.
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