What is Capital One Gap Insurance and How Much Does it Cost?

Gap insurance is a type of car insurance that helps pay off the balance of a loan if the car is totaled or stolen. It is typically offered by car dealerships when you buy a car, but it is also available from some third-party insurers. Capital One is one of the most popular providers of gap insurance, and they offer different levels of coverage depending on your needs. But how much does Capital One gap insurance cost? Let’s take a look.

What Does Capital One Gap Insurance Cover?

Capital One offers two types of gap insurance: standard and premium. Standard gap insurance covers the difference between the value of your car and the amount owed on the loan. It also covers the cost of a new car if your car is totaled or stolen. Premium gap insurance provides additional coverage that includes depreciation, taxes, and fees. It also covers the cost of a new car if your car is totaled or stolen.

How Much Does Capital One Gap Insurance Cost?

The cost of Capital One gap insurance varies depending on the type of coverage you choose and the value of your car. Generally speaking, the cost of standard gap insurance for a car worth up to $20,000 is around $450. If the car is worth more than $20,000, the cost increases to around $600. The cost of premium gap insurance for a car worth up to $30,000 is around $600, and for cars worth more than $30,000, the cost is around $750.

Is Capital One Gap Insurance Worth It?

It depends on your needs and the value of your car. If you have a loan on your car, gap insurance can help you avoid being stuck with a large bill if your car is totaled or stolen. The cost of Capital One gap insurance is relatively affordable, and it can be a wise investment if you want to protect yourself in the event of an accident. However, if you don’t have a loan on your car or it is worth less than $20,000, you may not need gap insurance.

Alternatives to Capital One Gap Insurance

If you don’t want to purchase gap insurance from Capital One, there are other options available. Some car dealerships offer gap insurance, as do some third-party insurers. You can also purchase gap insurance from your car insurance company, although the cost may be higher than what you would pay to Capital One. It’s important to compare the cost and coverage of different policies before making a decision.

Final Thoughts on Capital One Gap Insurance Cost

Capital One gap insurance is a great option for those who have a loan on their car and want to protect themselves in the event of an accident. The cost of Capital One gap insurance is relatively affordable, and it can be a wise investment if you want to protect yourself from a large bill. However, it’s important to compare the cost and coverage of different policies before making a decision. Ultimately, the decision to purchase gap insurance is up to you.