Does Progressive Have Gap Insurance
Monday, June 12, 2023
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Does Progressive Have Gap Insurance?
What is Gap Insurance?
Gap insurance is a type of auto insurance coverage that helps drivers pay off their car loans if their vehicle is totaled in an accident. It helps drivers cover the difference between what their auto insurance company will pay and what they owe on the car loan. Gap insurance is an important consideration for anyone who finances a car using a loan.
Gap insurance kicks in if the car is totaled or stolen. It’s important to note that gap insurance doesn’t cover regular wear and tear, so if your car breaks down due to age or lack of maintenance, it won’t be covered. Gap insurance is also not valid if the car is used for a business purpose.
Do I Need Gap Insurance?
Whether or not you need gap insurance can depend on the situation. If you’re financing a car, you might want to consider gap insurance if you put a down payment of less than 20% of the car’s value. If you’ve put a larger down payment, you might not need gap insurance as your loan amount is lower.
It’s also important to consider how long you plan to keep the car. If you’re planning to keep the car for a while, gap insurance might be something to consider. That’s because, the longer you keep a car, the more likely it is to be totaled in an accident or stolen.
Does Progressive Have Gap Insurance?
Yes, Progressive does offer gap insurance. Progressive’s gap insurance is called “Total Loss Protection,” and is available as an add-on to your auto insurance policy. It covers the difference between what you owe on the car loan and what your insurance company will pay if the car is totaled in an accident or stolen.
Total Loss Protection is only available for cars that are financed or leased, and the coverage will be based on the amount of the loan or lease. It’s important to note that it does not cover regular wear and tear, and it doesn’t cover cars used for business purposes.
How Much Does Progressive’s Gap Insurance Cost?
The cost of Progressive’s Total Loss Protection will vary based on your location, the car you’re insuring, and other factors. The coverage will also depend on the amount of the loan or lease. You can get a quote online or speak with a Progressive agent to get an estimate.
Are There Other Options?
Yes, there are other gap insurance options available. Many auto loan lenders offer gap insurance as an add-on to the loan. In some cases, it may be cheaper to get gap insurance from your loan lender than from an auto insurance company.
It’s important to compare rates and coverage before you decide which gap insurance policy is right for you. Be sure to read the fine print to make sure you understand what’s covered and what’s excluded.
Do I Need Gap Insurance?
Whether or not you need gap insurance can depend on the situation. If you’re financing a car, you might want to consider gap insurance if you put a down payment of less than 20% of the car’s value. It’s also important to consider how long you plan to keep the car. If you’re planning to keep the car for a while, gap insurance might be something to consider. Compare rates and coverage before you decide which gap insurance policy is right for you.
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