Does Usaa Incldue Gape Insurance
Does USAA Include Gap Insurance?
What is Gap Insurance?
Gap insurance is an optional form of coverage for car owners that help cover the gap between what you owe on your car loan and the current market value of the car. Gap insurance is often sold through dealerships at the time of purchase. The coverage pays the difference in the event the car is totaled and the insurance company only pays out the current market value of the car. It is important to know if your auto insurance policy includes Gap insurance before you purchase a new or used car.
Does USAA Include Gap Insurance?
USAA does not offer Gap insurance as part of its auto insurance coverage options. However, USAA does offer GAP coverage through its Extended Vehicle Protection (EVP) program. This program is an optional add-on that can be purchased through USAA and provides coverage for the difference between the actual cash value of your vehicle and the amount you owe on your loan. The coverage is available for new and used cars. It also includes coverage for lease payments.
What Does USAA's Gap Insurance Cover?
USAA's Gap Insurance covers the difference between the actual cash value of your vehicle and the amount you owe on your loan. This coverage also includes reimbursement for up to $50 for the deductible on your existing collision coverage in the event of a total loss. Additionally, the coverage pays up to $1,000 in towing and labor costs if your vehicle is disabled due to a mechanical breakdown.
How Much Does USAA's Gap Insurance Cost?
USAA's Gap Insurance coverage varies in cost depending on the term of the policy. The cost can range from $50 to $100 for a one-year policy, or from $100 to $300 for a three-year policy. USAA also offers a five-year policy for $500. The cost of the coverage is in addition to the cost of your regular auto insurance policy.
Is USAA's Gap Insurance Worth It?
Whether or not USAA's Gap Insurance is worth it will depend on your individual situation. If you are financing a new or used car, it is definitely worth looking into. Gap Insurance can provide you with peace of mind in the event that your vehicle is totaled and the insurance company only pays out the current market value of the car. However, if you are driving an older vehicle that is not financed, the coverage may not be worth the cost.
Conclusion
USAA does not offer Gap Insurance as part of its standard auto insurance coverage, but does offer coverage through its Extended Vehicle Protection (EVP) program. The cost of the coverage varies depending on the term of the policy, and can range from $50 to $500. Whether the coverage is worth it or not will depend on your individual situation. If you are financing a new or used car, it is definitely worth looking into.
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