Does Progressive Do Gap Insurance
Friday, May 9, 2025
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Does Progressive Do Gap Insurance?
What Is Gap Insurance?
Gap insurance is an auto insurance policy that covers the difference between what you owe on your car loan and the actual cash value of your car in the event that it is totaled or stolen. The gap in question is the difference between what your car is worth and what you owe on it. For example, if you owe $30,000 on your car loan and the car is worth $28,000 at the time of a total loss, then the gap insurance would cover the remaining $2,000.
Why Is Gap Insurance Important?
Gap insurance is important because if you were to experience a total loss, your regular car insurance policy may only cover the actual cash value of your car. This means that if you still owe money on your car loan, you could be left with a financial burden. Gap insurance essentially bridges that gap and helps you pay off the loan more quickly.
Does Progressive Do Gap Insurance?
Yes, Progressive does offer gap insurance. It is offered as part of their Total Loss Protection package. This package includes a number of other benefits, such as loan/lease payoff, new car replacement, and rental car reimbursement. All of these benefits are included in the package, which can be purchased for a single low rate.
What Are the Benefits of Gap Insurance from Progressive?
Gap insurance from Progressive offers a number of benefits. First, it offers peace of mind in the event of a total loss. It can also help you pay off your car loan more quickly if you experience a total loss. Additionally, it can help you replace your car if it is totaled or stolen, and can cover the difference between what your car is worth and what you owe on it.
Is Gap Insurance Worth It?
Gap insurance is definitely worth considering if you owe more on your car loan than the car is worth. It can help provide peace of mind, as well as help you pay off your loan more quickly and replace your car if it is totaled or stolen. Progressive offers gap insurance as part of their Total Loss Protection package, which can be purchased for a single low rate.
Conclusion
In conclusion, Progressive does offer gap insurance as part of their Total Loss Protection package. Gap insurance can help provide peace of mind, as well as help you pay off your loan more quickly and replace your car if it is totaled or stolen. It is definitely worth considering if you owe more on your car loan than the car is worth.
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