Does Geico Sell Gap Insurance
Does Geico Sell Gap Insurance?
Gap insurance is a vital form of coverage for drivers who are looking to protect their vehicles and wallets in the event of a total loss. But if you’re an insurance customer with Geico, you may be wondering if the company offers gap insurance. The answer is yes, Geico does offer gap insurance coverage.
What Is Gap Insurance?
Gap insurance is a type of coverage that helps drivers cover the “gap” between the amount they owe on their vehicles and the actual cash value of their cars should they be totaled or stolen. Without gap insurance, drivers would be on the hook for the difference between the two figures.
How Does Gap Insurance Work?
Gap insurance works by covering the difference between what a driver owes on their vehicle and the actual cash value of their car. For example, say a driver has a car worth $15,000. If the driver has a loan balance of $18,000, the gap between the two figures is $3,000. Gap insurance would help the driver cover this difference, so they would not be left with a large bill after their car is totaled or stolen.
Who Can Buy Gap Insurance?
Gap insurance can be purchased by anyone who is looking to protect their vehicle and wallet in the event of a total loss. This type of coverage is especially beneficial for drivers who have a loan on their vehicle, as it helps them avoid being stuck with a large bill after their car is totaled or stolen.
Does Geico Offer Gap Insurance?
Yes, Geico does offer gap insurance coverage. Geico gap insurance is offered as an add-on to standard auto insurance policies, and it can help drivers cover the difference between the amount they owe on their vehicle and its actual cash value if it’s totaled or stolen.
How Much Does Gap Insurance Cost?
The cost of gap insurance varies depending on the insurer, but it typically ranges from $20 to $30 per year. Geico gap insurance is offered as an add-on to standard auto insurance policies, and the cost is typically determined by factors such as the type of vehicle, the driver’s age, and the driver’s driving record.
Conclusion
Gap insurance is a vital form of coverage for drivers who are looking to protect their vehicles and wallets in the event of a total loss. Geico offers gap insurance coverage, and the cost of the coverage varies depending on factors such as the type of vehicle, the driver’s age, and the driver’s driving record.
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