Does Progressive Insurance Have Gap Coverage
Wednesday, September 10, 2025
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Does Progressive Insurance Have Gap Coverage?
What is Gap Insurance?
Gap insurance, also known as loan/lease payoff coverage, is a type of car insurance designed to cover the difference between what you owe on a car loan or lease and the actual cash value of the vehicle in the event of a total loss or theft. If you have an auto loan or lease, gap insurance is an important consideration to help protect yourself from a financial hardship.
Does Progressive Insurance Offer Gap Insurance?
Yes, Progressive Insurance offers gap insurance coverage. Gap insurance is offered as an optional add-on to your existing car insurance policy and can be purchased at any time. The cost of gap coverage is typically a percentage of the loan or lease balance and is added to your standard insurance premium.
What Does Gap Insurance Cover?
Gap insurance covers the difference between the actual cash value of the car and what you owe on the loan or lease. This means that if your car is declared a total loss or stolen, gap insurance will help pay off the remaining balance of your loan or lease. It is important to note that gap insurance does not cover any other damages or losses, such as medical expenses or lost wages.
When Should I Consider Purchasing Gap Insurance?
If you are financing a car, gap insurance is an important consideration to help protect yourself from financial hardship. Gap insurance is especially important if you have recently purchased a new car, as the value of a new car can depreciate rapidly. Additionally, if you have made a large down payment on your car loan or lease, gap insurance may be beneficial in order to cover the remaining balance.
What Are the Benefits of Gap Insurance?
Gap insurance can offer a variety of benefits to those who have an auto loan or lease. In the event of a total loss, gap insurance can help cover the remaining balance of the loan or lease and save you from a financial hardship. Additionally, gap insurance can provide peace of mind knowing that if the worst happens, you are covered.
How Do I Purchase Gap Insurance?
Gap insurance is available as an add-on to your existing car insurance policy with Progressive Insurance. Gap coverage can be purchased at any time and is typically a percentage of the loan or lease balance. The cost of gap coverage is added to your standard insurance premium. When purchasing gap insurance, it is important to read the policy carefully and make sure you understand the terms and conditions of the coverage.
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