Can You Get Gap Insurance On A Leased Vehicle
Can You Get Gap Insurance On A Leased Vehicle?
Leasing a vehicle is a great way to get a dependable mode of transportation without having to pay full price. However, it’s important to make sure you are properly protected in the event of an accident or theft. If you are considering leasing a vehicle, you may want to look into getting gap insurance.
What is Gap Insurance?
Gap insurance, also known as guaranteed auto protection, is an insurance policy that covers the difference between the amount you owe on a leased vehicle and the actual cash value of the vehicle in the event of an accident or theft. This difference is commonly referred to as the “gap”, hence the name.
Who Offers Gap Insurance?
The majority of car dealerships offer gap insurance policies, either through their own insurance company or a third-party. It’s important to shop around and compare rates as policies can vary greatly between companies. It’s also important to read all the fine print and understand exactly what is covered and what is not.
Is Gap Insurance Required?
Gap insurance is not typically required, however, it is highly recommended. If you are leasing a vehicle, the leasing company may require that you carry a gap insurance policy. Make sure to ask your car dealership or leasing company if gap insurance is required before signing a lease agreement.
What Does Gap Insurance Cover?
Gap insurance will typically cover the difference between the amount you owe on a leased vehicle and the actual cash value of the vehicle in the event of an accident or theft. This includes the cost of replacing the vehicle, as well as any associated costs such as towing, storage, and rental car expenses. It may also cover the cost of any unpaid lease payments.
Is Gap Insurance Worth It?
Yes, gap insurance is worth it if you are leasing a vehicle. It can help protect you financially in the event of an accident or theft. It is important to shop around and compare rates to make sure you are getting the best deal. It is also important to read all the fine print and understand exactly what is covered and what is not.
Leasing vs. financing a car (and how it affects your insurance
Gap Insurance for your New or Leased Cars
Why do You Need Gap Insurance? | Car lease, Insurance, Gap
How Does Gap Insurance Work? | RamseySolutions.com
What Is Gap Insurance On A Vehicle - Insurance Reference
