Does Geico Provide Gap Insurance
Wednesday, December 3, 2025
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Does Geico Provide Gap Insurance?
What is Gap Insurance?
Gap insurance, or Guaranteed Asset Protection, is a type of coverage that helps you pay off your car loan if your vehicle is totaled or stolen and you owe more than its value. It is especially beneficial if you have a loan with an interest rate that is higher than the current market value of the car. In the event of a total loss, gap insurance will help you pay the remaining balance of your loan.
Does Geico Provide Gap Insurance?
Yes, Geico does provide gap insurance. They offer a variety of coverage options to meet your individual needs. Depending on the type of coverage you choose, you could be covered for up to $50,000 beyond the actual cash value of your car.
Geico’s gap insurance coverage is available for both new and used cars, and can pay for the difference between what you owe and what your car is worth at the time of a total loss. Geico’s gap coverage is also transferable if you sell your car, and can be added to your existing Geico auto policy.
When Do You Need Gap Insurance?
You might need gap insurance if you’ve purchased a new car and the loan amount is higher than the current market value of the car. This situation can occur if you put a large down payment or if you’ve financed the car over a long period of time.
Gap insurance is also important if you’re leasing a car, since the leasing company will require you to purchase gap insurance. It’s also important to consider the type of coverage you choose. If you’re financing a car with a loan, then you’ll need to make sure that the gap insurance coverage is enough to cover the loan balance.
What Does Geico's Gap Insurance Cover?
Geico’s gap insurance coverage includes protection for the difference between the amount you owe and the actual cash value of the car. This coverage can pay for up to $50,000 beyond the actual cash value of the car. Geico’s gap insurance also includes coverage for lease/loan payoff, towing, rental, and emergency roadside assistance.
How Much Does Geico's Gap Insurance Cost?
The cost of Geico’s gap insurance coverage depends on the type of coverage you choose and the state you live in. Generally, the cost of gap insurance coverage ranges from $20 to $30 per year.
Conclusion
Gap insurance is an important form of coverage that can help you pay off your car loan if your vehicle is totaled or stolen and you owe more than its value. Geico does provide gap insurance coverage, and their coverage can pay for up to $50,000 beyond the actual cash value of the car. The cost of Geico’s gap insurance coverage depends on the type of coverage you choose and the state you live in.
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