Can I Add Gap Insurance With Geico?

What is Gap Insurance?

Gap insurance, also known as guaranteed auto protection or loan/lease coverage, is an optional coverage that goes beyond traditional auto insurance to cover the difference between the amount you owe on a car loan or lease and the car’s actual cash value in the event of a total loss. If you have an outstanding auto loan or lease balance and your vehicle is stolen or totaled in an accident, gap insurance will cover the difference between what you owe on the car and its actual cash value.

Do I Need Gap Insurance?

Whether you need gap insurance depends on a few factors. If you bought a new car and put down less than 20% of the purchase price, then you should consider gap insurance. This is because if the car is totaled or stolen, the difference between what you owe and the car’s actual cash value may be significant.

If you have an existing auto loan, gap insurance may also be beneficial. This is because the car’s value may have depreciated significantly since you first purchased it, which means the difference between what you owe and the car’s actual cash value could be more than you expect.

Can I Add Gap Insurance With Geico?

Yes, you can add gap insurance with Geico. Geico offers gap insurance as a separate optional coverage, which means you can add it to your existing coverage or purchase a separate policy.

To add gap insurance to your existing coverage, you can simply log into the Geico website and add the coverage to your policy. You can also call Geico’s customer service line to add the coverage over the phone.

Alternatively, you can purchase a separate gap insurance policy from Geico. The coverage is available for both new and used cars, and the rates are competitive. You can get a free quote for gap insurance on the Geico website.

What Does Gap Insurance Cover?

Gap insurance covers the difference between what you owe on your car loan or lease and the car’s actual cash value in the event of a total loss. This includes losses due to theft, vandalism, natural disasters, and accidents.

It’s important to note that gap insurance does not cover any other damages. If your car is in an accident and needs repairs, gap insurance will not pay for those repairs. It will only cover the difference between what you owe and the car’s actual cash value in the event of a total loss.

Conclusion

Gap insurance is an optional coverage that can be beneficial if you have an outstanding auto loan or lease balance. Geico offers gap insurance as a separate optional coverage, which means you can add it to your existing coverage or purchase a separate policy. Gap insurance covers the difference between what you owe on your car loan or lease and the car’s actual cash value in the event of a total loss, but it does not cover any other damages. If you’re looking for additional coverage for your car, gap insurance may be a good option.