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What's the difference between full coverage and gap insurance

If the car is totaled in an accident or stolen, standard car insurance will only pay you the current value, so you'll lose money paying back the original loan or lease. Gap insurance covers this gap between the depreciated value of the car and the amount owed on the loan.

Is GAP insurance worth it if I already have full coverage?

You might be wondering to yourself: Is buying GAP insurance worth it, especially if I already pay for full coverage auto insurance? Well, if there is a chance of you ever being upside down on your auto loan-regardless of car insurance policy coverage-you need to consider a gap policy.

What is the difference between GAP insurance and loan payoff?

Loan/lease payoff will also protect you if your car is stolen or totaled. This type of coverage, unlike gap insurance, can be purchased for used cars. Also, it won’t pay the whole loan amount that you still owe on your vehicle – it usually covers a set percentage (around 25%) of your car’s ACV (actual cash value).

What is the difference between GAP insurance and new car replacement?

This type of coverage will reimburse your vehicle if it gets totaled. The difference between new car replacement and gap insurance is that the latter will pay out the actual cash value of your car, while new car replacement will provide money for a brand new vehicle of the same make and model (minus the deductible).

Gap insurance typically costs somewhere between $20 to $60 a year, making it a real bargain. As a general rule, you will pay 5% to 6% of your comprehensive and collision coverage costs for gap insurance. However, you likely will only get these low rates if you purchase your policy from a car insurance company.

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