Gap Insurance Coverage Information

GAP Insurance waivers provide protection for consumers when a "gap" exists between the actual value of their vehicle and the amount of money owed to the bank or leasing company.

Unfortunately this "gap" exists for the majority of consumers today who are currently making monthly payments on their personal auto loan or lease.

Dealers typically charge $700-$900 for gap coverage that can be bought online for $299.

$299 ONE TIME PRICE FOR THE LIFE OF YOUR LOAN!

In the above example your insurance company would generally pay the Value of Car making you liable for the Negative Balance amount. You would need to pay this amount in cash, credit, or you can try to make an arrangement with the lender to make payments. Many banks would want to see this amount paid before they would be willing to lend you money for your next car.

GAP protection would pay the $3500 freeing you of any more financial obligations and allowing you to replace your wrecked or stolen vehicle.

Every day hundreds of people shell out thousands of dollars to pay off their personal vehicle that was deemed a total loss by accident or theft... even though they have a good auto insurance policy. Will you be next? Find out with our GAP quiz.

1) Are you financing your vehicle for longer than 24 months?

2) Was your down payment less than 20% of the purchase price of your vehicle?

3) Are you leasing your vehicle?

4) Do you own a high risk theft vehicle? click here for the list

5) Do you use your vehicle to get to work or for work purposes?

6) If your vehicle was a total loss (wrecked beyond repair) or stolen would you need to replace it right away?

7) Do you currently owe more than your vehicle is worth? Click here to find out

If you answered "yes" to two or more of the above questions you, along with millions of other Americans, are in the high risk group.

Dealership!!! - you can purchase Gap Insurance (or gap waiver) when you purchase your car at the dealership. Most dealerships offer this coverage. But, you need to make sure you are paying a fair price! Many dealerships will overcharge for this coverage, around $600-$950 sometimes even in thousands. The exception to this is states that regulate the sale of Gap as strictly an insurance product - those states include Alabama, Michigan, New York, Oregon, and Texas. All other states currently regulate Gap as a waiver product allowing it to be marked up to almost any amount the dealer can charge.

Your insurance company!!! - Insurance companies have been remiss in not sharing the benefits of Gap Insurance with their customers. Check with your insurance company to see if they can provide this coverage.

GapInsuranceQuotes.com - If you purchased or refinanced your vehicle in thepast 12 months you can purchase gap insurance from GapInsuranceQuotes.com A- Rated (A.M. Best) insurance company provides superior security and is a proud member of the Better Business Bureau.