1. What is Gap Vehicle Insurance? Insurance that ensures the owner for the difference between what is owned on the vehicle and what the insurance company determines that the automobile is worth.
2. Who Needs Gap Vehicle Insurance? Gap Vehicle Insurance is usually needed if you owe more on the automobile than it is actually worth-ie: if you have negative equity in the vehicle.
3. Is Gap Vehicle Insurance Required? Most lending institutions don't require the insurance. However, if you are leasing an automobile it might be required.
4. Can I Get It On a Used Automobile? Depending upon the insurance provider, you might be able to get Gap Vehicle Insurance on an older model automobile.
5. Where Can I Get It? Gap Vehicle Insurance can be purchased at the dealership at the time of the transaction. It can also be purchased from local insurance providers or through providers on the internet.
6. What Does It Cover? Most policies only cover accidents and theft.
7. Do I need Gap Vehicle Insurance and Traditional Insurance? Traditional insurance covers you for vehicle damage and any resulting injuries. Gap insurance only covers you for the difference between what is owed on the automobile and what the insurance company determines the automobile is worth.
8. How Much Does It Cost? The average cost of a Gap Vehicle Insurance policy is between $300-$700.
9. Do I Have To Purchase Gap Vehicle Insurance When I Purchase My Automobile? No. Most insurance companies will allow you to purchase it after the transaction has been completed.
10. Is Gap Vehicle Insurance Available In All States? Most every state offers some type of gap insurance. Check with your state's insurance commission for a list of providers.
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