Search results
Results from the WOW.Com Content Network
Some auto insurers, like Geico, do not offer gap insurance, while others vary in how this protection is offered and how it works. Here’s a quick look at a few options: Here’s a quick look at a ...
Gap insurance does not pertain to purchasing a new vehicle. ... For example, State Farm and Geico, two of the largest auto insurance companies in California, are not gap insurance providers.
Gap insurance. If you still owe money on your car, this pays the difference between what you owe on your car loan and what your car is worth if it's totaled or stolen.
Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies or auto loans. A GAP policy covers the difference between the value of a car (i.e., what the insurance company will typically pay), and what the borrower owes on the loan if the car is totaled or stolen.
GAP is an optional purchase, but many states in the US require that a car dealership offer GAP at the point of purchase. Other states require insurers to offer GAP if a client requests it. [6] States such as Louisiana require that the purchaser sign a disclosure document as proof. [7] [8] Although GAP is optional, some finance companies require ...
If you do not have gap insurance, you might have to pay the difference of $6,000 out of pocket. On the other hand, say you purchased gap coverage. The car insurance company may help pay the $6,000 ...
GEICO is a wholly owned subsidiary of Berkshire Hathaway, which provides coverage for more than 24 million motor vehicles owned by more than 15 million policy holders as of 2017. GEICO writes private passenger automobile insurance in all 50 U.S. states and the District of Columbia. The insurance agency sells policies through local agents ...
Some insurance companies might also require your vehicle to be brand-new in order for you to purchase gap insurance. This usually means your vehicle is under 3 years old and that you are the ...