How Much is Gap Insurance?

Car insurance paperwork with car key

So, how much is gap insurance? If you’re starting to research gap insurance prices and benefits, it may seem like there’s a lot to learn. However, our finance team is always standing by ready to assist. What is the average gap insurance cost, and is the coverage worth the investment? The good news is that the average gap insurance price is actually quite low – when compared to your whole policy. That’s why many lenders will bundle the gap insurance cost into your car loan, or into your car insurance policy. If you’re curious about gap insurance prices and benefits, check out the below guide by Rocky's Auto Credit near Phoenix!

Gap Insurance Cost As Part of Your Regular Policy

How much is gap insurance if it’s an add-on to your current policy? It is important to note that the average cost of gap insurance varies based on quite a few factors. However, the average gap insurance price is just $20 per year! Most of our Glendale customers prefer to go this route, as it’s the most convenient. However, there are some insurers that do not provide this as part of an existing policy, in these cases gap insurance would be a standalone policy.

Gap Insurance Cost As a Standalone Policy

Here, we’ll explore the average cost of gap insurance as a standalone policy. When you get your gap insurance price as a standalone policy, you’ll notice that it’s a little higher, but it is still pretty affordable when compared to other types of coverage. So, how much is gap insurance in this case? Gap insurance coverage as a standalone policy typically costs between $200 and $300 as a one-time fee. In certain cases, paying for your gap insurance in a lump sum makes it easier to secure a gap insurance refund.

Gap Insurance Cost From Your Lender

Many auto loan lenders are willing to wrap the gap insurance price into your car loan. In this case, you’ll want to explore the average cost of gap insurance from your lender. This one-time fee often costs between $500 and $700. This is due to the fact your lender understands that your car sometimes depreciates more quickly than your payment plan pays it off, so they want to ensure that your investment is covered in the event of a full loss.

The Rocky's Auto Credit Finance Team is Here to Help!

Our finance experts at Rocky's Auto Credit are here to help Tempe drivers through their various insurance options. Our skilled team can explain why gap insurance is so important and why it is worth considering. Moreover, we make it easy for you to get behind the wheel of your next used vehicle. You can even apply for financing online with ease. Contact us to learn more today!

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