PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Do any car insurance companies offer gap coverage instead of loan/lease coverage?
I declined gap insurance from my lender and dealership. I'm considering getting it through an insurance carrier, but I've read that gap insurance and loan/lease coverage are different.
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“When insurance carriers offer loan/lease coverage, they are typically agreeing to pay 25% of the actual cash value of your vehicle.
Gap insurance normally covers the difference should you owe more on your loan than what your vehicle is worth.
There are insurance companies that offer loan/lease coverage and gap coverage. Based on the age of your vehicle and the length of time left on your loan, one could be more beneficial to you than the other.
Also, be aware that some carriers may refer to their gap insurance as loan/lease coverage. Before agreeing to add something to your policy, confirm the terms and conditions.
Progressive
and Travelers
are two companies that offer some form of gap insurance or loan/lease coverage. Shop around and compare prices to get the most affordable insurance. Gathering
car insurance quotes online
is a great start. “View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
.jpg&w=64&q=75){kind=avatar}
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
