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Do any companies offer stand-alone gap insurance?
I’m shopping for a new car and I know I’ll need to buy gap insurance. I thought I could get it through my car insurance company but they don't offer it. Are there any insurers that offer gap insurance as a stand-alone option? I don't want to switch insurance companies.
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If your car insurance company doesn’t offer
gap insurance
, you may be able to purchase a stand-alone gap insurance policy through:- Your car dealership
- The bank or credit union financing your loan
- An independent gap insurance company
If you get gap insurance through the dealership, a bank, or a credit union, your gap insurance payments will likely be incorporated into your loan or lease payments. Unfortunately, this means that the policy will be more expensive since you’ll be paying interest for the duration of your loan.
For a truly stand-alone policy with a one-time payment, you can purchase gap insurance from a separate company.
Popular stand-alone gap insurance providers include:
- AutoPay: Coverage for up to 150% of the vehicle’s MSRP (available for vehicles with values up to $100,000) with terms of up to seven years. Covers losses up to $50,000 and insurance deductibles up to $1,000. Can be canceled at any time, at which point you may be eligible for a prorated refund.
- EasyCare: Covers loans for up to 150% of the vehicle’s value with terms of up to seven years. Covers up to $50,000 of the gap between your insurance payout and the remaining balance on your loan or lease. Covers insurance deductibles up to $1,000. This coverage must be purchased when you initially purchase your vehicle.
Call one of these providers to get a quote.
View full answer
- Gregory R.
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