Do any other companies offer inexpensive gap insurance for a 2014 BMW 328i?

The dealership where I bought my car wants to charge me $900 for gap insurance. I don't want to pay that much and my insurance company only offers it for new cars. Are there any other options?

Answer
“You’ll want to reach out to other car insurance companies. Every company is different. While your current insurance carrier may only offer gap insurance on new vehicles, there may be another company willing to provide coverage.
Gap insurance can be an important coverage to have on a financed vehicle. By shopping around and requesting car insurance quotes online, you’ll be able to see what carriers will offer you the best rate and coverage.
If you aren’t able to find gap insurance through another carrier and still want coverage, you may have to go through your dealership. While it may cost a lot upfront, gap insurance can typically be canceled once it’s not needed anymore.
You can find out from the dealership whether you’d be able to cancel your gap insurance and possibly be refunded any unearned premiums.
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Emily Maracle
Answered on May 03, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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