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Does Chubb offer gap insurance?
I’m about to buy my dream car: a Ferrari! I’m currently working with Chubb for auto insurance, and I want to make sure I’m covered if anything happens to my new baby. Does Chubb sell gap insurance?
Sarah Gray · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We can only imagine how excited you must be—congrats on your amazing new car! Unfortunately, Chubb doesn’t offer
Guaranteed Asset Protection (gap insurance)
. They do, however, offer a product that may be much more in line with the type of vehicle you’re purchasing—agreed-value coverage. While gap insurance covers the “gap” between what you owe on your
car loan
and your vehicle’s actual cash value (ACV), Chubb’s agreed value coverage allows drivers of exotic cars to determine the worth of their vehicle. This means that if your new Ferrari should be declared a total loss, Chubb will pay out the amount you agreed to at the onset of your policy.While Chubb specializes in auto policies for high-value vehicles, it doesn’t necessarily mean they’re the best provider for you, though. Before you settle on a policy through your current provider, take the time to compare
car insurance quotes
from at least a handful of other providers to make sure you have all the coverage you need at the best price.MORE: How to decide between market value or agreed value
View full answer
- Gregory R.
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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.
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