I’m considering buying a new car for the first time, and my sister told me I need to look into gap insurance. Does Country Financial have gap insurance?
—and some car loans and leases may require it. If your car is totaled in an accident or stolen, gap insurance can cover the difference between your loan or lease balance and the car’s actual cash value (ACV).
While you can also get gap insurance from a dealership or the financial institution servicing your loan, it often becomes cheaper through a car insurance company. When gap insurance is added to your car loan, it’s typically added to your principal balance, which leaves you with more interest charges.
If you’re looking for gap insurance but your current
provider doesn’t offer it, you could either keep your current coverage and find a standalone gap insurance policy elsewhere, or switch providers altogether.
The following are popular insurance providers that do offer gap insurance:
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