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Does Elephant Insurance offer gap insurance?

I’m saving up to buy a BMW. When I buy it, I’m definitely going to insure it with gap insurance. Does Elephant Insurance have gap insurance?

avatar
Melanie Johnson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A
BMW
 is a vehicle worth saving up for! You’ll be pleased to know that Elephant Insurance does offer
GAP insurance
.
It’s a good idea to purchase gap insurance (also known as Guaranteed Auto Protection insurance) which protects you from paying the price of depreciation if you’re involved in an accident. With this protection, your insurer will pay the difference between your shiny new BMW’s actual cash value
ACV
 and the amount you still owe on your
car loan
 or lease.
Elephant Insurance offers gap insurance as a policy add-on. You may also decide to purchase this coverage through your bank, loan provider, or credit union. However, not all drivers benefit from gap insurance.
Gap insurance may not be right for you, if:
  • You plan to pay for your car upfront
  • You plan to put more than 20% down at the time of purchase
  • You plan to pay off your car loan within five years
  • You don’t have a full coverage car insurance policy
Best of luck saving up for your BMW!
MORE:
Do any companies offer standalone gap insurance?
Car InsuranceGap Insurance
View full answer 
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