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Does Encompass offer gap insurance?
I currently have a car insurance policy through Encompass, but I’m about to purchase a new vehicle and need to get gap insurance to finance it through my lender. Does Encompass offer gap insurance?
Mariza Morin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Lenders usually require Guaranteed Asset Protection or gap insurance, to cover the difference between what you still owe on your
car loan
or lease and the actual cash value
of your new vehicle in case it gets totaled or stolen. This is a great investment so you don’t end up having to pay any unexpected out-of-pocket costs. But with Encompass, you’ll also need to be covered by collision
and comprehensive insurance
in order to add gap insurance to your policy. Encompass also offers Auto Replacement Protection which includes gap coverage as well! With this coverage, the replacement costs are covered for insured vehicles that are total losses. For vehicles up to two years old, your totaled vehicle can get replaced with a current model year or a new similar model, while for vehicles three to 15 years old, they may be replaced with a newer car—within 20,000 miles—of a similar make and model.
And if you’re looking for savings, don’t forget to ask Encompass about their New Car Discount!
View full answer
- Gregory R.
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