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Does Freeway Insurance offer gap insurance?
I’m currently insured through Freeway Insurance, but my lender insists that I add gap insurance to my policy for a new vehicle I’m about to purchase—which I’m dreading. Does Freeway Insurance offer gap insurance?
Mariza Morin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s great news about the new car—but we don’t blame you for not wanting to purchase even more insurance coverage. To answer your question, Freeway Insurance does indeed offer
gap insurance
.Generally, lenders require gap insurance or Guaranteed Asset Protection to help pay the difference between the
actual cash value
of your new car and the car loan
you owe in the unfortunate event that it gets stolen or is considered a total loss. Although no one likes paying for extra insurance, gap coverage is actually a great investment so you don’t have to pay unexpected out-of-pocket costs—Freeway Insurance will pay off the balance that’s owed if your new car gets totaled. In order to add gap insurance to your current policy through Freeway Insurance, you’ll first need to purchase at least the minimum
liability coverage
required by your state, along with collision
and comprehensive insurance
. Keep in mind that Freeway Insurance’s gap insurance is only available for brand-new vehicles or vehicles less than one year old.
View full answer
- Gregory R.
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