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Does gap insurance from a car insurance company cover negative equity?
I want to reject my lender's gap insurance based on the cost. Will my gap insurance from my car insurance company cover negative equity?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“
Gap insurance
covers negative equity if you’re in accident where you’re at fault. If your vehicle is totaled and you have gap insurance, it would cover the difference between what you owe on your loan and the value of your vehicle.A gap insurance policy from a
car insurance
company will typically cover the same amount as a lender’s gap insurance. However, every company is different. Some carriers may pay a specific amount or percentage of coverage when your vehicle is totaled as opposed to the total remainder of the loan balance.Before you reject your lender’s gap insurance, you’ll want to shop around and compare coverage. Use the
Jerry
app to compare coverage from top insurers to find the best rate.”View full answer
- Gregory R.
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