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How do I qualify for gap insurance on my brand-new Honda?
Are there any qualification requirements I should know about for gap insurance? And how do I apply?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you are buying a new car, the odds are the dealer will bring up the option of purchasing
gap insurance
. If they don’t, make sure to ask about it before you sign the contract for your car. The primary qualifications for gap insurance are as follows:
- You must have a lease or loan for your vehicle.
- The car must be no more than two or three model years old.
If you are fortunate enough to pay for your new car with cash, you won’t need to worry about buying this coverage.
If you purchase gap insurance from the dealership, it will be rolled into your loan and you will be paying interest on it as part of your car payment.
Several carriers like Progressive and Nationwide offer gap insurance as an add-on option for their policies, and at a much lower price than the dealership. If you get a lower price from your carrier, you can secure the new coverage first and then cancel the more costly gap insurance with the dealership. “
View full answer
- Gregory R.
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