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How does Ameriprise gap insurance work?
My dealer recommended that I consider gap insurance and it seems like my company offers it. How does Ameriprise gap insurance work?
Bonnie Stinson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Ameriprise gap insurance is an add-on policy that helps cover you if your new leased or financed car is totaled or stolen.
Let’s say you financed a new car at $40,000 and you have Ameriprise gap insurance. Six months later, the car’s
ACV (actual cash value)
is only worth $35,000 due to depreciation—but you still owe $38,000. If your car is stolen or totaled, you’d have coverage for the $35,000 thanks to your collision and comprehensive coverage, but you’ll still be short $3,000 on your $38,000 amount owed. That’s where gap insurance kicks in, so you don’t have to pay out-of-pocket on a car you don’t own anymore.
Ameriprise is part of the American Family brand. While not all insurance companies offer gap insurance, Ameriprise does! You can only get Ameriprise gap insurance if you also have
collision
and comprehensive coverage
.This company offers several other useful add-ons, like roadside assistance and
accident forgiveness
.View full answer
- Gregory R.
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