How much is a monthly premium on gap insurance?
How much will gap insurance increase my monthly premium? I just bought a new car and I'm shopping around for rates. I also want to add gap insurance.
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Answered on Jul 21, 2021
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“Since you bought a new car, you’ll need full coverage car insurance per the stipulations of your loan, so be sure to factor that into your budget.
As far as gap insurance, the rate will vary depend on which car insurance company you go with.
You could reasonably expect to pay about $5 to $20 a month for gap insurance.
Remember that you won’t need it for the life of the loan, only until your loan balance breaks even with the value of the car—maybe a few years.
To get the best rates, shop with Jerry. Here you can compare dozens of rates from top insurers to get the best policy at the cheapest price.”
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