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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.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.
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.”View full answer
- Gregory R.
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