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.

Answer provided by
Eric Schad
Answered on Jul 21, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“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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