How Much is Gap Insurance?

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After purchasing a new or used luxury vehicle in Clarendon Hills, you will have multiple insurance coverage options to consider. You may be thinking, “How much is gap insurance and what does it cover?” Typically drivers in the Elmhurst area will have two options: buy the gap insurance from their insurer or add it onto their auto loan. Get additional information about the gap insurance price and whether it’s worth purchasing from the financial experts at INFINITI of Clarendon Hills.

Average Cost of Gap Insurance

The gap insurance cost will depend on where you purchased it. Let’s take a look at your options:

  • Purchase from your current auto insurer: Usually, gap insurance costs about $20 per year when you purchase from your regular auto insurer – the same insurer who provides your comprehensive and collision insurance.
  • Add gap insurance onto your car loan: Many lenders give car buyers the option of adding gap insurance onto their car loans. You will then pay one flat fee for the coverage instead of yearly payments, which will range from around $500 to $700.
  • Purchase standalone gap insurance: There is a chance you will not be able to get gap insurance as part of your overall insurance plan. Instead, you could purchase it on its own, and there is a one-time fee of $200 to $300.

Is Gap Insurance Worth it?

Many car buyers can work gap insurance into the budget. Whether you are going to pay $20 per year or one flat fee, you can commute through Hinsdale in confidence. There are several reasons why adding this extra coverage can be a great idea, no matter if you are driving a new or used car:

  • If your vehicle is ever stolen or damaged in an accident and deemed a “total loss,” gap insurance will cover you.
  • If you get into an accident and you owe more on your auto loan than what the car is worth, you are covered under the gap insurance.

Get More Car Buying Tips from INFINITI of Clarendon Hills!

Now that you know, “How much is gap insurance,” it’s time to get details about other affordable ways to protect your vehicle. If you have more questions about the average cost of gap insurance or would like more car buying tips like what is good mileage on a used car or what is a secured auto loan, don’t hesitate to reach out to our team.

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