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How Much is Gap Insurance?

If you've ever financed a new or pre-owned vehicle, you may have heard of gap insurance. But how much is gap insurance, and is it a necessary expense? Gap insurance covers the difference between your car’s value and what you owe on your loan if it's totaled or stolen. 

 

Generally, Warner Robins drivers have two options: purchase gap insurance from their insurer or add it to their auto loan. Being aware of gap insurance prices can help you make an informed decision about protecting your investment. Let’s break down the average cost of gap insurance and whether it's worth it for your vehicle. 

Average Cost of Gap Insurance

Again, the average cost of gap insurance varies depending on who it's purchased from. Here’s an overview of your options:

 

  • Purchase from your current auto insurer: Usually, gap insurance costs about $20 per year when you purchase from your regular auto insurer, i.e. the same insurer who provides your comprehensive and collision insurance.
  • Add gap insurance onto your car loan: Many lenders give Hawkinsville borrowers the option of adding gap insurance onto their car loans. Choosing this option usually means you'll pay one flat fee for coverage, as opposed to yearly payments. Costs range from around $500 to $700.
  • Purchase standalone gap insurance: Depending on your insurer, you may not be able to get gap insurance as part of your overall insurance plan. Instead, you may be able to purchase it on its own. In this case, the average cost of gap insurance is a one-time fee of $200 to $300.

Get More Car-Buying Tips from Genesis of Macon

If you’re still asking: How much is gap insurance or you're wondering if it's the right choice for your next vehicle purchase, contact us to learn more. We're here to answer all your questions and guide you through the car-buying process. When you visit Genesis of Macon near Dublin to trade in your current vehicle, our finance team will review all your insurance and financing options for a worry-free car ownership experience. 

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