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How Much is Gap Insurance?

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When you purchase a new or used car in Louisville, KY, you have to choose between a wide range of insurance options. Therefore, you may wonder, “how much is gap insurance?” It really depends how you introduce it to your policy. Often, you can purchase gap insurance from your provider, or add it to the cost of your loan. Let’s learn more about gap insurance price with the experts at Don Franklin Auto! For more information, feel free to contact us anytime!


Average Cost of Gap Insurance

The average cost of gap insurance depends on where you acquire it. Let’s check out some of the options available:

  • Purchase from your current auto insurer: On average, gap insurance only costs around $20 annually when you go through your insurer, which is the same one which gives you comprehensive and collision insurance.
  • Add gap insurance onto your car loan: Depending on the lender, you may be able to add gap insurance to your loan. This often means that you will only pay the fee once, which is usually around $500-$700.
  • Purchase standalone gap insurance: In some cases, your insurer will not offer you gap insurance with your policy. However, it may be available for purchase as a standalone policy. If this is the case, you can expect to pay anywhere from $200 to $300.

Gap Insurance Price: Is ItWorth It?

The price for gap insurance is quite affordable, and you could certainly be able to add it to your budget. However, you should decide whether to just pay $20 annually or one flat fee. No matter which you choose, you’ll be able to drive around Russel Springs, KY with the peace of mind that you’re covered. Let’s check out some of the reasons you should consider adding gap coverage to your insurance policy.

  • If your vehicle is either involved in an accident or stolen and is totaled, gap insurance has you covered.
  • In the event you are involved in an accident and your outstanding balance on your car loan is more than the value of the vehicle, gap insurance will kick in and cover you.

Learn More About Gap Insurance Price from Don Franklin Auto!

Now that we’ve answered the question, “how much is gap insurance”, you can stop by Don Franklin Auto in Lexington to see which policy would be right for you. If you’re still unsure about the average cost of gap insurance near Somerset, KY, you can get in touch with our finance center for more information! If you’re interested in a new vehicle, check out our new vehicle specials!

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