Gap Insurance

getting to know

Gap Insurance

Gap insurance pays for the difference between the value of a car at the time it is totaled in an accident or stolen, and the balance of its loan or lease. Standard comprehensive and collision insurance policies only reimburse the value of the totaled car, not any balance owed on a loan or lease. For example, if you owe $20,000 on your loan and your car is only worth $15,000, your policy’s loan or lease coverage covers the $5,000 gap, minus your deductible

We Can Help You Find The Right Gap Insurance Plan

There are a lot of gap insurance options. We can help you make the right decision to purchase a plan that works best for you.

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Find A Plan For Your Needs

Do I need gap insurance?

Gap insurance isn’t required by any insurer, but some leasing companies may ask you to purchase it. Also, when buying a new car, some dealerships may add gap insurance to your loan. You can, however, decline the coverage.

Is gap insurance worth it?

Yes, but generally when there’s a significant difference between your car’s value and what you owe on it.

Consider buying gap insurance in these instances:

  • You have a longer financing term for your car. The longer your car is financed, the higher the chance of you owing more on the car than it’s worth.
  • You want to protect yourself against your car’s depreciation. Some cars have a higher depreciation rate than others.
  • You have a loan rollover. If you owe more on the loan than your car is worth at the time of renewal, gap insurance can help protect you against negative equity.

How much is gap insurance?

You can get gap insurance from the dealership or bank that’s financing your car or an auto insurance provider. Keep in mind: gap insurance is generally more expensive if you get it from the dealership or bank than it is to add to your full car insurance coverage.

What our clients are saying

  • Eryca & Natali were exceptionally helpful. With this being my first time ever having to do this with never being taught they made the process smooth and less stresssful. They are very professional and I would definitely recommend them.

    Jay Avatar Jay
    November 14, 2023

    KIG WAS amazing, super helpful, answered all of my questions and got back to me in a timely manner. Anthony was my agent- the best the have. Highly recommend working with Anthony. Hes timely, responsive, respectful, and makes sure you truly understand your plan. Thank you KIG!

    Amanda Landers Avatar Amanda Landers
    October 20, 2023

    Eryca is Always happy to help me out with anything ..she’s made things for me so much easier..

    Frankie Irizarry Avatar Frankie Irizarry
    October 20, 2023
  • I have only had the best experiences with this insurance group.

    Marissa Helman Avatar Marissa Helman
    October 20, 2023

    Great insurance office great ppl very helpful

    Asi Loloi Avatar Asi Loloi
    October 20, 2023

    We found out we’re expecting and they helped us get the insurance and went the distance to find accepting doctors in our area! Highly recommended, made a stressful scenario go by with ease!

    dean albright Avatar dean albright
    August 20, 2023
  • My agent Crystal Middleton is a Godsend. She has helped me thru all my paperwork. Were it not for her I would be totally lost.Thank you for everything Crystal God Bless You...

    Charles Burton Avatar Charles Burton
    July 20, 2023

    Eryca was amazing and so much help a special thank you to her she was so patient especially because my English is no good great communication skills I really appreciate her -Hagit mamia

    Baking with Avigail Avatar Baking with Avigail
    July 20, 2023

    Excellent service. Crystal is very knowledgeable, professional & personable. All my options were explained & all my questions answered. I have and will continue to refer friends and family.

    Pietrina Pensabene Avatar Pietrina Pensabene
    July 20, 2023
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