Does Progressive Offer Gap Insurance?

Gap insurance is a type of auto insurance that covers the difference between the actual cash value of a vehicle and the amount owed on a loan or lease in the event of a total loss. Many car owners are unaware of this coverage and may be left with significant out-of-pocket expenses if their car is declared a total loss. If you’re considering purchasing gap insurance, you may wonder if Progressive offers this coverage. In this article, we’ll answer that question and provide you with everything you need to know about gap insurance.

What is Gap Insurance?

Gap insurance is designed to protect car owners from financial losses that can occur when a vehicle is declared a total loss. When a car is totaled, its value is determined by the insurance company based on factors such as the car’s age, condition, and mileage. However, this amount may be less than what the car owner owes on their car loan or lease. This is where gap insurance comes in.

Gap insurance covers the difference between the actual cash value of the car and the amount owed on the loan or lease. This coverage can help car owners avoid significant out-of-pocket expenses that can occur when a car is totaled.

How Does Gap Insurance Work?

Gap insurance is typically sold as an add-on to your existing auto insurance policy. It can be purchased from your insurance company or from a third-party provider. The cost of gap insurance varies depending on factors such as the value of your car and the length of your loan or lease.

If your car is declared a total loss, your gap insurance coverage will kick in to cover the difference between the actual cash value of the car and the amount owed on the loan or lease. This can help you avoid having to make significant out-of-pocket expenses to pay off your car loan or lease.

Does Progressive Offer Gap Insurance?

Yes, Progressive does offer gap insurance. In fact, the company offers a range of auto insurance products, including gap insurance, to help drivers protect their vehicles and finances. You can purchase gap insurance from Progressive as an add-on to your existing auto insurance policy.

How to Purchase Gap Insurance from Progressive?

To purchase gap insurance from Progressive, you can contact your local agent or call the company’s customer service line. You’ll need to provide information about your car, such as its make, model, and year, as well as information about your loan or lease. Progressive will provide you with a quote for gap insurance that includes the cost of the coverage and any deductibles or copays.

Once you’ve decided to purchase gap insurance from Progressive, you’ll need to provide payment information and sign the required paperwork. The company will then add gap insurance to your existing auto insurance policy, providing you with peace of mind knowing that you’re protected in the event of a total loss.

FAQs About Gap Insurance

Question
Answer
Is gap insurance required by law?
No, gap insurance is not required by law. However, it may be required by your lender or lease holder.
Do I need gap insurance if I have full coverage?
Full coverage insurance may not provide enough coverage to pay off a car loan or lease in the event of a total loss. Gap insurance can help fill this coverage gap.
How long does gap insurance last?
Gap insurance typically lasts for the duration of your car loan or lease.
Can I cancel gap insurance?
Yes, you can cancel gap insurance at any time. However, you may be required to pay a cancellation fee.
Do I need gap insurance if I own my car?
No, gap insurance is designed to protect car owners who owe more on their car loan or lease than the car is worth. If you own your car outright, gap insurance is not necessary.

Conclusion

Gap insurance is an important type of coverage that can help car owners avoid significant out-of-pocket expenses when their car is declared a total loss. If you’re considering purchasing gap insurance, it’s important to know that Progressive does offer this coverage. Contact your local agent or call Progressive’s customer service line to learn more about their gap insurance products and get a quote for coverage.