Gap Coverage for Leased or Financed Vehicles, also known as a Loan/Lease Gap, is meant to be added to your Physical Damage Coverages
. This type of premium will pay for the difference between your vehicle’s actual value at the time of the accident and the amount you still owe on the vehicle.
While Collision and Comprehensive Coverages (types of Physical Damage Coverages) will pay for your automobile’s repair or stolen vehicle, these insurances will only cover your vehicle’s depreciated value. According to the Insurance Information Institute, most vehicles will depreciate by 20% of their original value in the first year of use. This may lead to a gap between your Physical Damage insurance and the money you still owe, and this is where the Gap Coverage for Leased or Financed Vehicles will kick in.
Some car dealers may offer this type of insurance but auto insurance carriers also offer Loan/Leased Gap coverage for a cheaper price. You may also add this to your existing Collision or Comprehensive Coverage for an additional premium.
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