Your Gap Insurance Options

Can You Purchase Gap Insurance In Your State?

Check This List To Find Out If GAP Insurance Is Offered

Alabama Purchase Gap Insurance - No

Alaska Purchase Gap Insurance - Yes

Arizona Purchase Gap Insurance - Yes

Arkansas Purchase Gap Insurance - Yes

California Purchase Gap Insurance - Yes

Colorado Purchase Gap Insurance - Yes

Connecticut Purchase Gap Insurance - No

Delaware Purchase Gap Insurance - Yes

District of Columbia - No

Florida Purchase Gap Insurance - Yes

Georgia Purchase Gap Insurance - Yes

Hawaii Purchase Gap Insurance - Yes

Idaho Purchase Gap Insurance - Yes

Illinois Purchase Gap Insurance - Yes

Indiana Purchase Gap Insurance - Yes

Iowa Purchase Gap Insurance - Yes

Kansas Purchase Gap Insurance - Yes

Kentucky Purchase Gap Insurance - Yes

Louisiana Purchase Gap Insurance - No

Maine Purchase Gap Insurance - No

Maryland Purchase Gap Insurance - Yes

Massachusetts Purchase Gap Insurance - Yes

Michigan Purchase Gap Insurance - Yes

Minnesota Purchase Gap Insurance - Yes

Mississippi Purchase Gap Insurance - Yes

Missouri Purchase Gap Insurance - Yes

Montana Purchase Gap Insurance - Yes

Nebraska Purchase Gap Insurance - Yes

Nevada Purchase Gap Insurance - Yes

New Hampshire Purchase Gap Insurance - No

New Jersey Purchase Gap Insurance - Yes

New Mexico Purchase Gap Insurance - No

New York Purchase Gap Insurance - No

North Carolina Purchase Gap Insurance - Yes

North Dakota Purchase Gap Insurance - Yes

Ohio Purchase Gap Insurance - Yes

Oklahoma Purchase Gap Insurance - Yes

Oregon Purchase Gap Insurance - Yes

Pennsylvania Purchase Gap Insurance - Yes

Rhode Island Purchase Gap Insurance - Yes

South Carolina Purchase Gap Insurance - Yes

South Dakota Purchase Gap Insurance - Yes

Tennessee Purchase Gap Insurance - Yes

Texas Purchase Gap Insurance - Yes

Utah Purchase Gap Insurance - Yes

Vermont Purchase Gap Insurance - Yes

Virginia Purchase Gap Insurance - No

Washington Purchase Gap Insurance - No

West Virginia Purchase Gap Insurance - Yes

Wisconsin Purchase Gap Insurance - Yes

Wyoming Purchase Gap Insurance - Yes

There are only three scenarios that apply to folks planning to purchase Gap Coverage.

One, youíre planning on purchasing a new or used vehicle and are thinking about purchasing gap insurance.

Two, youíve purchased a new or used vehicle within the last 12 months and car considering purchasing gap insurance.

And three, everyone else (if this is you, there are a couple of options).

Scenario 1 - If you're getting ready to purchase a new or used vehicle, there are 4 ways to avoid having a large gap in your insurance coverage should anything ever happen to your vehicle.

1. Put at least 20% - 30% down on any purchase;
2. Purchase GAP Insurance coverage from your Bank or Finance Company;
3. Purchase Gap Insurance from an Insurance Company;
4. Purchase Gap Insurance from an Automobile Dealership you're purchasing at.

Let's take a look at each.

Putting 20% - 30% down is probably the smartest way to take care of it - you automatically wipe-out the typical 30% 1st yeardepreciation.  But with the average price of a new car at almost $26,000, coming-up with a $7,800 down-payment can be tough for a lot of people.

Purchasing a "Rider" or GAP from an Insurance Company or Bank is probably the next best option.

GAP has been around for years - particularly with Leased vehicles.  But with the huge depreciation on vehicles today, it's becoming more popular with regular bank financing as well.  Yet, it's not offered by many insurance companies or banks - and that's ridiculous since GAP would protect their customers from possible financial ruin.

If your Bank offers it, have them explain it in detail.  For instance, some gap coverages even pay your insurance deductible if your vehicle is totaled or stolen.  Also, ask if the coverage provides any money toward a replacement vehicle.

Be careful here....many Banks will only provide GAP if you agree to finance the vehicle with them as well.  Sometimes that might work for you - some times is wont.

Getting Gap Insurance from an Insurance Company is also a good choice, although finding a company that offers it can be a chore.  I've only been able to find three Insurance Companies that let you purchase Gap Insurance.

One is Progressive Insurance - we've all heard of them, right?  They offer Gap as an add-on to their regular policies, so in order to get it, you have to get car insurance with them.  But...their car insurance coverage will usually save you money and their Gap coverage is very, very cheap.

The second company is All State Insurance -  and they have the same policy as Progressive - you have to get their car insurance.  Personally, I've found All State to be little expensive when it comes to car insurance.

One company that Iíve used twice in the past is Lee & Mason Financial Services, Inc..  They offer a stand-alone policy with no strings attached and it's a one time investment only.

Theyíve been around for years, are owned and backed by a large Insurance Company, and is the only non-car insurance company I ever recommend.

And finally, many Dealerships offer Gap coverage as part of the Sale process.  They'll push you very hard to purchase what they sell....and like many, we find that annoying.

Besides, it's expensive - I've seen Dealers sell a Gap Insurance policy for as much as $500 - $600.  And then they want you to add it to your loan which effectively makes it double the cost with the interest rate of the loan tacked on.

Scenario 2 - If youíve purchased a vehicle within the last 12 months, you have a two options.  One, Two, check with your lender or insurance company to see if gap is available.  If it is, jump on it.

And two, check out the offers that Lee & Mason Financial Services, Inc. has.

Scenario 3 - If neither of the scenarios Iíve just discussed apply to youÖ.you could have problems.  Really, the only option you have is:

Call your current Insurance Company and see if they can help - And call the Bank that has your Loan or Lease and see if they can help.

Go ahead and pick-up the phone today and call your agent or insurance company.  Ask them what they pay if your vehicle is considered a total loss.

With your current policy, will they pay the entire amount owed to the bank if your vehicle is wrecked and considered a "total loss"?

If they do not, what policy changes can be made to cover it all.  If you get lucky and they'll make a change, ask what it covers - exactly - and what does it cost.

Ask the Bank that has your lease or loan if they offer Gap Insurance and can it be added to the Loan.  If they can, good for you.  Take good notes and find out what it covers and what it costs.

After you've gathered your information, and you have an option, Iíd recommend you purchase the coverage.

I do have an obligation to point out that not all Car Makers, Dealers, Salespeople, Insurance Companies and Banks are greedy or crooked.  This site is dedicated to honest Companies and their Professional Employees who've grown weary of the ignorant and classless giving the automotive related industry a black eye......a black eye that I feel is very close to being permanent.

By using these new and used car guides, I hope to be able to help you find the Best Businesses, and the Professionals that represent them, with very little effort on your part and help you....

Save More Money and More Time Than You Ever Have Before.

It is also my hope that these Companies and the Professionals that represent them will have more business than they can handle - a reward they justly deserve.

Thank you for visiting My New Car Purchase - and please take 5 seconds to or perhaps let a friend or relative know about us - Click here to send this page to a friend.

I guarantee that you will have an exceptional experience the next time you buy a car, van, truck or SUV - again, thank you for visiting this Web Site!

Tom O'Leary  - "A Concerned Dad....and Automotive Analyst"

New Car Purchase - Exceptional New Car Purchase Advice and Automobile Purchase Strategies for your next new car or used automobile purchase.

Feel free to e-mail me at: Tom at my new car purchase (no spaces) dot com - or take a few seconds to send a question or comment by Clicking here

P.S. Make sure you check out the My New Car Purchase Blog.

To see specific information on how to have the best new car purchase you've ever had, click on the My New Car Purchase links listed below.

home :: auto loans guide :: auto purchase research guide :: bad credit auto loans advice :: buy a new car :: buying a new car :: car buying online :: live deal online auctions :: car dealers scams :: car donations :: car lease terms :: lease or buy :: auto lease payments :: used truck prices :: car lease shopping checklist :: used truck dealers :: car lease faqs :: auto lease contracts part 1 :: used truck sales :: auto lease contracts part 2 :: blank auto lease contract :: buy used cars :: what happens on delivery day :: car insurance guide :: car insurance quotes :: driving records :: gap insurance :: cheap-auto insurance :: sell my car part 1 :: sell my car part 2 :: auto bill of sale :: beware used car sales :: sell used car form :: bogus one-time truck sales :: auto & truck trade-in values :: used car prices :: new car purchase selection guide :: used truck loans :: test drive :: car dealers :: buying a car :: new car purchase pricing guide :: sell used car :: new car prices :: find used car dealers fast :: get more than the used car history :: new car quotes :: how to get the cheapest car insurance rates :: thefour best car insurance companies In The U.S. :: new car pricing organizer :: car accessories :: used cars bible :: discount tires :: car care guide :: caraudio :: car rims :: auto parts :: the trucks, pickups & 4X4's bible :: free credit repair guide :: truck accessories :: truck parts :: truck tires :: truck tool boxes :: truck prices :: truck caps :: truck bed covers :: truck bed liners :: trucks for sale :: suv bible :: suv accessories :: suv tires :: top 4 choices for car & truck financing :: ebay auto parts auction :: save on your auto parts :: ebay motors guide :: used trucks bible :: ebay motors auto auctions :: ebay luxury auto auctions :: auto warranty guide :: best used car warranties :: auto purchase and delivery :: car dealers and fees :: dmv web sites :: your guide to a new or used car, van, truck or suv :: new car purchase blog :: affordable car seat covers :: guide to car leases :: guide to online auctions :: car rebates guide :: guide to new car loans :: new car sales :: nhtsa :: cars for sale :: personal credit reports :: lowest rates on used car loans :: pricing advice for large retail items :: temp tags and other problems

Copyright © TS & Associates Publishing - My New Car - All Rights Reserved 2002-2006

Privacy Promise

By using this web site and related services, you accept the terms of our visitor agreement.

Text diplayed when image unavailable