Car Accident

How Much is Gap Insurance?

As you navigate the auto financing process, you may wonder about the average cost of gap insurance—and if it’s worth it. Many East Baton Rouge drivers are familiar with the cost and benefits of comprehensive, collision, or liability insurance, but how much is gap insurance?

The gap insurance price range can vary quite a bit depending on where you purchase it. So is it worth it? Deciding whether to purchase gap insurance starts with knowing what it covers: if you total a vehicle on which you owe more than the current market value, gap insurance covers the difference. In other words, your regular insurance will pay up to market value on your totaled vehicle, but you’d be left to pay any remainder out-of-pocket—unless you have gap insurance!

What is the Average Cost of Gap Insurance?

The average cost of gap insurance depends on where you buy it:

  • From your current auto insurer — Purchased from the auto insurer who provides your comprehensive and collision insurance, gap insurance will probably cost you about $20 per year.
  • Added to your car loan — Many Ascension buyers choose to add gap insurance to their auto loan. With this option, you’ll pay a flat fee of $500 to $700.
  • Purchased standalone — If you’re not able to buy gap insurance as part of your loan or current insurance plan, you can purchase it standalone for a one-time fee of $200 to $300.

Is the Gap Insurance Cost Worth It?

The minimal gap insurance cost can bring valuable peace of mind, but it’s not the right choice for every driver. So how much is gap insurance going to do for you? Consider adding it to your regular auto coverage if:

  • Your down payment was less than 20%.
  • You financed your vehicle for 60 months or longer.
  • You expect your vehicle to depreciate faster than average.
  • Negative equity from an old car loan was rolled over into your new loan.
  • You’re leasing. In fact, your dealership may require you to purchase gap insurance if you lease.

Get an Unbeatable Gap Insurance Price in Baton Rouge

Ready to discuss the gap insurance cost and other coverage options for your new Acura? Stop by the Acura of Baton Rouge finance center near Livingston, or reach out to learn more about how auto financing works today. Find more information on coverage options with a look at whether getting an extended warranty is worth it.

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