I need an optional car insurance coverage that protects me financially if my car is stolen or totaled and the amount my standard insurance pays out isn’t enough to cover what I still owe on my loan.
You might want to consider adding “Gap Insurance” to your car insurance policy. Gap insurance, also known as Guaranteed Asset Protection insurance, can provide financial protection if your car is stolen or totaled, and the payout from your standard insurance coverage isn’t enough to cover the remaining balance on your loan or lease.
Gap Insurance steps in to bridge the “gap” between the insurance payout and the amount you still owe on your loan or lease.
This coverage can help you avoid financial hardship by ensuring you’re not left with an outstanding balance on a car you no longer have
The answer to your questions is simply Yes because Allstate does offer gap insurance, which is an optional car insurance coverage designed to protect you financially if your car is stolen or totaled.
This coverage helps pay the difference between the depreciated value of your car and the amount you still owe on your loan or lease.
It’s important to note that gap insurance is meant to be used in conjunction with collision and comprehensive coverage. It does not pay for a new car but covers the “gap” between what your car is worth at the time of the loss and what you still owe.
If you’re considering gap insurance, make sure to discuss your specific needs with your insurance provider to ensure you’re fully protected.
Yes, Allstate offers gap insurance, which covers the difference between your car’s depreciated value and the remaining loan or lease balance if your car is stolen or totaled. It’s essential to have this along with your collision and comprehensive coverage. For full protection and personalized advice, it’s best to speak with your Allstate agent.