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How Much is GAP Insurance?

Tiny car with insurance documents

There are plenty of Hawthorne drivers who also wonder how much is GAP insurance? GAP insurance prices vary. But first, let’s find out if you need GAP insurance and what it covers. Therefore, you can make a knowledgeable decision without wasting money. At South Bay Mazda, we are here to improve your automotive experience in every way possible. Read on below to get started and contact us for more information.

What Is The Average Cost of GAP Insurance? 

As we said, GAP insurance prices will differ. The amount you pay is dependent on where you purchased your car. Here are types of payments for GAP insurance:

  • GAP insurance from your current auto insurance company tends to cost approximately $20 a year.
  • If you add GAP insurance to your existing car loan, the amount will be a one-time large sum of $500-$700. The range depends on the terms of your loan.
  • When you buy standalone GAP insurance, the policy roughly costs $200-$300

Is GAP Insurance For Me?

For additional peace of mind, Redondo Beach drivers tend to appreciate the low cost and extra coverage that GAP insurance offers. However, that does not mean you will ever use it.

Therefore, understanding what GAP insurance covers is vital to whether it is for you or not. GAP insurance provides the value of your car and the remainder of your outstanding loan. The coverage is for the unfortunate events that your vehicle is totaled in an accident or stolen. Keep in mind; standard car insurance does not cover what GAP insurance does.

Learn More About GAP Insurance from South Bay Mazda!

Our finance team at South Bay Mazda in Torrance are highly knowledgeable about GAP insurance and all other types of car insurance. You can rest easy that we provide you with information that will benefit your safety for unforeseen outcomes. 

We want to ensure that you have coverage no matter what transpires with the hope that you will never have to use it in your lifetime. Your safety matters to us at South Bay Mazda, and we want you to feel confident and stress-free when behind the wheel of your car. Read more car tips that can help you along your driving journey.

 

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South Bay Mazda 33.8425647, -118.3532506.