Disclaimer: This GAP Insurance Calculator is designed with the help of information and formula which is provided on the internet. All the estimated Gap coverage depends on the input data which you provided.
What is Gap Insurance?
GAP insurance also known as Guaranteed Asset Protection. It means that "covering the gap between what you owe and what it’s worth" which is also a type of car insurance which help to protect the vehicle if it is stolen, total and you owe more than it’s worth. It give benefit to people with new auto loan or leases.
When someone buy a new car its value is dropped by 20% in the first year. Stolen or crashed car only get current value which is called Actual Cash Value or ACV. But not what you still owe on your loan. Here we will guide you how the Gap insurance work in the United States including Texas, Florida and the providers like Progressive and Geico Gap Insurance.
It is like an option which save your vehicle in emergency and help you to use the vehicle securely. Use the vehicle very carefully because you can not only damage the vehicle but also harm yourself. Avoid fast driving and make sure to learn properly then drive the car.
How Does a GAP Insurance Calculator Work?
Using this tool is easy if you some of the important details and just follow these below steps:
- First enter the Remaining loan balance which you get for your car.
- Then enter the car actual cash value (ACV).
- Click on calculate button.
You will see the GAP amount, it tell you how much more you owe to get the full worth of car.
Where to Buy GAP Insurance?
There are many dealerships from which you purchase GAP insurance during vehicle financing. Insurance providers like Progressive and Geico also help you . You can also check the online insurance brokers, credit unions and banks. Don't hesitate to buy the insurance first compare all the prices and read the policies. Because if you get GAP insurance through dealerships it is more expensive.
In the U.S. your car will consider total loss if the lender want full repayment of your loan. The Texas finance department of insurance give you chance for clear disclosure and also make sure that it is optional. Make sure to read all the terms and conditions before buying.
Many Dealerships will give you $400 to $900 in one time fee added for financing. On other side the insurance providers will give you $20 to $40 per year. If it is added to your policy.
GAP Insurance Refunds
If the car loan is paid before the time or your lease ends in sometime , then you are eligible for refund. To calculate GAP insurance refund first find the total premium paid. Check how many months are saved and divide the total premium with per terms and check monthly value. Then multiply the saved months with monthly cost.
It covers the total loss due to theft and also the lease termination due to total loss. Also the damage which cause from accident. Make sure that the deductibles are not cover if it is not specified. Car repairs, down payments and new car replacement are also can not be covered.
Refunds are only be eligible when you meet all the requirements also check if it is in the terms and conditions or not. Many of the providers have the refund policy but not everyone so check and read the terms and condition very carefully.
About this calculator
Our tool is designed to help the drivers to get their estimated GAP coverage. With the user friendly interface anyone can use it without any financial knowledge. We make the design mobile friendly so anyone can use it in any device. There is no need of sign up or login to use it.
When we do manual calculations it takes a lot of time and also the results are not accurate most of the time. That is why using an online tool will save your time and also you can do multiple calculations. Use our calculator when you lease a new vehicle and after buying. It can also be used for refinancing a car loan.
There are many of other tools but some of them are paid and also required to register with them. Providing your personal information is not necessary to calculate GAP Coverage. Secure the car is very important because it can use in our daily life and solve many of our problems.