When comparing GAP car insurance coverage USAA prices are hard to beat
If you're looking to renew or upgrade your vehicle insurance, you might want to look for useful information about GAP car insurance coverage. USAA prices and options are attractive and its experienced sales team can easily guide you through the process of choosing the best deal for you.
Are you familiar with GAP?
Unless you have already suffered the total loss of a car through theft or a major collision, GAP car insurance coverage may not even be a term that is familiar to you. GAP is an acronym for Guaranteed Auto/Asset Protection and it can be a tremendous relief to folks who are making payments on a newer car or leasing an automobile.
The minute a new owner drives a car off the sales lot, the car begins to lose value. Any standard car insurance policy is going to base payments for damages based on the market value of your car, heavily weighing all depreciation. Most standard car insurance policies are probably not sufficient to cover a newer car in the event of a total loss, but most car buyers are unaware of this fact.
Insurance is designed to protect the purchaser by paying out the current cash value of the vehicle in case of a total loss. However, this value is not the same as any outstanding car loan balance, which may be as much as the original cash value of the car. According to data from both the National Automobile Dealers Association (NADA) and the Insurance Research Council (IRC), most new vehicles will lose 30 percent of their value during the first year of ownership, and by the third year, that loss is closer to 50 percent.
USAA's unique approach to protecting your investment
If you are concerned about the loss of your vehicle, purchasing GAP car insurance coverage at USAA prices is affordable and dependable. If there is a difference between what is still owed and the value of the lost vehicle, USAA will pay the difference if you have this type of coverage. If you own your car outright, GAP coverage is not a necessary expense. If you are leasing a vehicle, you should also consider purchasing GAP car insurance coverage.
USAA's Total Loss Protection will give you peace of mind by ensuring that, in the event of a total loss, any outstanding loan balances will be paid for completely. Depending on the amount of the loan and the terms of the loan, the cost of this GAP insurance through USAA is literally pennies on the dollar compared to your loan. Depending on the state where you live and a few other considerations, you can get GAP car insurance coverage at USAA for prices sarting at less than $200 a year.
USAA GAP car insurance also has some unique features that allow eligilble drivers to not only have any outstanding loan or lease balances paid off in the event of a covered total loss, but will give them a financial leg-up on purchasing or leasing a replacement car.
To fully understand if GAP car insurance is an option that would benefit you, sitting down with an experienced car insurance agent might be of some help. An agent can answer any of your questions, show you competing proposals from a range of providers, and walk you through the process of upgrading your car insurance policy with optional coverage. Reply! can help by putting you in touch with insurance agents in your area with access to all the leading car insurance companies, including USAA.