Lilah Butler, Car Insurance Writer
@lilah_c
Yes, Allstate offers gap insurance as an optional policy add-on. Allstate gap insurance pays the difference between a totaled car’s actual cash value and your remaining loan or lease balance, though you will be responsible for paying a deductible.
The cost of Allstate gap insurance depends on factors like your state and your vehicle’s value. Regardless, purchasing gap insurance from an insurance company is usually a better investment than purchasing this coverage from a dealership, where the cost is often rolled into your loan/lease and charged interest. Plus, you can cancel Allstate gap insurance once your car is worth more than your loan or lease balance.
If you want more information, check out WalletHub’s complete guide to gap insurance.
People also ask
How do I know if I have gap insurance?
To find out whether you have gap insurance, check your existing car insurance policy and the terms of your loan or lease. Drivers can get gap insurance through their insurance company as an add-on or separately through their auto lender, so it’s important to look for gap coverage in the list of coverages provided by both.
How To Know If You Have Gap Insurance
1. Check with your car insurance company.
You...
read full answer by WalletHub, Financial CompanyWhy is Allstate so cheap?
Allstate is so cheap because the company offers a wide variety of discounts that almost anyone can get. A minimum coverage policy from Allstate costs an average of $105 per month, and Allstate premiums can be made even cheaper by taking advantage of discounts such as paid-in-full discount and anti-theft device discount. Plus, Allstate rewards customer loyalty with discounts for insuring more than one car and bundling multiple policies, such as home and auto.
Average...
read full answer by McKayla Girardin, Car Insurance WriterHow long does it take for gap insurance to pay?
Gap insurance takes 5-45 days to pay the policyholder after a claim is filed. For drivers to receive a gap insurance payout, the car first needs to be declared a total loss, and the insurance company needs to accept the claim.
State laws also dictate how long an insurance company has to pay for a claim. For example, insurers in Texas must pay within five days after accepting a claim. Some other states, like...
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BUT if your loss is due to flood, Allstate does not act as gap coverage and you are just screwed.