Anamarie Waite, Car Insurance Writer
Permalink Report Abuse
Yes, Progressive offers a type of gap insurance called loan/lease payoff coverage. Loan/lease payoff insurance helps cover the difference between a totaled car’s actual cash value and the policyholder’s loan or lease balance, but will only pay up to a maximum of 25% of your vehicle’s value toward this difference.
Key Things to Know About Progressive Loan/Lease Coverage
- Progressive loan/lease payoff coverage costs $5 per month.
- Progressive loan/lease coverage does not pay for your deductible, extended warranties, or any balance that you rolled over from previous loans.
- Loan/lease coverage is usually a better investment than purchasing gap insurance from a dealership, where the cost is often rolled into your loan and charged interest.
- Fault is not a factor in loan/lease coverage payouts.
For more information, check out WalletHub’s complete guide to gap insurance.
Permalink Report Abuse
You can also get gap insurance on the loan through the banking institution. All you have to do is ask what the price difference per month would be. I've done it that way on four different vehicles, and it paid off on the one vehicle I needed it to!
People also ask
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Did we answer your question?