McKayla Girardin, Car Insurance Writer
@mckayla_girardin
Yes, Tesla does have gap insurance for leased and financed cars. Tesla gap protection can help pay the difference between what you owe on your loan or lease and your vehicle's actual cash value (ACV) if your car is deemed a total loss.
Key Things to Know About Tesla Gap Insurance
- Tesla gap protection is included with all leased vehicles. Tesla vehicles are available for lease in 42 states and Washington, D.C.
- Tesla vehicle owners can purchase a Tesla insurance policy and add gap coverage in Arizona, California, Colorado, Illinois, Maryland, Minnesota, Nevada, Ohio, Oregon, Texas, Utah, and Virginia.
Other Ways to Get Gap Insurance
When you're purchasing or leasing a new car, the dealership or lender may offer to add gap insurance to your loan or lease. This may be a good choice if your existing insurance company doesn't offer gap insurance, but remember that if the cost is added to your loan or lease, you will pay interest on that charge.
In general, gap insurance from a dealership costs around $400 to $700, which is significantly more than the $20 to $40 per year you might pay for gap coverage from an insurance company. Many car insurance companies offer gap insurance as an optional add-on to your existing car insurance policy. Purchasing gap insurance through your insurer is usually the cheapest option.
To learn more, check out WalletHub's guide to gap insurance.
People also ask
What does gap insurance cover?
Gap insurance covers the difference between your auto loan and the car's depreciated value. In other words, gap insurance helps you pay off your auto loan or lease if you're no longer able to drive your car due to it being totaled or stolen.
It’s important to note that gap insurance only pays when your car is totaled or stolen, so you cannot file a gap claim if you simply can’t make your loan or lease...
read full answer by WalletHub, Financial CompanyHow much does gap insurance cost?
Gap insurance usually costs between $20 and $40 per year if you add it to your car insurance policy. If you get coverage from the dealership where you buy your car, a gap insurance policy will likely cost around $400 to $700 in total. The cost of gap insurance depends on the car’s value and your risk factors, such as your age and claims history.
Average Gap Insurance Cost
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How do I get a gap insurance refund?
You can get a gap insurance refund for unused premiums if you paid for coverage up front and then canceled it early. If you are cancelling within 30 days after the policy’s start date, you might be able to get a full refund, minus any cancellation fees. In other cases, only a partial refund may be possible. The details will depend on your policy and your state’s laws.
When You Can Get a Gap...
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