McKayla Girardin, Car Insurance Writer
@mckayla_girardin
Yes, Tesla does have gap insurance. Tesla gap insurance 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 insurance is included with leased vehicles.
- Tesla gap insurance is available in 41 states and DC.
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.
Many car insurance companies also 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 answerHow much does gap insurance cost?
Gap insurance costs around $3 per month when you add the coverage to your car insurance policy. When you purchase coverage from a car dealership instead, a gap insurance policy will cost a total of $400 to $700 in most cases.
A gap insurance policy covers the difference between what a leased or financed car is worth and how much the driver owes Like any other type of insurance, the cost of gap insurance varies...
read full answerHow 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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