Does The General offer gap insurance? This question is about The General Insurance

Does The General offer gap insurance?

This question is about The General Insurance

Lilah Butler, Car Insurance Writer

@lilah_c • 08/01/23 This answer was first published on 04/13/23 and it was last updated on 08/01/23.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, The General offers gap insurance as an optional policy add-on. The General 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 The General 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 The General gap insurance once your car is worth more than your loan or lease balance.

For more information, check out WalletHub’s complete guide to gap insurance.

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...

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Why is The General so cheap?

The General is cheap because the company sells directly to consumers and keeps overhead costs low. Not having agents means there are no commissions to pay, and the company lowers operating costs by offering basic coverage options and limited customer support online. The General ranked 4th overall in WalletHub’s cheap car insurance review, partly because it offers discounts for good students and military service members. Plus, The General rewards customer loyalty with discounts for insuring...

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How 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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