Does Volkswagen have gap insurance?
Yes, Volkswagen does have gap insurance that you can purchase from a dealership or insurance agent. Volkswagen 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 Volkswagen Gap Insurance
- Volkswagen gap insurance is not available for purchase on leased vehicles.
- You may be able to have your insurance deductible covered by your Volkswagen gap insurance.
- Coverage amounts may vary by state.
- Volkswagen gap insurance may be transferable for a fee if another private party assumes your finance agreement.
Other Ways to Get Gap Insurance
When you're purchasing or leasing a new car, the dealership or your 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.
Gap insurance from a dealership generally 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.
