Progressive gap insurance

[Anonymous]

So I looked up on my progressive app for a quote on getting gap insurance (well, it was the question asking if i wanted loan payoff.... and i selected it....i assume its the same as gap?) and I got a quote of extra $18.00 on my bill? Isn't that a bit much since I read people saying most insurance companies charge $2 or $3 extra for it? Or is this something I need to call them personally about?

[bigpoppa09]

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@Anonymous wrote:
So I looked up on my progressive app for a quote on getting gap insurance (well, it was the question asking if i wanted loan payoff.... and i selected it....i assume its the same as gap?) and I got a quote of extra $18.00 on my bill? Isn't that a bit much since I read people saying most insurance companies charge $2 or $3 extra for it? Or is this something I need to call them personally about?

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Thats there way of saying gap lol but it varies i have seen people say that also but last time i had it through them it was between 7-9 bucks extra a month.

[Watchmann]

The coverage will vary depending on the vehicle.  I pay $7 every six months for coverage on Ford Focus ST which has an MSRP of $31,000. 

If you were quoted $18 that is probably for six months, so $3/month.  Far cheaper than getting it from your dealer or lender.

[Anonymous]

Oh I was thinking 18 xtra every month. Thanks for clarifying that. I also checked with Farm Bureau of Tennessee and found that I can save over $100 by switching to them and since I have my house through FB I can get bundled discount of $60. I just gotta call them Tuesday to make sure that does include gap. If so, FB here comes my car for insurance. ..... 😄

[Anonymous]

Make sure...and I stress make sure!!!!! That if you rolled negative equity over to your current vehicle that the Gap insurance they provide will pay it off!!! Most Gap Insurance policies provided by dealerships will pay off up to 150% of Retail value regardless if there was negative equity rolled into the current loan. If your contract showed negative equity from the trade then you will also be responsible for that amount above what they cover! Dealers get a black eye when it comes to Gap insurance because of the negative equity clause most insurance companies have in their contract clause! Gap at a dealership is for sure more expensive and insurance agents prey on that because they can undercut it and make a consumer happy until there is a total loss!! Do your homework...be an educated consumer, and do what feels right to you knowing the logistics of both policies!