{"id":1805,"date":"2024-08-26T13:00:00","date_gmt":"2024-08-26T13:00:00","guid":{"rendered":"https:\/\/www.southernharvestinsurance.com\/blog\/?p=1805"},"modified":"2025-08-22T14:42:05","modified_gmt":"2025-08-22T14:42:05","slug":"what-is-gap-insurance-and-do-i-need-it","status":"publish","type":"post","link":"https:\/\/www.southernharvestinsurance.com\/blog\/auto-insurance\/what-is-gap-insurance-and-do-i-need-it\/","title":{"rendered":"What Is Gap Insurance and Do I Need it?\u00a0"},"content":{"rendered":"<div class=\"c-section\">\n    <div class=\"c-article\">\n        <div class=\"o-wrapper o-wrapper--small\">\n                                                            <picture class=\"c-article__pic\">\n                    <img decoding=\"async\" class=\"c-article__img\" loading=\"lazy\" src=\"https:\/\/www.southernharvestinsurance.com\/blog\/wp-content\/uploads\/sites\/2\/2024\/08\/Southern-Harvest-what-is-gap-insurance-and-do-i-need-it-1.jpg\" alt=\"Satisfied smiling man customer buying his new car- Southern Harvest Cheap homeowners in Georgia.\" width=\"320\" height=\"160\">\n                <\/picture>\n                                        <div class=\"c-article__content\">\n                <div class=\"s-cms-content\">\n                    <p><span data-contrast=\"auto\">Accidents happen, no matter how careful you are. That\u2019s why you use your seatbelt, have airbags, and carry a good <\/span><a href=\"https:\/\/www.southernharvestinsurance.com\/auto-insurance\/\"><span data-contrast=\"none\">auto insurance<\/span><\/a><span data-contrast=\"auto\"> policy.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">That last point is especially important if you\u2019re in the market for a new car. After all, the average cost of a new car in America today is over $47,000. The last thing you\u2019d want to do is get in a collision without proper coverage. Or find that, even with an excellent auto policy, you still owe your finance company thousands of dollars even after your claim is fully paid.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">It could happen whether you\u2019re driving safely in Atlanta or traversing a lazy rural road in southern Georgia. That\u2019s why there\u2019s such a thing as gap insurance. Read on and get answers to such critical questions as:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">What is gap insurance?<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">How does gap insurance work?<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Do I need gap insurance?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2><b><span data-contrast=\"none\">Gap Insurance: Another Protective Measure for Your Vehicle<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">This form of coverage stands for \u201cguaranteed asset protection.\u201d Gap insurance covers the difference between what you pay for a new car and what your insurer says the vehicle is worth if you get into a serious accident within the first year or two of ownership.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The problem is that you paid sticker price or made your best deal for that new car or late-model pricey used car or truck. But that\u2019s not what the insurer calls the vehicle\u2019s actual cash value, or ACV. They\u2019ll pay off the ACV, and you must pay the difference between that amount and what you still owe your lender.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Uh oh.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"none\">Bridging the Value Divide<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">You no longer have the car you recently purchased because it was totaled in an accident. But you\u2019re still making car payments, thanks to an economic reality known as deprecation.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"none\">Understanding Depreciation: How It Affects Your Car\u2019s Value<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Consider your home if you own one. It\u2019s almost guaranteed that it will <\/span><i><span data-contrast=\"auto\">appreciate<\/span><\/i><span data-contrast=\"auto\"> in value over time. That means it will become worth more \u2014 maybe much more \u2014 than what you bought it for in just a few short years. Some art, jewelry, antiques, and other possessions work the same way.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Car values move in the exact opposite direction. Your new ride quickly <\/span><i><span data-contrast=\"auto\">depreciates<\/span><\/i><span data-contrast=\"auto\">. It loses a big chunk of its value just about as soon as you coast out of the dealership. In fact, the most value lost is in the new car\u2019s first year or two.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Here\u2019s how that affects you.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"none\">A Specific Scenario Where Gap Insurance Is a Must<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Let\u2019s say you\u2019ve just purchased a shiny new $40,000 SUV, and you\u2019re driving it out of the Augusta new-car dealership. There\u2019s sun in your eyes, so you don\u2019t see the car coming your way.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">You\u2019re T-boned, but you\u2019re not seriously hurt, and neither is anyone in the other vehicle.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Unfortunately, your brand-new car is totaled. That means your insurer has determined that it\u2019s more cost-effective for them to declare the vehicle a total loss rather than trying to repair it. So they cut a check and send it to your lender.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Here\u2019s the rub. When it comes to<\/span><a href=\"https:\/\/www.southernharvestinsurance.com\/blog\/auto-insurance\/damage-covered-by-car-insurance\/\"><span data-contrast=\"none\"> what type of damage should be covered under your insurance in Georgia<\/span><\/a><span data-contrast=\"auto\">, the amount your insurer pays your finance company is the ACV. Remember \u201cactual cash value?\u201d That\u2019s what your \u201cnewish\u201d (but no longer technically new) car is worth due to depreciation.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Your insurer determines that what is technically a used car is now only worth $32,000 \u2014 not the $40,000 you borrowed to pay for it. So they pay your lender the lesser amount and close the case.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Your lender then reminds you that you still owe them the $8,000 difference.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">You\u2019re outraged. You have auto coverage. So why are you still paying for a car that\u2019s now in an auto graveyard?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"none\">Collision and Comprehensive Insurance vs. Gap Insurance<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">You\u2019ve got a good auto insurance plan that covers damages with collision and comprehensive coverage. But what does that really mean?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Collision coverage is the element of your policy that covers, well, collisions. A key <\/span><a href=\"https:\/\/www.southernharvestinsurance.com\/blog\/auto-insurance\/7-reasons-you-need-collision-coverage-in-georgia\/\"><span data-contrast=\"none\">reason you need collision insurance in Georgia<\/span><\/a><span data-contrast=\"auto\"> is that it will cover an accident that\u2019s your fault up to your deductible and vehicle\u2019s ACV. The deductible is the dollar amount you agree to pay before your insurer pays the rest.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.southernharvestinsurance.com\/blog\/auto-insurance\/comprehensive-car-insurance-in-ga\/\"><span data-contrast=\"none\">Comprehensive coverage in Georgia is a great choice<\/span><\/a><span data-contrast=\"auto\"> to protect against the many other ways your car can be lost, damaged, or destroyed. That includes theft, vandalism, collision with wildlife, fire, damage in a weather event, and other mishaps and calamities.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">If your policy includes collision and comprehensive coverage, it\u2019s a smart move that will protect your finances. So why do you need gap insurance?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">It\u2019s an entirely different form of financial protection than collision and comprehensive. Take a closer look.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1817 size-full aligncenter\" src=\"https:\/\/www.southernharvestinsurance.com\/blog\/wp-content\/uploads\/sites\/2\/2024\/08\/Southern-Harvest-what-is-gap-insurance-and-do-i-need-it-2.jpg\" alt=\"hail damage on the car, with damaged bonnet and headlight\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.southernharvestinsurance.com\/blog\/wp-content\/uploads\/sites\/2\/2024\/08\/Southern-Harvest-what-is-gap-insurance-and-do-i-need-it-2.jpg 1000w, https:\/\/www.southernharvestinsurance.com\/blog\/wp-content\/uploads\/sites\/2\/2024\/08\/Southern-Harvest-what-is-gap-insurance-and-do-i-need-it-2-300x200.jpg 300w, https:\/\/www.southernharvestinsurance.com\/blog\/wp-content\/uploads\/sites\/2\/2024\/08\/Southern-Harvest-what-is-gap-insurance-and-do-i-need-it-2-768x512.jpg 768w, https:\/\/www.southernharvestinsurance.com\/blog\/wp-content\/uploads\/sites\/2\/2024\/08\/Southern-Harvest-what-is-gap-insurance-and-do-i-need-it-2-600x400.jpg 600w, https:\/\/www.southernharvestinsurance.com\/blog\/wp-content\/uploads\/sites\/2\/2024\/08\/Southern-Harvest-what-is-gap-insurance-and-do-i-need-it-2-960x640.jpg 960w, https:\/\/www.southernharvestinsurance.com\/blog\/wp-content\/uploads\/sites\/2\/2024\/08\/Southern-Harvest-what-is-gap-insurance-and-do-i-need-it-2-244x163.jpg 244w, https:\/\/www.southernharvestinsurance.com\/blog\/wp-content\/uploads\/sites\/2\/2024\/08\/Southern-Harvest-what-is-gap-insurance-and-do-i-need-it-2-285x190.jpg 285w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<h2><b><span data-contrast=\"none\">Who Really Needs Gap Insurance?<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">You don\u2019t \u2026 unless you\u2019re planning to buy a new or expensive used car or truck.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While that vehicle is still a year or two old, you might get less for it if it\u2019s totaled than what you still owe your lender due to depreciation, as previously explained. Gap insurance pays the difference.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In the scenario of the car totaled coming out of the dealership lot, you\u2019d owe nothing more to the finance company if you have gap coverage. Now, you can start over and buy another vehicle without worrying about trying to carry two car loans. It could be something to consider, too, even if you plan to follow the<\/span><a href=\"https:\/\/www.southernharvestinsurance.com\/blog\/auto-insurance\/safety-tips-for-drivers-in-atlanta-ga\/\"><span data-contrast=\"none\"> best safety tips for drivers in Georgia<\/span><\/a><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"none\">Weighing the Pros and Cons: Should You Invest in Gap Insurance?<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Keep in mind that this coverage is only important when you owe more for your car than your insurer would pay if it became a total loss or the repair bills were extremely high. Once you whittle that car loan down a bit, it no longer makes sense to carry this on your policy.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">When will you reach that point? That\u2019s something your auto coverage agent will be able to help you determine. Run the numbers and see how long you might need such coverage. Then, drop it when your payments catch up with your car\u2019s actual cash value. Usually, that will take no longer than a year or two of ownership.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Yes, it\u2019s an added cost, but it\u2019s very affordable. You might pay just a few extra dollars a month to add this protective measure to your policy.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"none\">Ready to Move Forward With Gap Insurance?\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Call us before you purchase your next new or higher-priced used vehicle. Your knowledgeable Southern Harvest Insurance agent will crunch the numbers to see whether it\u2019s in your best interest to add this coverage to your policy. As an independent agent, they can go shopping for the most affordable coverage \u2014 probably only a few extra dollars a month and for a limited time.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Call us at <\/span><a href=\"tel:8778314677\"><span data-contrast=\"none\">(877) 831-4677<\/span><\/a><span data-contrast=\"auto\"> or <\/span><a href=\"https:\/\/www.southernharvestinsurance.com\/motorcycle-insurance\/\"><span data-contrast=\"none\">get a quick quote online<\/span><\/a><span data-contrast=\"auto\">. You can also <\/span><a href=\"https:\/\/www.southernharvestinsurance.com\/locations\/\"><span data-contrast=\"none\">find a nearby Southern Harvest Insurance office<\/span><\/a><span data-contrast=\"auto\"> wherever you live in the Peach State.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"none\">Frequently Asked Questions About Gap Insurance<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Here are answers to some of the most common questions you might have about this form of coverage.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"none\">Can Gap Insurance Be Purchased After Buying a Vehicle?<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Usually, as long as you still have an active loan. But it only makes sense when you owe more than the car\u2019s actual cash value. That usually happens when the vehicle is relatively new. Once you\u2019ve made several monthly payments, it might no longer make sense to keep making gap payments.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"none\">Does Gap Insurance Provide Coverage for Vehicle Theft?<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Yes, if you don\u2019t get the car back, or it comes back in such poor condition that it must be totaled, or the repairs cost more than your car\u2019s actual cash value.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"none\">Can Gap Insurance Be Transferred If I Sell My Vehicle?<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">No. The policy is no longer in effect if you no longer own the vehicle. Of course, the new owners can get such coverage for themselves if the same conditions apply \u2014 they owe their lenders more than the vehicle\u2019s actual cash value.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"none\">What Factors Affect the Cost of Gap Insurance?<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Many of the same factors that determine what you pay for your auto coverage also affect the cost of gap insurance. That includes your driving record and likelihood of having an at-fault accident. Also, the cost of the car and its predicted rate of depreciation.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n<div class=\"c-section c-more-options\">\n    <div class=\"o-wrapper o-wrapper--small\">\n        <h2 class=\"c-more-options__title\">Is Gap Insurance Worth It for Used Cars?\u00a0<\/h2>\n\n        <div class=\"c-more-options__content\">\n            <div class=\"s-cms-content\">\n                <p><span data-contrast=\"auto\">Not usually, since depreciation happens fastest at the beginning of the life cycle of a vehicle. However, if the used vehicle is nearly new or higher-priced than the typical used car, ask your insurance agent if they recommend adding this to your policy. 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