Loan & Lease Gap Coverage
There are certain situations where standard auto insurance coverage may not be enough. Auto-Owners provides a range of car insurance options, including Loan and Lease Gap coverage, which provides coverage limits in excess of the actual cash value of the vehicle.
Loan Gap Coverage
Once you purchase a new vehicle, it immediately begins depreciating in value. Sometimes, that rate of depreciation may be faster than you are paying off the loan. In the unfortunate event of a total loss or stolen vehicle, Loan Gap coverage from Auto-Owners will pay the balance of your loan, if greater than the actual cash value of the vehicle.
Lease Gap Coverage
If you are leasing a private passenger automobile for a period of 12 months or longer that hasn't been previously titled, your vehicle may be eligible for Lease Gap Coverage. Like Loan Gap insurance coverage, Lease Gap Coverage protects you if the actual cash value of the vehicle at the time of an accident or theft is less than the amount you owe. Lease Gap Coverage prevents you from having to pay this difference out-of-pocket.
The "No Problem" People® Can Help
Since auto insurance coverage varies by state, it’s best to ask a qualified independent agent in your area about Loan and Lease Gap insurance. With over 6,300 independent agencies in 26 states, The "No Problem" People® of Auto-Owners are ready to put their experience towards crafting auto insurance coverage that’s right for you.