According to a New Article on Insurance Panda's Website, Gap Insurance Will Cover the Difference Between the Cash Value of a Vehicle and the Amount that is Still Owed
NEW YORK, NY / ACCESSWIRE / March 30, 2020 / The founders of Insurance Panda, a car insurance quote provider based in New York City, are pleased to announce that they have just posted a helpful new article to their website about gap insurance.
To read the article, which is titled "The Top 5 Companies to Buy Gap Insurance From" in its entirely and learn more about why gap coverage is such a good idea, please check out https://www.insurancepanda.com/8656/the-top-5-companies-to-buy-gap-insurance-from/.
After conducting extensive research on a number of car insurance companies, the founders of Panda Insurance have named Progressive as the best place to buy gap insurance.
As the new article explains, gap insurance provides an extra layer of protection for a driver's vehicle. More specifically, it will cover the difference between the actual cash value of the car and the amount the person still owes.
For example, if someone buys a brand new sports car for $50,000 and unfortunately is in an accident within the first month or so of owning the vehicle, or if it is stolen, insurance will only cover the cash value of the car-which is probably already down to $45,000 or so. But the driver still owes the bank $50,000 on the sports car, so there is a "gap" of $5,000 between the cash value and the amount the driver paid.
Gap insurance will cover this difference. Using the example above, if the driver has gap coverage, he or she will receive $50,000 for the sports car, not $45,000.
In the case of Progressive, the article noted that drivers can easily add gap insurance to their collision and comprehensive coverage.
"Progressive's gap insurance is limited to 125% of your vehicle's actual cash value. It may or may not cover your deductible, depending on your claim," the article noted.
The other four car insurance companies that made Insurance Panda's Top 5 list are: Allstate, American Family, Amica and Nationwide.
About Insurance Panda:
Insurance Panda is a car insurance quote provider based out of New York. Insurance Panda has been providing free insurance quotes to deal-seeking Americans since 2012. Please visit Insurance Panda today at https://www.insurancepanda.com/ for a free quote to see how much drivers can save on their monthly auto insurance premiums.
SOURCE: Insurance Panda
View source version on accesswire.com: