Once you've found the new or used car that's perfect for you, it's time to think about insurance. One form of optional insurance is called gap insurance, and though the average cost of gap insurance is low, this supplementary plan can save you major money down the line. Whether your car is stolen or totaled in Houston, gap insurance can provide a lifeline in tough financial times. Find out how much gap insurance is with Bayway Chrysler Dodge Jeep Ram and get in touch with our finance experts to learn more about your options!

Average Cost of Gap Insurance

Gap insurance prices will vary depending on a number of different factors, but where you purchase your plan can have the biggest impact on your total. Here is an overview of your options:

  • Auto Insurer: If you purchase gap insurance from your regular auto insurer, the price is generally very affordable - around $20 per month.
  • Lenders: If you purchase gap insurance as an addition from your lender, you'll usually pay one flat fee instead of annual payments. The gap insurance cost is around $500 to $700 for a one-time payment.
  • Standalone: If the other options are not available, you can purchase gap insurance on your own. The one-time gap insurance price is typically around $200 to $300.

Benefits of Gap Insurance

Given the low gap insurance price, many drivers around Deer Park and La Porte feel that it's a worthwhile investment. So, what are the benefits of adding gap insurance to your insurance package?

  • If your vehicle is stolen, your gap insurance will cover you.
  • If your vehicle is damaged and deemed a "total loss", your gap insurance will cover you.
  • If your vehicle is totaled and you owe more on the loan than the car is worth, gap insurance will cover you.

Get Expert Advice from Bayway Chrysler Dodge Jeep Ram

So, how much is gap insurance for you? Feel free to contact us at Bayway Chrysler Dodge Jeep Ram in Pasadena, TX to explore your options with our financial experts. We'd be happy to help you understand just how car financing works, so you can get the best deal possible.