Allied Gap Insurance

By Mridul Islam

Allied Gap Insurance is a financial product designed to help consumers fill the gap left by a loan in the event they are involuntarily forced to make a total loss claim on their vehicles. By providing protection to the consumer from the negative financial impact that would occur when their vehicle is stolen or declared a total loss, Allied Gap Insurance helps protect them from expensive out-of-pocket expenses due to any differences between their car loan and insurance settlement.

Table Of Content:

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What does Allied Gap Insurance Cover?

Allied Gap Insurance covers the difference between what you owe on your auto loan and what your insurance company pays for your vehicle if it is declared a total loss due to theft, vandalism, fire, or an accident.

When should I consider purchasing Allied Gap Insurance?

You should consider purchasing this coverage if your car loan balance is higher than what your car would be valued at in the current market. This can happen quickly due to depreciation of a vehicle over time or if you make a down payment and finance with a larger loan amount than what currently exists in the market value of the car.

How Much Does Allied Gap Cost?

The cost of Allied Gap coverage varies depending on factors such as state, term length, vehicle type and more. Generally speaking, most policies range from $120-$360 per year for full coverage.

In conclusion, Allied Gap Insurance gives consumers peace of mind should they ever be placed in an unfortunate situation where they must make a total loss claim on their vehicles. It fills in the gap created by lenders and insurance companies and provides additional protection against out-of-pocket expenses that could otherwise occur.

Mridul Islam

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