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Am I wasting my money by paying for loan/lease coverage with Progressive and gap insurance with the bank?
I just bought a new car and I didn't realize that gap insurance was a part of my loan. I am paying for loan/lease coverage with Progressive, too. Should I get rid of one of them?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“That is a great question! You will really need to look at the differences between the two.
Gap coverage
pays the difference between the actual cash value of your car and the balance of your loan in the event of a total loss. Progressive’s loan/lease coverage
does the same thing, but only up to 25% of your car’s depreciated value. Depending on the deprecation of your particular car and the type of loan you have, there may be a small amount left uncovered. “View full answer
- Gregory R.
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