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Does Kemper offer gap insurance?
I’m purchasing a brand new car and only putting a small amount of money down. The dealership says I should get gap insurance. Is this offered by Kemper?
Jacqulyn Graber · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes—Kemper offers
gap insurance
, and it’s often cheaper than purchasing a gap policy through your dealership.In the event of an accident in which you’ve badly damaged or totaled your car, gap insurance covers the difference between what a vehicle is currently worth and what you still owe on your loan. In contrast, your standard
car insurance
policy will only cover your vehicle’s current value… which would not be much if you’re involved in a total loss collision.Buying gap insurance through a dealership or loan provider is convenient, but it tends to be pretty costly. Plus, when the cost of gap insurance is added to your
car loan
or lease, you’ll be paying interest on it.Kemper charges approximately 5% of the car’s physical damage premium to add gap insurance. If your car is stolen or totaled while you’re still upside down on your loan, Kemper will pay the difference between your car’s depreciated value and what you still owe—you’ll just be responsible for a deductible.
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- Gregory R.
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