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Does Metromile offer gap insurance?
I just purchased a new car but my down payment is less than 20%. I have a friend working in an insurance office who told me I should consider getting gap insurance. Do you know if Metromile has gap insurance?
Katherine Duffy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Metromile
does not provide gap insurance. Gap insurance
comes in handy if you ever get into an accident resulting in a total loss. This kind of insurance covers the difference between the amount you owe to your lender and the actual cash value of your car, protecting you from serious financial loss.
However, if you currently have an auto insurance policy with Metromile, you can still get a gap insurance policy from your dealership or a stand-alone company, like Gap Direct.
While this option allows you to keep your current rate and discounts with Metromile, getting separate gap insurance can cost you $400-$700 a year. Adding this type of coverage to an existing company only costs about $20 to $40 more. Weigh in on the costs versus benefits of getting separate gap insurance before deciding.
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- Gregory R.
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