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Does Safeco offer gap insurance?
I recently purchased a new car and I’m worried about the value of my car depreciating if I ever get into a serious collision. I’ve heard that gap insurance is a great way to protect yourself financially. Do you know if Safeco offers gap insurance?
Katherine Duffy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We understand—depreciating value is an important concern for drivers who’ve bought a brand new car from the dealership, as your car starts to depreciate when you leave the dealership.
gap insurance
can protect you from facing loans higher than your car is worth in the event your car gets stolen or totaled.
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. Unfortunately,
Safeco
doesn’t offer this type of insurance. If you already have a plan with Safeco but you want gap insurance, you can either switch insurance providers, or purchase separate gap insurance from the dealership of a third-party lender. Keep in mind that separate gap insurance can cost up to $400 to $700 per year, while gap insurance coverage as included in your regular auto insurance policy only costs about $20 to $40 per year.
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- Gregory R.
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