How Much is Gap Insurance?

Woman filling out car insurance paperwork

If you’ve just recently heard about gap insurance, you’re in good company. A lot of our Wilmington customers find out about it for the first time when they buy their first new Land Rover vehicle. It’s an important policy to have! The good news is that the average cost of gap insurance is actually rather low. In fact, most lenders will gladly wrap the gap insurance cost into your car loan. If you’re curious about gap insurance prices, we have you covered in this handy guide!

Gap Insurance Cost As Part of Your Regular Policy

How much is gap insurance if your insurer adds it to your current policy? The average cost of gap insurance in this instance is just $20 per year. Most of our Newark-area customers prefer to go this route. However, there are some insurers that do not provide this as part of an existing policy; however, they will offer it as a standalone policy.

Gap Insurance Cost As a Standalone Policy

The typical gap insurance price is a little higher when offered as a standalone policy, but it is still pretty affordable when compared to other types of coverage. So, how much is gap insurance in this scenario? Gap insurance coverage as a standalone policy will cost between $200 and $300 as a one-time fee.

Gap Insurance Cost From Your Lender

Most Middletown-area lenders are willing to wrap the gap insurance price into your car loan. This one-time fee often runs between $500 and $700.

The Land Rover Wilmington Finance Team is Here to Help!

Our finance experts are here to walk you through your insurance options and explain why gap insurance is so important and worth considering. We make it easy for you to get behind the wheel of your next luxury Land Rover vehicle with ease at Land Rover Wilmington. You can even apply for financing online. Contact our team today!

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