GITNUX MARKETDATA REPORT 2024

Statistics About The Average Cost Of Gap Insurance

The average cost of gap insurance is around $60 to $100 per year.

Last Updated: June 23, 2024

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In this post, we will explore the average cost of GAP insurance with a comprehensive look at various statistics related to this type of coverage. From the monthly and annual costs to how it impacts lease payments and car loan amounts, understanding the price range and factors influencing GAP insurance expenses can help you make informed decisions when considering this additional coverage for your vehicle.

Statistic 1

"The average monthly cost of GAP insurance ranges between $5 and $15."

Statistic 2

"GAP insurance added to a loan can cost approximately $40 to $60 per year."

Statistic 3

"The average GAP insurance cost for a 36-month lease is about $450."

Statistic 4

"GAP coverage from a standalone GAP insurance company may cost $100 to $150 per year."

Statistic 5

"Adding GAP insurance to a lease agreement generally increases the lease payment by $10 to $15 per month."

Statistic 6

"The average cost of GAP insurance is typically $20 to $40 per year when added to your car insurance policy."

Statistic 7

"Higher-risk drivers may pay up to $70 annually for GAP insurance from an insurer."

Statistic 8

"Bundling GAP insurance with full-coverage auto insurance can reduce the GAP premium by up to 20%."

Statistic 9

"On average, GAP insurance makes up to 0.5% to 1% of your car's loan amount over the term of the loan."

Statistic 10

"Many car insurance providers offer GAP insurance at an annual cost between $20 to $45."

Statistic 11

"GAP insurance costs are generally lower for older cars, typically around $20 per year."

Statistic 12

"The average cost of GAP insurance can be reduced by selecting higher deductible options."

Statistic 13

"The average cost of GAP insurance purchased from a dealership is around $600."

Statistic 14

"GAP insurance purchased directly from your insurance company can cost as little as $25 per year."

Statistic 15

"GAP insurance for luxury vehicles can cost around $75 annually, while for economy cars, it can cost as low as $20."

Statistic 16

"Dealerships typically charge between $400 to $700 for a GAP insurance policy."

Statistic 17

"GAP insurance typically costs around $15 annually when added to a new car's lease."

Statistic 18

"The average one-time fee for GAP insurance at the point of sale is between $200 and $300."

Statistic 19

"The cost of GAP insurance is not regulated by state laws, leading to a wide range of prices."

Statistic 20

"Depending on the car make and model, the cost of GAP insurance can vary by up to 30%."

In conclusion, the cost of GAP insurance can vary significantly based on multiple factors such as the type of policy, the vehicle’s make and model, the driver’s risk profile, and the method of purchase. On average, monthly costs range from $5 to $15, with annual costs ranging from $40 to $150 or more depending on the provider and policy type. Pricing strategies also vary, with dealerships typically charging higher one-time fees compared to insurance companies offering lower annual premiums. By understanding these cost variations and exploring different coverage options, car owners can make informed decisions to secure appropriate GAP insurance that fits their budget and protects their investment in the event of a total loss.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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