AARP Gap Insurance is an insurance product offered by the American Association of Retired Persons (AARP). It helps to protect drivers in the event of an accident or other covered incident that results in their vehicle being totaled. This type of coverage is designed to pay the difference between the actual cash value of the vehicle and the amount of the loan balance that remains due on the vehicle. It is important to note that this coverage is not available in all states.
What Does AARP Gap Insurance Cover?
AARP Gap Insurance covers the difference between the total loan balance for a vehicle and the actual cash value of the vehicle in the event of an accident or other covered incident that results in the vehicle being totaled. This type of coverage is designed to help protect drivers from having to pay out of pocket for the remaining balance on the loan. It is important to note that this coverage is not available in all states, so it is important to check with your state’s Department of Insurance for availability.
Who Is Eligible For AARP Gap Insurance?
To be eligible for AARP Gap Insurance, you must be a member of AARP and have an active policy in effect. Additionally, you must be the owner of the vehicle you are seeking coverage for and the vehicle must be a passenger vehicle or light truck. It is important to note that AARP Gap Insurance is not available in all states, so it is important to check with your state’s Department of Insurance for availability.
Why Should You Get AARP Gap Insurance?
AARP Gap Insurance provides drivers with additional protection in the event of an accident or other covered incident that results in their vehicle being totaled. This type of coverage helps to ensure that drivers are not stuck paying out of pocket for the remaining balance on the loan. Additionally, AARP Gap Insurance can help to protect drivers from negative equity, which can occur when the loan balance is greater than the actual cash value of the vehicle.
How Much Does AARP Gap Insurance Cost?
The cost of AARP Gap Insurance will vary depending on the make, model, and age of the vehicle being insured as well as the loan balance. Additionally, the cost of coverage will also depend on the state in which the policy is purchased, as some states may impose additional taxes and fees. It is important to note that AARP Gap Insurance is not available in all states, so it is important to check with your state’s Department of Insurance for availability.
How Do You Get AARP Gap Insurance?
To get AARP Gap Insurance, you must be a member of AARP and have an active policy in effect. Additionally, you must be the owner of the vehicle you are seeking coverage for and the vehicle must be a passenger vehicle or light truck. You can purchase AARP Gap Insurance directly from the AARP website, or you can contact your local AARP representative for assistance. It is important to note that this coverage is not available in all states, so it is important to check with your state’s Department of Insurance for availability.
What Is The Claims Process For AARP Gap Insurance?
The claims process for AARP Gap Insurance is similar to the claims process for other types of insurance. You will need to provide proof of coverage, as well as documentation of the incident that resulted in the vehicle being totaled. You will also need to provide documentation of the loan balance on the vehicle as well as the actual cash value of the vehicle. Once all documentation has been received, the claim will be reviewed and a decision will be made.
Is AARP Gap Insurance Worth It?
For many drivers, AARP Gap Insurance is a great way to provide additional protection in the event of an accident or other covered incident that results in their vehicle being totaled. This type of coverage can help protect drivers from having to pay out of pocket for the remaining balance on the loan and can help to protect them from negative equity. The cost of AARP Gap Insurance will vary depending on the make, model, and age of the vehicle being insured as well as the loan balance. Additionally, the cost of coverage will also depend on the state in which the policy is purchased, as some states may impose additional taxes and fees.
Conclusion
In conclusion, AARP Gap Insurance is a great way to provide drivers with additional protection in the event of an accident or other covered incident that results in their vehicle being totaled. This type of coverage can help protect drivers from having to pay out of pocket for the remaining balance on the loan and can help to protect them from negative equity. The cost of AARP Gap Insurance will vary depending on the make, model, and age of the vehicle being insured as well as the loan balance. Additionally, the cost of coverage will also depend on the state in which the policy is purchased, as some states may impose additional taxes and fees.