Allstate Gap Insurance: A Smart Way to Protect Your Car Loan

Consider Allstate gap insurance, a coverage that bridges the gap between your car loan balance and its value in the event of a total loss.

This insurance can prevent substantial out-of-pocket expenses in case of theft or an accident resulting in your car being totaled.

How to Get Allstate Gap Insurance Quotes

• Online: Visit allstate.com and click on “Auto Insurance”. Then, enter your ZIP code and click on “Get a quote”. You will need to provide some information about yourself, your car, and your driving history. You will see your customized quote, which includes the option to add gap insurance. You can also adjust your coverage and deductibles to fit your needs and budget.
• Phone: Call 1-800-ALLSTATE and speak to a representative. They will ask you some questions and give you a quote over the phone. You can also ask them any questions you have and get advice on the best coverage for you.
• Agent: Find a local agent near you by visiting agents.allstate.com and entering your ZIP code. You can also use the map to locate the nearest agent. You can visit them at their office or schedule an appointment. They will help you get a quote and explain the details of your policy.

How to file an Allstate Gap insurance claim

Online:

Visit allstate.com/claims, log in, and click “Report a Claim.” Follow the prompts to provide incident details, including date, time, location, and supporting documents.

Upload photos, videos, or documents. Receive a confirmation email and claim number. Track your claim status and communicate with your adjuster online.

Phone:

Call 1-800-ALLSTATE, choose the option for reporting a new claim, and speak with a representative. Answer questions and provide incident details.

Send photos, videos, or documents via email or fax. Receive a confirmation email and claim number. Call the same number to check claim status and talk to your adjuster.

App:

Download the Allstate app, log in, and tap “Claims,” then select “Report a Claim.” Provide incident details and upload photos or videos directly.

Receive a confirmation email and claim number. Use the app to track your claim status and chat with your adjuster.

Can I add Gap Insurance to my existing Allstate policy?

Yes, you can add gap insurance to your existing Allstate policy, as long as you have comprehensive and collision coverage on your car.

You can add gap insurance at any time, but it is recommended to do it as soon as possible, since the value of your car depreciates over time. Here are the steps to follow:

• Online: Log in to your account and go to “My Policy”. Then, click on “Change Policy” and select “Add or Remove Coverage”. You will see the option to add gap insurance. Click on “Add” and review your policy details. Click on “Submit” to confirm your change.
• Phone: Call 1-800-ALLSTATE and speak to a representative. They will help you add gap insurance to your policy and update your premium.
• Agent: Contact your agent and ask them to add gap insurance to your policy. They will help you with the process and update your premium.

Does Allstate Gap Insurance cover total loss?

Yes, Allstate gap insurance covers total loss, which means that your car is either stolen or damaged beyond repair in an accident.

In that case, Allstate gap insurance will pay the difference between what you owe on your car loan and what your car is worth, according to the actual cash value (ACV) determined by Allstate.

For example, if you owe $20,000 on your car loan, but your car is worth only $15,000, Allstate gap insurance will pay the $5,000 gap, minus your deductible.

When Should I Consider Gap Insurance?

You should consider gap insurance if you have a car loan and any of the following situations apply to you:

• You made a small or no down payment on your car.
• You have a long-term or high-interest loan on your car.
• You have a lease on your car.
• You have a car that depreciates quickly or has a low resale value.
• You drive a lot of miles or use your car for business purposes.

Gap insurance can protect you from paying a large amount of money out of pocket if your car is totaled or stolen.

However, gap insurance is not mandatory, and you may not need it if you have a large down payment, a short-term or low-interest loan, or a car that holds its value well.

Coverage specifics

Policy Exclusions:

Allstate gap insurance excludes coverage for your deductible, late fees, penalties, or interest charges on your car loan. It also does not cover any unpaid balance from a previous car loan, amounts exceeding your car’s actual cash value, or surpassing the 25% limit of your gap insurance coverage.

Coverage Limits:

Allstate’s gap insurance addresses the gap between your car loan balance and the actual cash value (ACV) of your car. However, it does not extend to covering the replacement cost of your car.

Deductibles:

Allstate gap insurance does not cover your deductible, the out-of-pocket amount you must pay before coverage begins. For example, if you have a $500 deductible for collision coverage, Allstate covers the remaining gap after subtracting your deductible.

Add-ons or Riders:

Allstate gap insurance does not offer add-ons or riders, such as new car replacement coverage. If you seek additional options, you may want to explore offerings from other insurers.

What does Allstate Gap Insurance not cover?

Allstate gap insurance does not cover everything that may affect your car loan balance or your car value. Some of the things that Allstate gap insurance does not cover are:

• Your deductible, which is the amount you have to pay before your insurance kicks in.
• Any late fees, penalties, or interest charges on your car loan.
• Any unpaid balance from a previous car loan that was rolled over into your current car loan.
• Any amount that exceeds the actual cash value of your car, such as custom parts, accessories, or equipment.
• Any amount that exceeds the limit of your gap insurance coverage, which is usually 25% of the actual cash value of your car.

Benefits of Allstate Gap Insurance

Allstate gap insurance has several benefits that can make it a worthwhile investment for you. Some of the benefits are:

• It can save you from paying a large sum of money if your car is totaled or stolen.
• It can give you peace of mind and financial security in case of a total loss.
• It can help you avoid negative equity, which is when you owe more on your car than it is worth.
• It can help you pay off your car loan faster and get a new car sooner.
• It is affordable and easy to add to your existing Allstate policy.

How to cancel Allstate Gap Insurance

If you no longer need or want Allstate gap insurance, you can cancel it at any time, without any fees or penalties. You can do it online, by phone, or through your agent. Here are the steps to follow:

• Online: Log in to your account and go to “My Policy”. Then, click on “Change Policy” and select “Add or Remove Coverage”. You will see the option to remove gap insurance. Click on “Remove” and review your policy details. Click on “Submit” to confirm your change.
• Phone: Call 1-800-ALLSTATE and speak to a representative. They will help you cancel your gap insurance and update your premium.
• Agent: Contact your agent and ask them to cancel your gap insurance. They will help you with the process and update your premium.

Contact information