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How much is gap insurance a month?
Nicholas Hinrichsen - Published: September 15, 2023
A lot of people ask how much does GAP insurance cost per month? The truth is that it depends.
The price per month for GAP insurance varies widely. A few things will typically impact the price: (a) The current LTV of the loan (loan to value ration) (b) The total price of the car itself (c) The length of the loan term. But the largest impact by far is (d) Who sold you the GAP insurance (Dealership, lender, or insurance company). The cost of a typical GAP policy on a $20,000 car is about $100 in cost. If a lender sells the insurance product, it may be marked up to $250-500. If a dealership sells you this same policy, its likely $600-800. On a monthly basis for a 72 month loan with 6% interest rate the monthly costs range from $2.50 on the low end to $12.50 on the higher end.undefined
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