What is Gap Insurance?
Gap insurance is an additional coverage option that is available when you purchase a car insurance policy. It covers the difference between the actual cash value of your car and the amount you owe on it. If your car is totaled or stolen, and you owe more on it than it’s worth, gap insurance will cover the difference.
How Does Gap Insurance Work?
Gap insurance is designed to work in conjunction with your standard car insurance policy. In the event of an accident or theft, your standard car insurance policy will pay out the actual cash value of your car at the time of the incident. If you owe more on your car than it’s worth, gap insurance will cover the difference.
Who Needs Gap Insurance?
If you financed your car, gap insurance is a good idea. This is because cars depreciate quickly, and it’s possible that you could owe more on your car than it’s worth, especially in the first few years of ownership. Gap insurance can provide peace of mind, knowing that you won’t be left with a large bill if your car is totaled or stolen.
What is Farm Bureau?
Farm Bureau is an insurance company that was founded in 1939 to serve the needs of farmers and rural communities. Today, Farm Bureau offers a wide range of insurance products, including car insurance, home insurance, life insurance, and more.
What Makes Farm Bureau Different?
One of the things that sets Farm Bureau apart from other insurance companies is the fact that it is a membership organization. Members pay an annual fee, which gives them access to a wide range of benefits, including discounts on insurance products, access to financial planning services, and more.
Yes, Farm Bureau offers gap insurance as an add-on to its car insurance policies. If you’re interested in purchasing gap insurance, you’ll need to contact a Farm Bureau agent to discuss your options.
Conclusion
In conclusion, gap insurance is an important coverage option for anyone who finances a car. If you’re a Farm Bureau member, you have the option of adding gap insurance to your car insurance policy. Be sure to talk to your Farm Bureau agent to learn more about your options and to get a quote.