No, GEICO does not offer supplemental insurance. No, Geico doesn't offer breach insurance, but you can find affordable coverage policies from many other major insurance companies. Gap insurance is a type of special coverage that pays the difference between the real cash value of your car and the balance of your loan or lease if the vehicle is stolen or totally stolen. You may need to have temporary coverage if your vehicle is financed.
Every insurance company determines its rates differently, so even though Geico is among the cheapest car insurance companies, the best way to ensure you're getting the cheapest rate is to compare quotes from several insurers. If you didn't buy supplemental insurance from your regular insurance company, you could have bought it from the dealer, bank, or credit union that provided you with a loan or lease. Gap insurance, which covers the difference between the loan balance and the actual value of the car, can come from a dealer, bank, credit union, or auto insurance company. To find out if you have provisional insurance, check your current car insurance policy and the terms of your loan or lease.
If your dealer, lender, or auto insurance company doesn't have provisional insurance, it probably won't be covered. To get paid for uncovered insurance as quickly as possible, be sure to review the details of your policy and follow your insurance company's instructions. For drivers to receive an additional insurance payment, they must first declare the car as a total loss and the insurance company must accept the claim. Because compensation insurance pays the difference between the actual cash value (ACV) of a car and the balance of its loan or lease, compensation insurance payments are generally sent directly to the landlord or lender.
Insurance companies will generally declare a car as a total loss within 30 days of filing the initial claim. Drivers can purchase emergency insurance through their insurance company as a supplement or separately through their car lender, so it's important to look for gap coverage in the list of coverages offered by both. If you are currently a Geico customer and want to maintain your policy, you can purchase emergency insurance from a dealer or an independent company. Finally, if you realize that you don't have coverage, check out WalletHub's recommendations on when it's worth taking out insurance to cover gaps and where to buy coverage insurance.
Once it has been officially established that the car is a total loss and the insurer agrees to pay for late coverage, the company will begin processing the outstanding payment. Direct sales of insurance to the consumer eliminate the cost of middlemen and allow Geico to have far fewer local offices and agents than companies like State Farm and Allstate.