Erie Insurance: Gap Insurance Coverage

Erie Insurance offers gap insurance as an add-on to its customers in North Carolina. Gap insurance covers the difference between the actual cash value of your car and the amount left on an auto loan for your totalled vehicle. This is particularly useful if you are paying on a car loan or lease, as your car may be valued for less than what you owe.

Erie Insurance offers gap insurance as an add-on to its comprehensive coverage

In addition to gap insurance, Erie Insurance also provides a range of other coverage options, including bodily injury liability, property damage liability, uninsured motorist bodily injury, and underinsured motorist bodily injury. They also offer discounts to help reduce your rates, such as for factory-installed safety features and multiple policies.

Erie Insurance is a regional provider, so it's not available in every state. However, they have a strong reputation for customer service and financial stability, and their policies are known for having dozens of extra features at a great price.

If you're considering Erie Insurance, be sure to review their specific coverage options and discounts to see if they're a good fit for your needs. Their local agents can help you determine the right amount of coverage and answer any questions you may have.

Gap insurance is not mandatory in North Carolina but may be required by your lender

Gap Insurance in North Carolina

Gap insurance is not mandatory in North Carolina, but your lender may require it. It is an additional product that offers protection when financing a vehicle. It covers the difference between the actual cash value of your car and the amount left on an auto loan for your totalled vehicle.

Gap insurance is needed when the amount you owe on your car loan is more than the car's value. This can happen when:

• You make less than a 20% down payment
• You finance your vehicle for 60 months or longer
• You have a vehicle lease
• You purchase a vehicle that depreciates quickly
• You roll negative equity over from an old car loan

Gap insurance is not mandatory, but it can provide peace of mind when purchasing a new vehicle. It is worth considering if your car loan exceeds the value of the vehicle or if you have a minimal down payment. It can also be beneficial if you plan on using your vehicle a lot, resulting in high mileage and faster depreciation.

Where to Get Gap Insurance in North Carolina?

You can purchase gap insurance from your insurance company as a stand-alone or add-on policy, or from a car dealership. Not all insurance companies sell gap insurance, so it is important to look into coverage options when comparing quotes. Some of the cheapest gap insurance providers in North Carolina include Liberty Mutual, Allstate, and Nationwide.

Gap insurance covers the difference between your vehicle's actual cash value and the amount you still owe on an auto loan if your vehicle is totalled or stolen. It does not cover other damages to your vehicle, such as an engine repair, or the replacement of another party's vehicle.

No, gap insurance is not the same as full coverage. Full-coverage insurance includes the state's minimum-required liability coverage, as well as comprehensive and collision coverages. Comprehensive coverage helps pay for damages caused by severe weather, fire, vandalism, or theft. Collision coverage pays for the cost of repairs if your car is in an accident with another vehicle. These coverages do not pay for any amount still owed on a loan after the initial insurance payout. Gap insurance covers this remaining amount.

Erie Insurance offers a range of discounts to help reduce your rates

• Discounts for factory-installed safety features like anti-lock brakes, airbags, and anti-theft devices.
• Discounts when you bundle your home, business, life insurance, and annuity products.
• Discounts for reduced usage.
• Discounts for selecting a payment plan that offers savings.

In addition to these auto insurance discounts, Erie also offers discounts when you bundle multiple auto policies. Erie Insurance provides affordable car insurance with plenty of opportunities to reduce and avoid increases in your car insurance costs while maintaining quality coverage.

Erie Insurance is a strong choice for insurance, offering a multitude of coverage types to choose from, including new car replacement coverage, gap insurance, and rideshare insurance, among others. The company is popular with consumers but operates in only 12 states and Washington, D.C.

Erie has earned high marks for satisfaction in J.D. Power ratings and offers a variety of discounts and coverage options. The company ranked second highest in the midsize insurers category in the J.D. Power 2023 U.S. Insurance Shopping Study, scoring 878 out of 1000 points.

Erie Insurance has strong industry ratings and is known for its customer service

Erie Insurance offers a range of discounts to help reduce rates, including for factory-installed safety features, multiple policies, reduced usage, and specific payment plans. The company also provides extra auto policy features at no additional cost, such as coverage for pets injured in an accident and personal item coverage.

Erie Insurance has received high ratings in J.D. Power customer satisfaction studies and is praised for its helpful agents who guide customers through the claims process. The company's strong industry ratings reflect its financial stability and commitment to customer service.

In addition to auto insurance, Erie Insurance offers a range of other insurance products, including homeowners, renters, life, and business insurance, as well as annuity products. The company operates in 12 states and Washington, D.C., and its limited state availability is one area where it falls short compared to other insurers.

Overall, Erie Insurance is a strong choice for customers seeking a regional insurer with a focus on customer service and a wide range of coverage options and discounts.

Erie Insurance provides standard car insurance coverage and several add-ons

Standard Coverage Options

Erie Insurance offers all the standard types of car insurance coverage, including:

• Bodily injury liability
• Property damage liability
• Uninsured motorist bodily injury
• Underinsured motorist bodily injury
• Uninsured motorist property damage

Add-On Coverage Options

In addition to standard coverage, Erie Insurance offers several add-ons, including:

• Accident forgiveness
• Diminishing deductible
• Pet injury coverage
• Rate lock
• New car replacement
• Better car replacement
• Gap insurance
• Rideshare coverage
• Auto security package

Discounts

Erie Insurance also offers several discounts to help reduce rates, including:

• Factory-installed safety features like anti-lock brakes, airbags, and anti-theft devices
• Multiple auto policies or other policies like home, business, or life insurance
• Reduced usage
• Specific payment plans
• Policy bundling
• Safe driving
• Student drivers
• Paying the full premium upfront

Frequently asked questions