Usaa: Gap Insurance Coverage

USAA does not offer gap insurance, but it does offer total loss protection and car replacement assistance. Total loss protection is similar to gap insurance in that it covers the difference between a vehicle's value and the remaining loan balance. However, it is only available to existing USAA customers who financed their vehicles through USAA and have cars less than seven years old. On the other hand, car replacement assistance provides 20% more than the car's actual cash value in the event of a total loss.

USAA does not offer gap insurance

USAA's car replacement assistance program will pay out 20% more than your car's actual cash value in the event of a total loss. This option is available to eligible military members and their families.

Gap insurance, or guaranteed asset protection, is an optional auto insurance coverage that helps pay your car loan if your car is lost or stolen and you owe more than the vehicle is worth. This type of insurance is particularly useful if you have a small down payment, a long finance period, or a vehicle that depreciates quickly. It is typically purchased in addition to a full-coverage policy and can be bought from a car dealership or an auto lender when purchasing the vehicle. However, it is usually cheaper to add coverage to an existing policy.

USAA was established by military officers to provide insurance and other financial services exclusively to members of the U.S. military and their families. The company offers competitively priced car insurance policies and has a reputation for excellent customer service.

USAA offers total loss protection

USAA does not offer gap insurance, but it does offer total loss protection, which is a very similar coverage policy. Total loss protection covers the difference between your vehicle's value and your remaining loan balance up to $50,000. This is particularly useful if you have a longer loan term or made a smaller down payment, as it ensures you won't owe money on a car you no longer own if it is destroyed or stolen.

Total loss protection is available to existing USAA customers who financed their vehicle through USAA. To be eligible for this coverage, your car must be less than seven years old, and your loan balance must be at least $5,000.

Here's how it works:

• You purchase total loss protection for your leased or financed vehicle.
• Your vehicle is totaled or stolen, so you file a claim and provide your bill of sale, odometer statement, and certificate of title.
• A claims adjuster will assign a value to your pre-incident vehicle.
• USAA will issue a check for the car's actual cash value (ACV), minus your deductible.
• USAA will take possession of your totaled vehicle.

USAA also offers Car Replacement Assistance (CRA), which will pay out 20% more than your car's ACV.

In addition to total loss protection, USAA offers a range of insurance products and financial services exclusively to its members, including homeowners insurance, rental property insurance, valuable personal property insurance, motorcycle insurance, and small business insurance.

Total loss protection is only available to existing USAA customers

USAA does not offer gap insurance, but it does offer total loss protection, which is very similar. Total loss protection is a type of insurance that covers the difference between the value of your vehicle and the remaining loan balance, up to $50,000. This type of coverage is only available to existing USAA customers who financed their vehicle through USAA and have a loan balance of at least $5,000. The vehicle must also be less than seven years old.

Total loss protection can be added to a full coverage policy, which includes comprehensive insurance and collision insurance. If your vehicle is totalled or stolen, you will need to file a claim and provide your bill of sale, odometer statement, and certificate of title. A claims adjuster will then assign a value to your vehicle, and USAA will issue a check for the car's actual cash value, minus your deductible.

USAA also offers a related product called Car Replacement Assistance (CRA). The CRA program will pay out 20% more than your car's actual cash value in the event of a total loss.

It is important to note that USAA insurance is only available to eligible military members and their families. If you are already a USAA customer, you can ask your agent about adding total loss protection to your policy. If you are eligible but not currently a customer, you can call USAA or get car insurance quotes online that include total loss protection.

In addition to total loss protection, USAA offers a range of insurance products and financial services exclusively to its members, including homeowners insurance, rental property insurance, valuable personal property insurance, and small business insurance.

USAA offers rideshare gap coverage

USAA does not offer gap insurance, but it does offer total loss protection, which is a very similar coverage. This type of insurance is designed to protect your assets if your leased or financed vehicle is totaled or stolen and you owe more on the loan than the car's value. Total loss protection pays for the difference between your vehicle's value and your remaining loan balance up to $50,000. It is important to note that this coverage is only available to existing USAA customers who financed their vehicle through USAA.

USAA also offers rideshare gap coverage for those who work for an app-based delivery service or transportation network company (TNC). This coverage protects you if you have an accident during the "unmatched" time of the delivery, when you are logged on to the rideshare app but are waiting for a customer request. This type of insurance is currently offered in several US states, including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, and Delaware.

USAA's rideshare gap coverage can help protect your ride, safeguard your income, and protect your financial security. You can tailor your coverage limits and deductibles to fit your needs and budget. Additionally, you can get guaranteed repairs at more than 2,900 USAA-approved locations nationwide.

USAA offers car replacement assistance

USAA does not offer gap insurance, but it does offer car replacement assistance. This is an add-on to a full-coverage policy that includes comprehensive coverage. Car replacement assistance provides additional financial protection by covering the cost of purchasing a new vehicle if your car is totaled in an accident.

If your car is totaled and you have this coverage, USAA will add an extra 20% to your totaled car’s actual cash value, which you can then put toward a replacement vehicle. This coverage is not available for non-owned or leased cars.

To be eligible for car replacement assistance, your vehicle must meet certain requirements, including:

• Your vehicle is less than five years old (not required with USAA)
• Your vehicle has less than 15,000 to 24,000 miles
• You have a full-coverage car insurance policy (collision and comprehensive insurance)
• You are the first owner

In addition to car replacement assistance, USAA offers a range of other insurance products and services exclusively to its members, including:

• Rideshare gap coverage: Protects you if you have an accident while delivering for an app-based transportation network company, such as Uber or Lyft, during the "unmatched" time.
• Rental reimbursement: Covers the cost of a rental vehicle while your car is in the shop after an accident.
• Roadside assistance: Covers the cost of towing your car, gas delivery, tire change, and labor performed where your car broke down.
• Accident forgiveness: Your rates will not increase after one at-fault accident.
• Classic car insurance: Coverage for certain collectible vehicles up to the vehicle's full assessed value in damages.

USAA also offers a wide range of discounts, including:

• Safe driver discount: Lower rates for drivers with a good driving record.
• Good student discount: Discounts for teens who get good grades in school.
• Low mileage discount: Pay less if you drive fewer miles per year than average.
• Stored vehicle discount: Save up to 60% if your vehicle is in storage, which is attractive for those deployed overseas.
• Military installation discount: Save up to 15% if your vehicle is garaged on a U.S. military base.
• Automatic payment discount: Save up to 3% if payments are made by automatic withdrawal from your bank account.
• Multi-vehicle discount: Get a discount for insuring multiple vehicles on the same policy.
• Family discount: Children of parents with a USAA car insurance policy can save up to 10%.

Frequently asked questions