Freeway Insurance has been around for decades and offers insurance policies only in specific states. Gap coverage is part of the comprehensive plan of its policies and is optional.
Established in 1987, Freeway is a privately-owned company that boasts about the size of the brokerage. Aside from auto insurance and gap insurance, it offers a variety of different plans that contain specific discounts that are not available with other providers. To help select a plan, the company offers English- and Spanish-speaking representatives. It is not available all over the United States. To get any insurance with this company, you must live in one of the following states: Arizona, California, Illinois, Nevada, New York or Texas.
The coverage provided for your vehicle is primarily determined on location. It must be located in one of the states specified above to qualify. Also, the vehicle has to be financed under a loan or lease to qualify. Those who own their vehicles do not qualify for Freeway's gap coverage. Freeway also offers insurance for homeowners, businesses, renters, motorcycles, life, health, landlords, AD&D, watercraft and commercial vehicles. When you combine policies, you become eligible for several discounts for keeping your coverage with the same insurance provider.
The actual gap insurance over that vehicle is typically the difference between what is owed and the cash value of the vehicle. Freeway calculates the total payout using a specific formula. The policy uses the difference between the amounts paid to the financial institution and the balance that is still owed on the vehicle. This coverage is not used during any accident. To use your insurance, your vehicle must be totaled and declared a total loss. If it is stolen, the insurance company must declare it a loss to pay out the money you qualify for. Without gap insurance, you may only receive the actual cash value instead of the money you paid out of your pocket. With it, you lose much less of your investment and can use that money toward a new vehicle that is the same or different from the one you picked. This company does not restrict it to a specific percentage, but you must get a quote from the provider to get specific details about your plan.
Freeway Insurance is limited in the total payout for gap insurance and is one of the younger insurance companies available. However, it does offer a variety of other coverage policies to combine with your gap policy. To get a full quote and complete policy details, you must enter your personal information on the company's site.