Elephant Car Insurance Review 2022 – Forbes Advisor

Elephant sells “loan/lease coverage” which is similar to gap insurance. Generally, gap insurance pays the “gap” between what you owe on your car loan or lease and the depreciated value of your car if it is totaled due to a problem covered by your policy (like a car accident).

With Elephant’s loan/lease coverage, you’ll get up to 25% of your car’s depreciated value if you are “upside down” on your car loan.

For example, if you owe $20,000 on your totaled car and its depreciated value is $17,000, you have a $3,000 gap. With Elephant’s loan/lease coverage, you are covered up to 25% of $17,000 ($4,250). In this scenario, loan/lease coverage would be sufficient to pay the remaining balance of your loan.

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