Do I need gap insurance when buying my leased Jeep Renegade?

I'm purchasing my 2016 Jeep Renegade that I was leasing. I did have gap insurance on it while leasing it. Do I still need to keep the coverage on it? Should I try to find it through an insurance company instead?

Answer provided by
Emily Maracle
Answered on May 03, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
“You should keep gap insurance on your vehicle if you still owe more on your loan than the vehicle is worth. If that isn’t the case, you can cancel your coverage.
If you aren’t sure of the actual cash value of your vehicle, you can check online through various sites like Kelley Blue Book to determine how much it’s worth. From there, you can decide whether you still need to have gap insurance on it.
You should always shop around for insurance. You can request car insurance quotes online to see how much it would cost to add gap insurance to a policy. You may be able to find a more affordable rate than what you’re paying for gap insurance and your current car insurance policy.

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