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
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.
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Should I get a car for my friend with the car loan in my name?
"My friend has terrible credit, but he needs a car to get to work. We've been friends for a decade, so he asked me if I could get a loan for him and he would pay me back. Should I do this?"
Jun 15, 2021
Can gap insurance cover someone with a learner's permit in Illinois?
We are buying my son a new car and he only has his learner's permit. If we add him to our policy, will he be covered for gap insurance as well?
May 03, 2021