Is gap insurance required in Georgia?
I’m in the middle of buying a car, but I’m trying to budget for my car insurance. My friend told me that I needed gap insurance to legally buy the car, but I don’t see that anywhere online. Is gap insurance legally required in Georgia?
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You’ll be happy to know that your friend is incorrect about gap insurance. Gap insurance is not required in Georgia, although you might want to consider it depending on your finances.
Gap insurance pays the difference between your car loan balance and the actual cash value of your car if your car is totaled. For example, most 72-month loans don’t reach a break-even point until about 48 months. If you’re in an accident, gap insurance pays this difference so you don’t have to. For long-term loans, it’s almost essential.
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