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Is gap insurance required in Michigan?
I want to get a new car, but I’m going to need a car loan to drive it off the lot. While I’m aware that I might have to budget a bit more for insurance, I’m not sure if the state mandates gap insurance. Do I need gap insurance in Michigan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’ll be glad to know that
gap insurance
is not required in Michigan
. However, you may want to consider gap insurance under a few circumstances:- You made less than a 20% down payment on the car.
- Your car doesn’t hold its resale value as well as other vehicles.
- You financed the car for longer than 60 months.
- You rolled over negative equity from your previous vehicle.
While you don’t need gap insurance in Michigan, your lender will almost certainly require you to have
full coverage car insurance
. To make your shopping experience easier and save the most cash, use the Jerry
app to compare car insurance quotes quickly, easily, and conveniently.Jerry is a licensed insurance broker and insurance comparison tool that collects quotes from over 55 top-rated insurers in just 45 seconds. After you find a great rate, Jerry can help you buy new insurance and cancel your old policy. Users save an average of $800+ per year on car insurance.
View full answer
- Gregory R.
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