Is gap insurance required in Ohio?

I’m going to purchase a new vehicle, but I’m also well aware that I need to budget for car insurance. The loan officer is pushing gap insurance pretty hard, but I’m not sure if I need it. Does Ohio legally require gap insurance for car loans?

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Answer provided by
Eric Schad
Answered on Jun 15, 2022
You shouldn’t cave to a pushy loan officer, as gap insurance isn’t required by law in Ohio. However, he or she may be pushing gap insurance due to a few other circumstances—particularly if you don’t have a ton of disposable income.
Gap insurance pays the difference between the loan balance and the actual cash value of your car if your car is totaled in an accident. So unless you have the money to pay the difference out of pocket, gap insurance might be a good investment.
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