Is gap insurance required in Oklahoma?

I just moved to Tulsa and I’m in the middle of shopping for a new car. I’m going to need a loan, but I’ve already budgeted for that. That said, more than one lender has asked me about gap insurance. I’m not sure if I need it. Does Oklahoma legally require gap insurance?

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Answer provided by
Eric Schad
Answered on Jun 15, 2022
Congrats on the move to Tulsa! It’s a great town and you’re sure to appreciate its small-city vibe. While gap insurance isn’t required in Oklahoma, it might be a good investment if you meet one of these guidelines:
  • You got a loan of more than 60 months.
  • You made a down payment of less than 20%.
  • You purchased a vehicle that doesn’t hold its resale value all that well.
While you don’t need to have gap insurance, your lender will require you to carry full coverage car insurance. It’s expensive at first glance, but you can always use the Jerry app to compare quotes and find the best rate.
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