Q: Where can I find gap insurance when buying my leased car?
May 03, 2021

I am going to be buying out my lease. Do I need gap insurance? Where I can find it? My current carrier doesn't offer it. My car is two years old. The loan is $10,000 and my car is valued at $12,000.

Answer provided by
Emily Maracle

“Deciding whether you need gap insurance depends on your financial situation. Would you be able to pay the $2,000 gap on your loan if your car was totaled tomorrow? Or would paying it cause a significant amount of financial hardship?

If it would be difficult to pay the gap, you should get gap insurance.

Since you will be buying out your lease, you can check with the dealership or lessor to see if gap coverage is already included on it. If not, they may be able to add it for you.

If it’s not something they can offer, you can find gap insurance through a car insurance company. Not every carrier offers gap insurance, so you’ll need to shop around.

Keep in mind that some carriers also call gap insurance “”loan/lease coverage.”” Terms and conditions also vary, so be sure to read the fine print. “

Not quite the question that you were looking for?
Our insurance agents are ready to help you, for free.
Ask your question
Have an insurance question?
avataravataravatar
Our insurance agents are ready to help you, for free.
Ask your question
Our customers say the nicest things
Our members, saved over $5 million in the last 30 days
Find savings (100% Free)
Rated 4.7/5 in the App Store
logos
logos
logos
This app is truly amazing and I recommend it to everyone. They were able to save me over $100/yr on car insurance, and I hardly had to do a thing. They got finalized quotes for me in minutes, and I didn't have to call anyone. They also canceled my old policy, and got me on to my new one for me!
Jerry.ai is the easiest way to compare and buy car insurance
arrow
No long forms
arrow
No spam or unwanted phone calls
arrow
Quotes from top insurance companies
Find savings (100% Free)
4.7/5 Rating on App Store
Have an insurance question?
avataravataravatar
Our insurance agents are ready to help you, for free.
Ask your question
Our customers say the nicest things
Our members, saved over $5 million in the last 30 days
Find savings (100% Free)
Rated 4.7/5 in the App Store
logos
logos
logos
This app is truly amazing and I recommend it to everyone. They were able to save me over $100/yr on car insurance, and I hardly had to do a thing. They got finalized quotes for me in minutes, and I didn't have to call anyone. They also canceled my old policy, and got me on to my new one for me!