Services

PriceProtect™

Compare Car Insurance

Refinance Car Loan

DriveShield™

Drive Well, Earn Perks

GarageGuard™

Get Service Reminders

Insurance

Car Insurance

Compare Car Insurance with Jerry

2024 Car insurance quotes

Cheap car insurance

Best car insurance companies

Shopping for car insurance

Is Jerry a legitimate insurance broker?

Jerry’s Expert Advice

What factors affect car insurance rates?

How does car insurance work?

Types of car insurance

Full coverage car insurance

Car Insurance Estimates

Car insurance by car

Car insurance by location

Home & Renters Insurance

Home Insurance

Compare home insurance quotes

Home & auto insurance quotes

Renters Insurance

Compare renters insurance quotes

Repairs

Car Repair Estimates

Repair Estimates for Popular Services

Oil change cost estimate

Brake pad replacement cost estimate

Battery replacement cost estimate

Timing belt replacement cost estimate

Wheel bearing replacement cost estimate

Spark plugs replacement cost estimate

Rotate tires cost estimate

Transmission fluid service cost estimate

See all 300+ service estimates

Advice

Read Car Content

Browse Jerry Car Advice

How do I know if a mechanic is taking too long?

How to put antifreeze in your car?

What do you do if your car makes a noise?

Read 5,000+ more car advice articles

Check Out Expert Car QnA

Why does my car squeal when I drive?

Do driving warnings go on your record?

How long can you go past your oil change?

How much below MSRP is a good deal?

Learn from 30,000+ more questions

Learn About How We Create Content

Our Editorial Standards

Our Editorial Review Board

Jerry Data & Research

Recent Studies

State of the American Driver (2023)

Memorial Day (2023)

Android vs Iphone (2023)

Auto repairs (2023)

Auto loans study (2023)

Read all recent studies

Comprehensive Data Reports

Jerry Annual Data Report (2023)

Read all data reports

About

MenuIcon

Does a new 2020 Toyota Corolla need gap insurance?

My sales rep at the dealership said that I got a really good deal and didn't need to buy gap insurance. Is this true? Should I assume that the value of my Corolla isn't going to depreciate below what I owe on my loan?

Emily Maracle · Updated on May 3, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

“You should always do your own research to confirm. You can look at the current value of your vehicle on a reputable site like Kelley Blue Book and what you owe on your loan.

You should also calculate what your vehicle will be worth in a year and what the balance of your loan will be. If the value of your vehicle will always be higher than what you owe on your loan, you can skip the

.

If you’re unsure or worried, you should add it. You are typically able to cancel gap insurance when you no longer need it.

You can also shop around if cost is a concern. Most

carriers offer some form of gap insurance with their policies. You may be able to find

cheap car insurance

with gap coverage compared to what you are currently paying. “

View full answer

WHY YOU CAN TRUST JERRY

Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

Join 4M+ members in lowering their car insurance

Find insurance savings

You Might Also Be Interested

Is Toyota Gap Insurance Worth It?

Is Toyota’s Guaranteed Auto Protection (GAP) better than the gap coverage from your car insurance company? (Spoiler: probably not.)

Should I Get Gap Insurance on a Used Car?

Gap insurance is a good idea for a used car if its value is worth less than what you owe on your loan. Learn more here!

Shannon Fitzgerald

What is Gap Insurance and is it Worth it?

Gap insurance covers the difference between the actual cash value of your vehicle and the amount you owe on your loan.

Drew Waterstreet

Read Advice From Car Experts At Jerry

How to Prevent Toyota Sequoia Catalytic Converter Theft

Worried about catalytic converter theft for the Toyota Sequoia? Here’s what you need to know about Sequoia cat theft—and how to prevent it.

Jason Tushinski

Volvo XC90 Catalytic Converter Anti-Theft Tips

If you’re behind the wheel of a Volvo XC90, learn the best tips and tricks to prevent catalytic converter theft.

How to Replace Ram Tail Lights

If you need to replace your Dodge Ram tail lights, you can use our guide to do it by yourself in just a few minutes.

What Others Are Asking

How long do you have to wait before driving on a new asphalt driveway?

How long should I wait before I drive on my newly paved asphalt driveway? We just got it done and I forgot to ask how long we should wait before we drive on it again. I don’t want to damage my car but I’m also tired of parking in the street.

How are cars divided during divorce in Arizona?

My ex and I purchased a vehicle together during our marriage, but the title is in my name since I had better credit at the time. Who will get it during the divorce?

Does insurance provide coverage if you hit a pole?

"Will my insurance cover the damage to my car? I hit a telephone pole and I didn't call the police since it was just me involved. It didn't look like there was any damage to the pole."

Browse All Questions

Browse More Content

Car Repair Resources

Insurance for Your Car

Insurance in Your State

Insurance In Your City

Easiest way to compare and buy car insurance

No long forms

No spam or unwanted phone calls

Quotes from top insurance companies

Find insurance savings

Car Insurance by Make

Car Insurance by State

Car Repair by Service

AC Compressor Replacement Cost

Battery Replacement Cost

Fuel Injector Replacement Cost

Fuel Pump Replacement Cost

Ignition Coil Replacement Cost

Oil Change Cost

Oil Pan Replacement Cost

Car Insurance by Company

Aspire Advantage

Assurance America

National General