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How much is gap insurance in Florida?
I just got a new luxury car and thinking I should get gap insurance for extra protection. How much would it cost in Florida?
Tiffany Leung · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We love drivers who proactively protect their cars!
Gap insurance
in Florida costs around $200 to $700 in total when you get it from the car manufacturer or dealership. If you are getting it as an add-on to your current policy, it costs around $20 to $40 per year.Gap insurance covers the gap between the actual value of a totaled vehicle and the amount still owed on the loan. In other words, you may only need it for two or three years—until your car value is higher than what you owe.
Here’s an example of how gap insurance works:
- Imagine you buy a $60,000 car with a $10,000 down payment
- After two years, the car is worth $40,000 but you still owe $45,000
- Insurance will pay you $40,000 (minus the deductible) if your car gets totaled—but there’s still $5,000 outstanding on the loan
- Gap insurance will cover that difference, and without gap insurance you’d have to pay it out of pocket
To add gap insurance to your
car insurance
policy, you will have to find out which providers offer it. Jerry
can help with the legwork!As a licensed insurance broker, Jerry finds the best quotes for your coverage needs from over 50 top insurance providers. All you have to do is pick the policy you want and Jerry will handle the switch. The average user saves $887 per year.
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- Gregory R.
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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.
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