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Is gap insurance required in Florida?
I’m about to sign the papers on a new car. Because I needed a loan to get the vehicle, I’m not exactly sure what type of insurance I need. Does Florida require borrowers to get gap insurance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
However, it’s often a good idea if you don’t have a ton of extra savings. Your car can lose over 10% of its value when you drive it off the lot. In the event of an accident, the car insurance company will pay you the actual cash value, which is often less than the balance on your loan. Gap insurance pays this difference so you don’t have to, making it a smart consideration in some cases.
While you don’t necessarily need gap insurance, you’re certainly going to need
full coverage car insurance
if you have a car loan. Use the Jerry
app to compare rates and get the best price for your full-coverage needs.Jerry is a licensed insurance broker and insurance comparison tool that collects quotes from over 55 top-rated insurers in just 45 seconds. After you find a great rate, Jerry can help you buy new insurance and cancel your old policy. Users save an average of $800+ per year on car insurance.
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- Gregory R.
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