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Is gap insurance required in Georgia?
I’m in the middle of buying a car, but I’m trying to budget for my car insurance. My friend told me that I needed gap insurance to legally buy the car, but I don’t see that anywhere online. Is gap insurance legally required in Georgia?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’ll be happy to know that your friend is incorrect about
gap insurance
. Gap insurance is not required in Georgia
, although you might want to consider it depending on your finances.Gap insurance pays the difference between your
car loan
balance and the actual cash value of your car if your car is totaled. For example, most 72-month loans don’t reach a break-even point until about 48 months. If you’re in an accident, gap insurance pays this difference so you don’t have to. For long-term loans, it’s almost essential.Although gap insurance isn’t mandatory, your lender will almost certainly require
full coverage car insurance
to protect their collateral. But instead of paying a huge amount, download the Jerry
app to compare quotes quickly and find the best rate.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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