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Is gap insurance required in Louisiana?
I’m in the midst of buying a new car, as I’ve added another child to the family. I haven’t bought a new car with a loan since I’ve lived in Louisiana, so I’m not sure what insurance products I need. Does Louisiana require gap insurance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When you drive the car off the lot, you’re losing about 10% of the car’s value to depreciation. Since you’re the matriarch or patriarch of a growing family, money can be tight. If you’re in an accident that totals the car, you’re on the hook for the difference between the loan balance and the actual cash value if you don’t have gap insurance. So it’s a precautionary measure, but one that might be worth the investment.
Although gap insurance isn’t required in Louisiana, your lender is going to require
full coverage car insurance
. So before you plop down a bundle on the first quote you get, use the Jerry
app.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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