PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Is gap insurance required in Maryland?
I’m taking out a car loan to buy a new car, but I know that I also need to budget for insurance. A friend told me that he had to get gap insurance, but he wasn’t sure if it was per Maryland law. Does Maryland require gap insurance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Gap insurance
isn’t required in Maryland
, so at the least, you can be on the winning side of an argument with your friend.That said, getting gap insurance might make sense for some car buyers. As soon as you drive the car off the lot, you lose about 10% to 11% of the value of the car. However, this isn’t reflected in your
car loan
balance.If you get into an accident and your car is totaled, you’re on the hook to pay the difference. With gap insurance, you don’t have to. If you’re considering a
72-month loan
or longer, gap insurance is probably a good investment, as you don’t reach your break-even point for four to five years.Whenever you take out a car loan, your lender is going to require
full coverage car insurance
. This can get pricey, so before you take the first quote that comes your way, use the Jerry
app to compare quotes.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.
View full answer
- Gregory R.
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
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies