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Is gap insurance required in Oklahoma?
I just moved to Tulsa and I’m in the middle of shopping for a new car. I’m going to need a loan, but I’ve already budgeted for that. That said, more than one lender has asked me about gap insurance. I’m not sure if I need it. Does Oklahoma legally require gap insurance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on the move to
Tulsa
! It’s a great town and you’re sure to appreciate its small-city vibe. While gap insurance
isn’t required in Oklahoma
, it might be a good investment if you meet one of these guidelines:- You got a loan of more than 60 months.
- You made a down payment of less than 20%.
- You purchased a vehicle that doesn’t hold its resale value all that well.
While you don’t need to have gap insurance, your lender will require you to carry
full coverage car insurance
. It’s expensive at first glance, but you can always use the Jerry
app to compare quotes 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.
View full answer
- Gregory R.
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