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Is gap insurance required in Vermont?
After living for a year in Vermont, I’m definitely in the market for a car with four-wheel or all-wheel drive. I need a loan to get the car, but I’m not sure if I need to purchase gap insurance. Does Vermont legally require gap insurance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The winters in
Vermont
are nothing short of harsh and make a run for the worst in all of New England. As a result, a four-wheel or all-wheel drive vehicle is definitely a good option. However, gap insurance
is not required in Vermont—but it might be a good idea in certain situations.You should consider gap insurance under these circumstances:
- You have a car loan that’s 60 months or longer.
- You made a down payment of less than 20%.
- You don’t have more than 10% of the car’s value in savings.
- You rolled over a previous car loan into the new one.
Since you’re going to need
full coverage car insurance
per the stipulations of your car loan, make sure that you use the Jerry
app to get the best rate on your coverage.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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