McKayla Girardin, Car Insurance Writer
@mckayla_girardin
Gap insurance in Florida costs an average of $2 to $30 per month, depending on whether you buy it from a dealership, a car manufacturer or your insurance provider. Gap insurance is only needed for one to three years, or until your vehicle is worth more than you still owe on your loan or lease.
Gap insurance covers the gap between a totaled vehicle's actual cash value and the amount still owed on a loan or lease. However, it is important to note that the cost of gap insurance doesn't vary much by state. Rather, the cost of gap insurance differs based on the provider it is purchased from and the vehicle being covered.
Cost of Gap Insurance by Provider
| Providers | Cost |
| Car Manufacturer | $200 to $700 total |
| Dealership or Lender | $200 to $700 total |
| Add-on to Existing Car Insurance Policy | $20 to $40 per year |
Although buying gap insurance directly from your insurance company is usually the cheapest option, not every insurer offers gap insurance in Florida.
Insurance Companies That Offer Gap Insurance in Florida
Gap insurance can be a useful thing to have for Florida drivers who made a small loan down payment, have a lease, or drive a car that depreciates in value quickly, like luxury and sport vehicles. While gap insurance is never required by Florida insurance laws, lenders and lessors often require it for financed vehicles.
To learn more, check out WalletHub's guide to gap insurance.
People also ask
Is gap insurance worth it?
Gap insurance is worth the money whenever you owe more on your car loan or lease than the car is worth. For example, if you paid a small down payment on your car, your loan term is 4-5 years or your car will depreciate quickly, you should consider getting gap insurance.
Gap insurance is never mandated by state law, and few lenders or lessors require it, so the decision to buy it depends on...
read full answer by WalletHub, Financial CompanyWhat is full coverage insurance in Florida?
In Florida, full coverage car insurance is considered either the minimum insurance coverage required by Florida law or a policy that protects drivers in most circumstances, depending on whom you ask. There is no specific definition of full coverage auto insurance in Florida, despite the popularity of the term.
What Full Coverage Means in Florida
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read full answer by Anamarie Waite, Car Insurance WriterDo I need gap insurance if I have full coverage?
Gap insurance is needed even if you have full coverage because full coverage will not reimburse you for the difference between what you owe on your car loan or lease and the vehicle’s actual cash value if the car is totaled or stolen. Gap insurance fills in that gap.
When You Need Gap Insurance If You Have Full Coverage
- You’re financing/leasing a new vehicle for a long term (60+months).
- You made...
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