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Gap insurance in New Jersey works the same way as gap insurance in the rest of the U.S., by paying the balance remaining on a car loan or lease contract after a liability, comprehensive, or collision policy pays out the actual cash value of a totaled vehicle. The state of New Jersey doesn’t require any driver to carry gap insurance. However, certain lenders in New Jersey may require customers to carry gap insurance – short for guaranteed asset (or auto) protection insurance – if they get a car loan or lease.
Dozens of companies, including banks and dealerships, offer gap insurance in New Jersey. While you should take your time deciding which one is right for you, you can also have confidence in the fact that gap insurance works the same way in New Jersey as in the rest of the country.
Best Gap Insurance Companies in New Jersey
It’s worth noting that gap coverage is usually cheaper to purchase from an insurance company than a dealership. For more information, check out WalletHub’s complete guide to gap insurance.
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