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Best Cheap Gap Insurance Companies in Arkansas: Quotes, Discounts (2022)

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Doug Shaffer

By: Doug Shaffer

Edited by Tanveen Vohra | Reviewed by licensed insurance agent, Amber Benka

Last Updated June 15, 2022

Why you can trust Insurify

Insurify partners with top insurance companies and is a licensed agent in all 50 states. However, the insurance experts writing our content operate independently of our partners. Check out reviews from over 3,000 satisfied customers, how we make money, our data methodology, and our editorial standards.

Gap Insurance in Arkansas

It’s common for Arkansas drivers to take out an auto loan or enter a lease program when buying a new car. However, this can leave you financially vulnerable if the car is totaled in an accident. Gap insurance can help provide financial protection and cover any outstanding loans or leases. If you need gap insurance, Insurify provides a platform where you can quickly compare quotes and select coverage within a matter of minutes.

See More: Compare Car Insurance

Best Companies for Gap Insurance in Arkansas

Who sells gap insurance in Arkansas?

Many insurance companies in Arkansas, such as Nationwide, Liberty Mutual, Safeco, and other providers, sell gap insurance. If you are leasing a car, you can check with your insurance provider to find out if they offer a gap insurance coverage add-on.

Arkansas has several insurance providers that offer gap insurance to drivers who are leasing a new vehicle. Below is a list of some of the insurance companies you should consider getting a quote from.

Insurance ProviderAverage Monthly Cost for Leased Cars in Arkansas
Safeco$179
Nationwide$203
Direct General$207
Dairyland$215
Midvale Home & Auto$231
GAINSCO$251
Jupiter Auto$272
Hallmark$281
The General$325
Liberty Mutual$333
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

What is gap insurance?

Gap insurance helps drivers cover the gap left over between the actual value of a motor vehicle and the remaining balance of its loan or lease if it is totaled in an accident or stolen. If a driver doesn’t have this coverage, they could be held responsible for any outstanding balances after a total loss of their vehicle.

The state of Arkansas doesn’t legally require a driver to have gap insurance on top of their standard auto policy. However, the company you use for your auto loan or lease will usually require that you obtain this coverage.

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Who should buy gap insurance in Arkansas?

Even though gap insurance is typically only required by lenders when you take out an auto loan or participate in a leasing program, there are still instances where it might make sense to purchase the coverage.

If you fall into one of the following categories, you should consider obtaining guaranteed asset protection:

  • You leased a vehicle from a car dealership.
  • You put down a down payment of less than 20 percent when purchasing your vehicle.
  • You have an auto loan with a term longer than five years.
  • You purchased a car or truck that will depreciate faster than normal.

Arkansas Gap Insurance Laws

Unlike a standard car insurance policy, the state of Arkansas doesn’t require drivers to have gap insurance. Instead, the requirement to carry the coverage usually comes from lenders providing the financing needed to purchase or lease a vehicle. You will want to review the insurance requirements of your lender before agreeing to a loan or lease.

How much gap insurance do I need in Arkansas?

The amount of gap insurance you will need in Arkansas will vary based on many factors, including your policy limits and deductible. Depending on which insurance company or lender you decide to purchase your gap car insurance through, you may notice a difference in how much is covered.

Some plans will only cover up to 25 percent of your car’s value, while other coverage options will pay off the entire balance of the loan or lease that you owe. Regardless of which gap insurance product you ultimately decide on, you will want to make sure you take the time to compare and review policies carefully before purchasing.

See More: How Much Car Insurance Do I Need?

How Gap Insurance Works in Arkansas

In Arkansas, gap insurance helps drivers cover the gap left over between a vehicle’s current value and the remaining balance on an outstanding loan or lease if the car is totaled in an accident or stolen. This added protection is usually a requirement by lenders if you plan on using an auto loan to pay for your vehicle.

One perk that is unique to gap car insurance coverage is that there is a potential for reimbursement. Unlike other auto insurance products, such as collision coverage, comprehensive coverage, or liability coverage, you may get money back if you pay your gap coverage in advance and pay off your vehicle early.

How Much Gap Insurance Costs in Arkansas

Many factors can affect the amount you pay for gap insurance in Arkansas, including location, your vehicle’s age, and your car’s value. On average, most drivers will pay about $260 a month for a car insurance policy with a gap insurance add-on.

See More: Average Cost of Car Insurance in Arkansas

How to Buy Gap Insurance in Arkansas

For drivers who need to buy gap insurance coverage, there are several ways to obtain a policy. For example, most car dealerships, lenders, and auto insurance companies sell guaranteed asset protection plans. However, with so many options, it can be difficult to tell if you are receiving a good deal without reviewing multiple quotes.

Insurify helps drivers quickly compare policies by providing one central location where a list of qualifying insurance quotes can be reviewed.

Frequently Asked Questions: Gap Insurance in Arkansas

  • Drivers in Arkansas will be happy to know that the state doesn’t legally require motorists to carry gap insurance. However, if you plan on leasing a vehicle or taking out a loan for your car, you will want to check with your lender. Most auto insurance lenders will require that you have gap insurance until the loan is paid off.

  • In certain situations, you may get money back from your gap insurance. For example, if you were to pay your gap insurance policy in advance and pay off your vehicle early, you would receive a refund for any unused portion of the insurance coverage. However, if you pay premiums monthly, you wouldn’t be eligible for a refund.

  • Drivers in Arkansas have several options when it comes to car insurance companies that offer cheap gap insurance. However, trying to compare multiple quotes can quickly become overwhelming. To help simplify the process, Insurify offers a platform where drivers can quickly compare quotes on a single page.

Compare Car Insurance Quotes Instantly

  • Personalized quotes in 5 minutes or less
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  • The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.

    Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews. 

    With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.

Doug Shaffer
Doug Shaffer

Insurance Writer

Doug Shaffer works as a content writer. He has had the opportunity to write for several national insurance carriers in the past and brings with him over six years of experience working with both business and consumer products. He enjoys being able to break down complex insurance jargon to allow consumers to fully understand their policies.

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