Best Cheap Gap Insurance Companies in Arkansas: Quotes, Discounts (2023)

Doug Shaffer
Written byDoug Shaffer
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Doug ShafferInsurance 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.

Tanveen Vohra
Edited byTanveen Vohra
Tanveen Vohra
Tanveen VohraManager of Content and Communications
  • Property and casualty insurance specialist

  • 4+ years creating insurance content

Tanveen manages Insurify's data insights, annual home and auto insurance reports, and media communications. She’s regularly featured in media interviews on insurance topics.

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Amber Benka
Reviewed byAmber Benka
Amber Benka
Amber BenkaLicensed Insurance Agent

Amber Benka is a licensed insurance agent specializing in auto, home, commercial, life, and health insurance. She has owned the R.A.L Insurance Agency for four years.

Updated June 15, 2022

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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: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer'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.

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.

Average Cost of Car Insurance in Arkansas

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

  • Does Arkansas law require gap insurance?

    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.

  • Do you get money back from gap insurance once you’ve paid off your car?

    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.

  • Where can I find cheap gap insurance in Arkansas?

    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.

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Methodology

Insurify data scientists analyzed more than 90 million quotes served to car insurance applicants in Insurify’s proprietary database to calculate the premium averages displayed on this page. These premiums are real quotes that come directly from Insurify’s 50+ partner insurance companies in all 50 states and Washington, D.C. Quote averages represent the median price for a quote across the given coverage level, driver subset, and geographic area.

Unless otherwise specified, quoted rates reflect the average cost for drivers between 20 and 70 years old with a clean driving record and average or better credit (a credit score of 600 or higher).

Liability-only premium averages correspond to policies with the following coverage limits:

  • Bodily injury limits between state-minimum rates and $50,000 per person, $100,000 per accident
  • Property damage limits between $10,000 and $50,000
  • No additional coverage
Full-coverage premium averages correspond to the same bodily injury and property damage limits in addition to:
  • Comprehensive coverage with a $1,000 deductible
  • Collision coverage with a $1,000 deductible

Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.

Doug Shaffer
Doug ShafferInsurance 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.

Tanveen Vohra
Edited byTanveen VohraManager of Content and Communications
Tanveen Vohra
Tanveen VohraManager of Content and Communications
  • Property and casualty insurance specialist

  • 4+ years creating insurance content

Tanveen manages Insurify's data insights, annual home and auto insurance reports, and media communications. She’s regularly featured in media interviews on insurance topics.

Featured in

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Amber Benka
Reviewed byAmber BenkaLicensed Insurance Agent
Amber Benka
Amber BenkaLicensed Insurance Agent

Amber Benka is a licensed insurance agent specializing in auto, home, commercial, life, and health insurance. She has owned the R.A.L Insurance Agency for four years.

Compare Car Insurance Quotes Instantly

Secure. Free. Easy-to-use.
Based on 3,806+ reviews
4.8/5
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