Compare Cheap Gap Insurance Companies in Florida: Quotes, Discounts (2022)

Insurify Staff

By: Insurify Staff

Last Updated February 1, 2022

Quick Facts

  • The cheapest insurer we found for gap insurance in Florida is Travelers, with average monthly premiums of $249.
  • Drivers in Florida who lease their cars are usually required to have gap insurance.
  • Drivers who pay off their loans on their car early may be reimbursed for gap insurance.

Gap insurance is one part of auto insurance that many drivers don’t consider when looking into an auto insurance policy.

Even though it isn’t required in the state of Florida, many lenders that offer loans and leasing for vehicles require that a driver have the coverage. Finding affordable gap insurance coverage in Florida is simple if you are willing to put in a little work.

Platforms like Insurify make shopping around for gap insurance quotes easy for Florida drivers. To get started, all you need is your ZIP code and to answer a few questions. Within a matter of minutes, you will be presented with a list of free car insurance quotes from reputable insurance companies that offer cheap gap insurance policies.

Best Companies for Gap Insurance in Florida

Finding the best gap insurance companies in Florida to purchase a gap policy from can be difficult if you don’t know where to start. Below are a few of the top carriers to consider in Florida:

Florida Insurance CompaniesMonthly Premium for Leased Cars
National General$275
Bristol West$279
Liberty Mutual$336
The General$353

Check out our piece on the best gap insurance companies for more information!

What is gap insurance?

Although it is often a requirement by companies that offer auto loans and leases, many drivers aren’t completely sure what gap insurance is. In its simplest form, gap insurance is an optional coverage that assists drivers in paying off the remainder of their car loan if their vehicle is stolen or involved in a wreck that leaves it a total loss.

Without the coverage, the driver would be responsible for paying the difference between the remaining loan balance and the depreciated value of the vehicle. Drivers in Florida who purchase a new vehicle or put a small down payment on their car should consider gap insurance if it isn’t already a requirement.

Who should buy gap insurance in Florida?

If you were able to purchase your vehicle without any financing, then gap insurance isn’t for you. On the other hand, if you are like the thousands of drivers in Florida who either leased their vehicle or took out a loan, then you should consider a guaranteed asset protection policy.

Since cars depreciate almost instantly after purchase, if you don’t make a large down payment, the value of your vehicle can quickly drop below the amount you owe on your loan. Gap insurance can help cover the difference if you were to total your vehicle or it is stolen.

If any of the following items also apply to you, then you should consider gap insurance as well:

  • Your vehicle depreciates more quickly than others.
  • You had a small or zero down payment.
  • You put a large number of miles on your vehicle yearly.
  • Your finance period is longer than average.

See More: How Much Car Insurance Do I Need?

Florida Gap Insurance Laws

The laws surrounding gap insurance in Florida are straightforward and easy to understand. The most important thing to keep in mind is that even though it isn’t required by the state, it can still be required by lenders. You will want to make sure to check with your lender to see if they offer a gap insurance policy.

Since gap insurance is an optional add-on coverage, you will still need to maintain a standard car insurance policy that offers comprehensive coverage and collision coverage. Most Florida motorists opt for both car insurance coverage and gap insurance to create a solid protection plan.

How much gap insurance do I need in Florida?

The amount of coverage your gap insurance policy will provide in Florida will depend on a couple of factors. First, know that insurers often have different limits to how much they will cover. For instance, several providers will only pay up to 25 percent of the car’s value. This can leave drivers still paying out of pocket if they have a large balance on their loan.

Other lenders will pay the gap regardless of how much the difference is. That is one of the reasons why it is important to shop around for quotes. You will get a better idea of whether paying a little more makes sense to ensure that your loan will be paid off if your car is totaled.

How Gap Insurance Works in Florida

In Florida, gap insurance covers the difference between a car’s actual cash value and the remaining balance on a loan or lease. You may also receive a payout if you pay off your loan before any prepaid loan payments are used. Depending on which auto insurance company you get your policy through, there are options for a lower deductible.

How Much Gap Insurance Costs in Florida

The advantages of having gap insurance are obvious, especially if you are leasing a vehicle or purchasing a new car with a minimal down payment. The good news is that most policies are affordable, and depending on where you buy one from, it could cost as little as $60 a year.

Some lenders, such as car dealerships, offer gap insurance that tends to be more expensive. To find the best rates, it is a good idea to shop around at numerous locations, including credit unions, regional agencies, and larger, brand-name insurance providers. Companies like Nationwide, Allstate, and State Farm often offer affordable coverage as well.

How to Buy Gap Insurance in Florida

Since there are so many routes to go, finding the best gap insurance companies can be difficult. You have the choice of getting coverage through a dealership, insurance provider, private third party, or other lenders. However, the process of pulling quotes from all these locations can be painstakingly slow. With platforms like Insurify, that isn’t the case.

Insurify simplifies the process of comparing quotes by providing a list of qualified insurers all on one page, allowing for drivers to quickly review and sort through quotes in a matter of minutes. No longer is there a need to reach out to numerous companies and wait days for responses.

Frequently Asked Questions

  • While Florida law doesn’t require drivers to carry gap insurance, it may be a requirement by an institution that you get your lease or loan through. This is especially true if you are looking into financing a new car.

  • Finding cheap gap insurance in Florida can be tricky if you only look at one or two carriers. Often, it takes shopping around with multiple providers to find the best rates. Insurify makes the process of comparing gap insurance quotes easy for Florida drivers by providing a one-page summary of qualifying quotes for review.

  • Typically, you won’t get your full gap coverage refunded back after your car is paid off. However, if you pay your gap insurance premiums in advance, you will be refunded any unused portion of the payment if you end up paying your vehicle off early.

  • 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.

Insurify Staff
Insurify Staff

Insurance Writers

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