Gap Insurance in Florida (2024)

Florida doesn’t require gap insurance, but it’s a good idea to buy it if you have a lease or car loan.

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Cheapest recent rates in Florida

Drivers using Insurify have found quotes as cheap as $55/mo for liability only and $76/mo for full coverage in Florida.

*Quotes generated for Insurify users from Florida within the last 10 days. Last updated on November 11, 2024

Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 11, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.

*Quotes generated for Insurify users from Florida within the last 10 days. Last updated on November 11, 2024

Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 11, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Elizabeth Rivelli
Elizabeth Rivelli
  • 5+ years writing insurance and personal finance topics

  • Auto, home, health, and life insurance expertise

Elizabeth has extensive insurance industry experience, having written for Insureon, Rate Retriever, and Insurify. She’s also finance and insurance editor for Car and Driver.

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Katie Powers
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Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Updated November 11, 2024

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When you lease or finance a vehicle in Florida, getting gap insurance can be beneficial. If you experience a total loss, like a car accident or a flood destroying your car, gap insurance pays the difference between your car’s value before the loss and the remaining amount you owe on the loan or lease.

The national average for full coverage is $248 per month in Florida. Gap insurance typically costs an additional $2 per month. Florida insurance laws don’t require gap insurance, but it can provide financial protection and give you some peace of mind.

Quick Facts
  • You can typically purchase gap insurance from your lender or insurance company.

  • Gap insurance covers the difference between your car’s actual cash value (ACV) and your auto loan balance in a covered total loss.

  • Adding gap insurance to your insurance policy costs around $20 per year, according to the Insurance Information Institute.[1]

How gap insurance works

Gap insurance is short for “guaranteed asset protection.” It’s an optional auto insurance policy that applies when your insurer declares your vehicle a total loss in a covered claim like an accident or theft. It covers the difference between the car’s actual cash value before the loss and what you still owe on the loan or lease.

Not all drivers need gap insurance coverage. It’s only necessary if you have a lease or finance your vehicle with an auto loan. Some lenders require gap insurance, particularly if you have a lease.

Because most lenders and leasing companies require drivers to purchase full-coverage car insurance, which includes collision and comprehensive coverages, you’ll first file a claim with your auto insurer. After you receive the initial claim settlement from your insurer, you’ll need to provide your gap insurance company with a statement verifying the car’s actual cash value (ACV) and how much you received for the loss.

Keep in Mind

Gap coverage doesn’t pay you. It pays off your loan or lease balance.

What gap insurance covers in Florida

Gap insurance in Florida covers the negative equity in your vehicle if your insurer declares it a total loss. Gap insurance doesn’t provide any protection for you, your vehicle, or anyone else’s vehicle. The only time gap insurance applies is when you total your car and owe more on the loan or lease than you receive in an insurance claim.

For example, imagine that a flood from a hurricane totals your car. The insurance company determines that your vehicle is worth $5,000, but you still owe $6,000 on your auto loan. In this case, you would put the $5,000 settlement toward paying off your loan, and your gap insurance would cover the $1,000 difference.

Remember, lease agreements or loan contracts don’t terminate if you total your car. You’re still responsible for paying the lender what you owe, even if the car is a total loss. Without gap insurance, you’d have to pay the difference out of pocket if you owed more than what you received in an insurance settlement.

It’s also important to know that most gap insurers cap the amount of money they’ll pay. For instance, Progressive will pay up to 25% of your vehicle’s value, though this amount can vary by state, and Allstate pays up to $50,000. So, if your totaled car were worth $5,000, Progressive would only pay a maximum of $1,250.

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Best gap insurance companies in Florida

Most national insurance companies offer gap insurance as an endorsement on your existing car insurance policy. Here are some of the best car insurance companies for gap insurance in Florida:

Travelers

Travelers logo
User Reviews
4.7
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.0 /10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$140/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$173/mo
4.7
Best choiceBased on 755 verified guest reviews and ratings
How drivers feel about Travelers

Drivers appreciate the lowest prices, excellent service, and responsive call centers but dislike the rising premiums and poor claims handling.

AI-generated from the text of verified reviews collected by Insurify
Best For
Numerous discounts
Gap insurance
Rideshare coverage
How drivers feel about Travelers

Drivers appreciate the lowest prices, excellent service, and responsive call centers but dislike the rising premiums and poor claims handling.

AI-generated from the text of verified reviews collected by Insurify
Best For
Numerous discounts
Gap insurance
Rideshare coverage
Reviews (387)

Kenneth

November 5, 2024

Verified Review

Excellent

Excellent

William

November 4, 2024

Verified Review

Good Service but Expensive

The service is good, but it's very expensive.

Barb

November 4, 2024

Verified Review

Find a Better Insurance Agency than Clark Agency

The problem is mainly with our agent. She doesn't seem knowledgeable enough to give us the best rates for what we are paying for. Thus, I'm seeking another carrier.
See all Travelers reviews
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
818
NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.94
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++
Why we picked this company

Travelers sells a gap insurance endorsement that drivers can add to their car insurance policies. The company also offers endorsements like accident forgiveness, rideshare insurance, and new-car replacement coverage.

Pros
  • Accident forgiveness available

  • Robust insurance coverage selections and discount offerings

Cons
  • Rideshare coverage only available in Colorado and Illinois

  • High number of negative customer reviews with the Better Business Bureau

Allstate

Allstate logo
User Reviews
4.0
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.9 /10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$117/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$145/mo
4.0
Best choiceBased on 5639 verified guest reviews and ratings
How drivers feel about Allstate

Drivers appreciate the initial pricing and overall service but dislike the frequent rate increases and misleading pricing tactics.

AI-generated from the text of verified reviews collected by Insurify
Best For
Accident forgiveness
Wide availability
Cheap rates
How drivers feel about Allstate

Drivers appreciate the initial pricing and overall service but dislike the frequent rate increases and misleading pricing tactics.

AI-generated from the text of verified reviews collected by Insurify
Best For
Accident forgiveness
Wide availability
Cheap rates
Reviews (3,068)

Warren

November 11, 2024

Verified Review

Above Average

I had a good experience overall. I found better rates for my properties.

Curtis

November 11, 2024

Verified Review

Disappointing Experience with Allstate

I would advise anyone I meet to reconsider choosing Allstate. Their customer service is subpar, they seem indifferent towards their customers, and their communication is not trustworthy. Their performance is disappointing and they lack interpersonal skills. I would particularly advise caution when dealing with their representatives, especially Michael.

Rodney

November 9, 2024

Verified Review

They paid a person who fraudulently made a claim for something I was not responsible for. If they had checked with the officer on the scene, they would have found that no damage was done to the other car. Instead, they paid them without consulting me while I was in the hospital recovering from this accident.

They paid a person who fraudulently made a claim for something I was not responsible for. If they had checked with the officer on the scene, they would have found that no damage was done to the other car. Instead, they paid them without consulting me while I was in the hospital recovering from this accident.
See all Allstate reviews
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
849
NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.94
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A-
Why we picked this company

Allstate offers robust gap insurance policies with a few perks that other insurers don’t offer. Allstate’s gap insurance will also cover your deductible (up to $1,000), and the company will waive up to $50,000 of your loan or lease balance if it declares your car a total loss. But you must add gap insurance to your Allstate policy when you initially lease or finance the car.

Pros
  • Well-established with superior ratings from AM Best

  • Pay-per-mile option available

Cons
  • Low customer satisfaction

  • Rates are merely average compared to other insurers

Progressive

Progressive logo
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
819
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.4 /10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$182/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$267/mo
How drivers feel about Progressive

Drivers appreciate the professional service and accident forgiveness but dislike the high prices and frequent rate increases.

AI-generated from the text of verified reviews collected by Insurify
Best For
Competitive rates
Easy buying process
Telematics program
How drivers feel about Progressive

Drivers appreciate the professional service and accident forgiveness but dislike the high prices and frequent rate increases.

AI-generated from the text of verified reviews collected by Insurify
Best For
Competitive rates
Easy buying process
Telematics program
Reviews (5,787)

Bill

November 11, 2024

Verified Review

Looking for Another Car Insurance

I've never had a ticket or claim, yet they raised my car insurance by $1200 this year. I have a 2019 Corvette, which I rarely drive at all. Some months, I never put a mile on it. My other car is a 2023 Honda CR-V Hybrid.

Heather

November 11, 2024

Verified Review

Poor

They are very pricey.

Steven

November 10, 2024

Verified Review

Review

Good... I would just like it to be cheaper!
See all Progressive reviews
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
819
NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.82
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A+
Why we picked this company

Progressive’s gap insurance will cover your remaining loan balance at a maximum of 25% of your car’s value. Overall, Progressive is one of the best car insurance companies in Florida, offering many endorsements and discounts for policy savings. Progressive also offers online tools that can help you get the cheapest premium for your situation.

Pros
  • Rewards for good drivers

  • Numerous coverage options and discounts available

Cons
  • Higher-than-expected number of complaints with the National Association of Insurance Commissioners (NAIC)

  • Below-average J.D. Power customer satisfaction ratings

Liberty Mutual

Liberty Mutual logo
User Reviews
3.7
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
7.7 /10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$159/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$258/mo
3.7
A solid optionBased on 2665 verified guest reviews and ratings
How drivers feel about Liberty Mutual

Drivers appreciate the initial low prices, quick claims handling, and easy account access but dislike the significant price increases over time.

AI-generated from the text of verified reviews collected by Insurify
Best For
Numerous discounts
New and financed vehicles
Accident forgiveness
How drivers feel about Liberty Mutual

Drivers appreciate the initial low prices, quick claims handling, and easy account access but dislike the significant price increases over time.

AI-generated from the text of verified reviews collected by Insurify
Best For
Numerous discounts
New and financed vehicles
Accident forgiveness
Reviews (1,555)

Kathleen

November 10, 2024

Verified Review

Prices Jump

Prices have gone extremely high. It used to be that you would stick with an insurance company for life, but now you have to shop around for lower prices.

Ronald

November 7, 2024

Verified Review

Good, but too many price increases

Okay.

Warrace

November 5, 2024

Verified Review

Never Trust Liberty Mutual

I had a bad experience. They increased my policy after just one accident, disregarding the first claim forgiveness policy.
See all Liberty Mutual reviews
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
819
NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
3.95
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A
Why we picked this company

Liberty Mutual offers gap insurance to current customers. To get gap coverage, you must add the endorsement at the same time that you insure your vehicle, and you must be the car’s first owner. In addition to gap insurance, Liberty Mutual sells roadside assistance, teacher’s insurance, new-car replacement coverage, OEM parts coverage, and more.

Pros
  • Wide range of available discounts

  • Accident forgiveness available

  • Available in all 50 states and D.C.

Cons
  • Many negative reviews and customer complaints

  • Premiums are relatively high compared to industry average

  • Low customer satisfaction scores from J.D. Power

  • Data scientists at Insurify analyzed more than 40 million real-time auto insurance rates from our partner providers across the United States to compile the car insurance quotes, statistics, and data visualizations displayed on this page.

    The car insurance data includes coverage analysis and details on drivers’ vehicles, driving records, and demographic information. Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.

    With this information, Insurify is able to offer drivers insight into how companies price their car insurance premiums. The data included on this page represent averages across driver ages, genders, credit scores, and driver profiles for Florida drivers.

Gap insurance vs. full coverage

In Florida, a full-coverage car insurance policy typically includes collision coverage, comprehensive coverage, liability insurance, and medical payments insurance. Full-coverage insurance doesn’t include gap insurance. You have to add gap insurance as an endorsement or purchase it as a separate policy.

If you lease or finance your car, the dealer will often require full-coverage insurance.[2] Florida gap insurance can be a beneficial addition to a full-coverage insurance policy. Although a full-coverage policy will provide a settlement to replace your car after a total loss, it won’t cover the remaining balance on your loan.

Learn More: Medical Payments Coverage on Car Insurance: What Is It?

Learn More: Medical Payments Coverage on Car Insurance: What Is It?

Who needs gap insurance in Florida?

Florida insurance laws don’t require gap insurance. But it can be beneficial in various situations:

  • You lease your vehicle (sometimes required).

  • You have an auto loan and make a down payment of less than 20%.

  • Your auto loan term is five years or longer.

  • Your car depreciates more quickly than other vehicles.

Gap insurance isn’t necessary if you own your vehicle outright. And even if you need gap insurance now, you should be able to drop the coverage eventually. For instance, as you get closer to paying off your vehicle and have positive equity, you no longer need gap insurance.

If you’re thinking about buying gap insurance, consult a car insurance agent or an auto lender to get a quote.

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How to buy gap insurance in Florida

You can buy Florida gap insurance in two main ways. You can purchase a policy either through an insurance company or through your lender.

Many drivers get gap insurance by adding an endorsement to their full-coverage car insurance policy. You can usually add a gap insurance endorsement any time before your loan is paid off or your lease is up. But some insurers only allow you to add gap insurance during a certain time frame.

If you buy Florida gap insurance through a dealership or lender, it’s usually sold as a stand-alone policy. Sometimes, the lender rolls the cost into your monthly lease or loan payments.

Keep in Mind

If you buy gap insurance through a dealership or lender, you might only be able to get coverage when you initially sign your agreement. Plus, you may end up paying interest on the insurance payments.

Cheapest recent rates in Florida

Drivers using Insurify have found quotes as cheap as $55/mo for liability only and $76/mo for full coverage in Florida.

*Quotes generated for Insurify users within the last 10 days. Last updated on November 11, 2024

Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 11, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.

*Quotes generated for Insurify users within the last 10 days. Last updated on November 11, 2024

Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 11, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.

Florida gap insurance FAQs

If you’re thinking about getting gap insurance in Florida, check out common questions other drivers ask for more information. You can also read Insurify’s guide on how to get more out of a total loss settlement.

  • Does Florida require gap insurance?

    No. Florida’s minimum insurance requirements don’t include gap insurance.[3]

  • How much is gap insurance in Florida?

    The cost of gap insurance in Florida depends on several factors, like your insurance company and the value of your vehicle. The Insurance Information Institute estimates that adding gap insurance to a policy costs $20 per year. You can get a quote from your insurance company or dealership to see how much you could pay for gap coverage.

  • Does gap insurance cover hurricane damage?

    Gap insurance doesn’t cover hurricane damage. But if a hurricane or flooding totals your vehicle, gap insurance would cover the difference between your car’s value and what you owe on it.

  • Why is gap insurance a good idea?

    Gap insurance is a good idea because it provides financial protection when you lease or finance a car. If you total your car or someone steals it, you still have to repay your lender. And without gap insurance, you’re responsible for the difference between the total loss settlement and the remainder of the auto loan.

Sources

  1. Insurance Information Institute. "What is gap insurance?."
  2. Insurance Information Institute. "Auto insurance basics—understanding your coverage."
  3. Florida Department of Highway Safety and Motor Vehicles. "Florida Insurance Requirements."
Elizabeth Rivelli
Elizabeth Rivelli

Elizabeth Rivelli is a freelance writer covering insurance and personal finance. She has extensive knowledge of various insurance lines, including property and casualty, health, and life insurance. Her byline has been featured in dozens of publications, including Investopedia, Forbes, Bankrate, NextAdvisor, and Insurance.com

Katie Powers
Edited byKatie PowersAuto and Life Insurance Editor
Photo of an Insurify author
Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

Featured in

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