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Best Cheap Gap Insurance Companies in Louisiana: 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 Louisiana

Auto loans and leasing programs are a popular way for Louisiana drivers to purchase a car. However, these options make you liable for the loan balance if the car is totaled in an accident. Gap insurance helps provide financial protection for drivers in these instances. Insurify offers an easy-to-use platform that will allow you to quickly compare gap insurance quotes in Louisiana and find the right policy for you.

See More: Compare Car Insurance

Best Companies for Gap Insurance in Louisiana

Who offers gap insurance in Louisiana?

Many insurance companies in Louisiana, such as Clearcover, The General, 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.

Louisiana drivers who are leasing a new vehicle and plan to purchase gap insurance or another type of auto insurance policy should consider getting quotes from the following providers.

Insurance CompanyAverage Monthly Cost for Leased Cars in Louisiana
Clearcover$316
TSC$377
Safeco$379
Direct General$390
The General$410
Midvale Home & Auto$470
Bristol West$609
Liberty Mutual$696
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

What is gap insurance?

Gap insurance can come in handy when leasing or purchasing a new car with an auto loan. Gap, or guaranteed asset protection, insurance ultimately covers the gap between a car’s value and the amount still owed on a loan or a lease if it is stolen or totaled. Without the additional coverage, a driver would be responsible for paying the difference.

Even though it isn’t required by Louisiana state law, most companies that offer car loans or leases will still need you to purchase gap insurance. This ensures the loan or lease will still be paid off should something happen.

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Who should buy gap insurance in Louisiana?

Generally, most drivers don’t consider buying gap insurance unless their lender requires it. However, there are several scenarios where having gap insurance can be quite beneficial.

If any of the following apply to you, you should consider purchasing gap insurance coverage:

  • You financed your vehicle for a term longer than five years.
  • You paid less than a 20 percent down payment when buying your vehicle.
  • You are currently participating in a leasing program.
  • You financed a vehicle that depreciates more quickly than others.

Louisiana Gap Insurance Laws

Similar to other states, Louisiana doesn’t require that drivers carry a gap insurance policy along with their current car insurance coverage. However, most lenders that provide financing options will require drivers to purchase gap insurance as an add-on until the loan is paid off.

How much gap insurance do I need in Louisiana?

Whether you need gap insurance due to a requirement by your lender or you value the peace of mind the coverage provides, you will want to make sure you have enough protection. Some plans will only pay up to 25 percent of the value of the vehicle, while others will pay out enough to cover the entire remaining balance of the loan or lease.

In order to determine which option is best for you, it is important to compare multiple quotes. Looking at details such as what the gap insurance covers, deductible, and potential loan/lease payoff information will give you a good idea of which plan you should purchase.

See More: How Much Car Insurance Do I Need?

How Gap Insurance Works in Louisiana

A gap insurance policy in Louisiana will cover any costs left over between a vehicle’s actual cash value (ACV) and the outstanding loan or lease balance if that car is deemed a total loss or is stolen.

There is also the possibility of getting a reimbursement from the coverage if you pay your gap insurance in advance and pay off your vehicle early. This feature is unique to gap insurance that you won’t find in other auto insurance products, such as liability insurance, comprehensive coverage, or collision coverage.

How Much Gap Insurance Costs in Louisiana

Like with a typical car insurance policy, several factors can affect how much a gap insurance plan may cost you. For example, factors like a vehicle’s age, your location, and the actual cash value of your car can all play a role in determining how much you pay for coverage.

Generally speaking, most drivers can expect to pay around $418 a month for car insurance with gap coverage.

See More: Average Cost of Car Insurance in Louisiana

How to Buy Gap Insurance in Louisiana

When it comes to purchasing a gap insurance policy, there are plenty of options for Louisiana drivers. Most large insurance companies as well as car dealerships and lenders offer coverage. With so many options available, it is important to compare quotes before purchasing gap insurance coverage.

Insurify offers the easiest way to shop for gap insurance by providing a platform that allows you to quickly compare multiple quotes at the same time.

Frequently Asked Questions: Gap Insurance in Louisiana

  • There aren’t any laws in Louisiana that require drivers to maintain a gap insurance policy. However, having gap insurance coverage could be required by a lender if you are planning on leasing or using a car loan to purchase your next vehicle.

  • In some instances, you may get money back from your gap insurance once you’ve paid off your car. However, you will need to pay your gap insurance premium in advance and pay off your vehicle early for this to occur. If you are currently making monthly payments, you won’t be able to get your money back.

  • Several insurance providers in Louisiana offer cheap gap insurance. However, sorting through the quotes and reviewing policies can be a time-consuming and challenging task. Insurify helps simplify the process by providing a single location where you can quickly compare quotes within seconds.

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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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