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Best Cheap Gap Insurance Companies in Maine: 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 Maine

If you’re like most drivers in Maine, you’re probably considering using an auto loan or a leasing program to finance your next vehicle. While these are great options, they can leave you financially vulnerable. For instance, an accident that leaves your vehicle a total loss could mean paying the remaining balance of your loan out of pocket. Gap insurance can help provide financial relief in these scenarios. Insurify makes finding the perfect gap insurance policy quick and easy.

See More: Compare Car Insurance

Best Companies for Gap Insurance in Maine

If you are currently leasing a vehicle and plan on adding gap insurance to your auto insurance coverage, you should consider getting a free quote from one of the following insurance companies.

Insurance CompanyAverage Monthly Cost for Leased Cars in Maine
Liberty Mutual$131
Midvale Home & Auto$138
The General$172
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

What is gap insurance?

If you have never had to use an auto loan to finance your vehicle or haven’t participated in a leasing program, you might not know what gap insurance is. Gap coverage is essentially insurance that will help pay the difference between your vehicle’s actual cash value and the remaining balance on your loan.

Since not all drivers utilize a loan to purchase a new car, the state of Maine doesn’t legally require motorists to carry the coverage. Instead, you have the option to add the coverage to other Maine car insurance policies, such as full coverage or a state minimum plan.

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Who should buy gap insurance in Maine?

It doesn’t matter if you are a young driver, have good credit, or have a clean driving record. If you are thinking about using a loan to buy a car, you should consider gap insurance. Below are a couple of specific situations where it makes sense to get the coverage:

  • You agree to an auto loan with a term longer than 60 months.
  • Your down payment for your new vehicle is less than 20 percent.
  • Instead of purchasing your car, you decide to lease it.
  • The car you are buying will depreciate faster than others.

Maine Gap Insurance Laws

Currently, Maine drivers aren’t required by the state to have gap insurance. However, you're required to maintain the minimum coverage for liability coverage, bodily injury liability coverage, and property damage liability coverage.

How much gap insurance do I need in Maine?

Often, the amount of gap insurance you need will be set by the lender providing your auto loan or lease. Once you know the policy limits you must have, it is important to look at other details, such as the plan's deductible.

While comparing gap car insurance quotes, you may notice that not all policies are the same. Some only provide partial coverage. These policies often only cover up to 25 percent of your car's value compared to a full-value plan that will pay off your entire loan.

See More: How Much Car Insurance Do I Need?

How Gap Insurance Works in Maine

Gap insurance provides similar benefits to Maine drivers as it does to drivers in other states. The coverage will help you pay off any remaining balance between the value of your car and an outstanding loan should you be involved in an accident.

Along with being a cheap car insurance add-on, gap insurance also has the added benefit of providing money back. Specifically, you could qualify for a reimbursement if you pay your policy in advance and pay off your vehicle early.

How Much Gap Insurance Costs in Maine

How much is gap insurance in Maine?

The average cost to insure a leased vehicle in Maine is $142 per month. However, what you pay for gap insurance will largely depend on whether you buy gap insurance from your car dealership or from your insurance provider.

Drivers in Maine will be happy to hear that the state has lower monthly gap insurance costs compared to other states throughout the country. On average, a motorist can expect to pay $142 per month for their standard Maine auto insurance policy and gap insurance. It is important to note other factors such as age, credit score, and driving history could affect your monthly rates.

See More: Average Cost of Car Insurance in Maine

How to Buy Gap Insurance in Maine

When it comes to purchasing a gap insurance policy in the state of Maine, there are several places you can go. Often, car dealerships, lenders, and insurance companies will offer different types of gap insurance. To find the right policy for you, make sure you request quotes from other locations and thoroughly look through the details of each policy.

Generally, Maine drivers will find the best rates through auto insurance companies. However, with a large number of insurance providers such as GEICO, Allstate, and Progressive, it can be challenging to know if you are selecting the best gap coverage for your current situation.

Insurify helps make the decision a little easier by providing you with a platform where you can quickly review all of your qualifying quotes in a single location. By allowing you to view multiple quotes, Insurify makes it easy to see which policies make sense and which ones aren't the best fit.

Frequently Asked Questions (FAQ): Gap Insurance in Maine

  • There isn't a state law that requires a driver in Maine to purchase gap insurance. However, if you plan to take out a loan or to lease your vehicle, you will want to check with your lender. Most auto insurance lenders and dealerships will require you keep gap coverage until your loan has been paid off or your lease agreement has ended.

  • There is a chance that you will get money back from your gap insurance policy once your vehicle is paid off. To qualify for the reimbursement, you will need to have paid your gap coverage in advance and pay off your car early. If you meet both of those criteria, you should receive the remainder of your unused gap insurance.

  • With so many insurance companies, lenders, and dealerships offering gap insurance, it can be challenging to determine which option you should choose. Often, comparing and shopping for car insurance rates is the best strategy. Insurify makes the shopping experience quick and easy thanks to a platform that allows you to review policies quickly from a single screen.

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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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