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Best Cheap Gap Insurance Companies in Missouri: Quotes, Discounts (2022)

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Jennifer Pendell

By: Jennifer Pendell

Edited by Jackie Cohen | 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.

Will your comprehensive coverage and collision coverage pay to replace your car if it’s totaled or stolen? Many people believe the answer is yes, but the unfortunate truth is that full coverage only pays out your car’s actual cash value (ACV, also known as fair market value) at the time of the incident.

This means they account for depreciation—and since your car starts depreciating the minute you drive it off the lot, there could be a big difference between the payment you get from your insurance company and the amount you still owe on your auto loan. Find gap insurance options that will protect your car’s value with Insurify in less than two minutes.

See More: Compare Car Insurance

Best Companies for Gap Insurance in Missouri

What companies offer gap insurance in Missouri?

Many auto insurance companies in Missouri, including Clearcover, Travelers, and Safeco, offer gap insurance coverage. If you are leasing a vehicle, you should always consider purchasing gap insurance to assure you are fully covered.

Here are the top five cheapest companies we found for gap insurance in Missouri. Note that the following quotes are for leased cars in general, not just gap coverage.

Insurance CompanyAverage Monthly Cost for Leased Cars in Missouri
Clearcover$139
Travelers$153
Safeco$190
State Auto$230
Midvale Home & Auto$243
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

What is gap insurance?

GAP stands for “guaranteed asset protection,” and it bridges an important gap in your auto coverage. Gap insurance pays the difference between what you owe on your car and what it’s worth if your vehicle is destroyed by a covered loss, like an accident or theft. This means you won’t have to keep making loan payments on a car you don’t have anymore.

If you don’t have gap insurance on your insurance policy, you’ll have to pay out of pocket the difference between your insurance payout and what you still owe to your lender. You may also hear gap insurance called “loan assistance coverage,” or “lease assistance coverage,” but they all mean the same thing: gap insurance.

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Who should buy gap insurance in Missouri?

Is gap insurance worth it? Not everyone needs this addition to a standard auto policy, but you should consider it if:

  • Your lender requires it.
  • You’re leasing your vehicle.
  • You financed your vehicle loan over 60 months or more.
  • You put less than 20 percent down on your car (or didn’t make a down payment at all).
  • Your loan has a high interest rate.
  • You rolled over negative equity from your last auto loan.
  • You’re driving a luxury vehicle or other high-value vehicle that depreciates faster than a standard car.

There’s a special version of gap insurance available for people who are leasing vehicles. Lease gap insurance is a variation on the traditional gap insurance policy. It pays the difference between what you owe according to your lease agreement and the actual cash value of the vehicle.

Missouri Gap Insurance Laws

State law in Missouri doesn’t require gap coverage, but it can be a smart decision for anyone. A crash in the first few years of owning your new vehicle could leave you with huge debts—plus, you’ll need a new loan for another vehicle.

Note that even though the state doesn’t require you to carry gap insurance, some credit unions or other lenders may require their customers to carry it as a condition of granting you a car loan or lease.

How much gap insurance do I need in Missouri?

You only need gap coverage if you’re leasing a car or if you owe more on your loan than your car is worth. You don’t need gap insurance if you don’t have a loan or lease.

Check the maximum benefit limits on the gap policies you’re considering, and make sure the offered gap insurance covers all the negative equity on your car—that’s the difference between your loan balance and the actual cash value of your car. Check those numbers when you shop around to make sure you’re comparing policies fairly.

See More: How Much Car Insurance Do I Need?

How Gap Insurance Works in Missouri

Gap insurance only goes into effect when your vehicle is considered a total loss. This usually happens if it’s totaled in a crash or if it’s stolen and not recovered. These are situations when collision insurance and other relevant portions of your auto insurance coverage typically leave a gap, hence the name.

Gap insurance only applies to auto loans that are used to finance your vehicle, so it’s probably not an option for you if you took out a home equity loan or another type of loan.

Because of the limits on this type of policy, there are a few exclusions that gap insurance never covers. They include:

  • Anything rolled into your loan, like extended warranties, rollover balances from previous loans, penalties, or fees.
  • Accident-related expenses, such as medical expenses for bodily injury, funeral costs, or lost wages.
  • Falling behind on payments, even if you have financial hardship.
  • Car rentals when you’re left without transportation after your car is totaled.
  • The down payment on a new car.

It’s also important to know that you won’t need gap insurance forever. You can drop it when your car loan is less than your car is worth.

How Much Gap Insurance Costs in Missouri

Gap insurance is usually a supplement to your regular insurance rather than a stand-alone policy. You can expect to pay about $5 a month or $60 a year from many insurance companies, though dealerships may charge up to a few hundred dollars per year.

If your insurance agent says your insurance company doesn’t offer gap insurance, you can often get a stand-alone policy from a third-party company for $200 to $300. It’s usually cheapest for consumers to get gap insurance from the same company they get their regular car insurance.

See More: Average Cost of Car Insurance in Missouri

How to Buy Gap Insurance in Missouri

Don’t waste time navigating all the dealership offers and third-party companies offering gap insurance. Missouri drivers are better off using Insurify to compare car insurance quotes and policies. Insurify is an online comparison tool that can help you find the best deal on gap insurance.

Whether you’re looking to pair your gap insurance with a low insurance deductible or you have other needs, Insurify can help you find what you need. Best part? Comparing quotes is free, so finding the best deal won’t cost you a penny.

Frequently Asked Questions: Gap Insurance in Missouri

  • Missouri does not require gap insurance, but some lenders do. Check with your lender to see if they require you to carry gap insurance.

  • You can usually cancel the policy and get a refund for any unused premium you might have already paid.

  • Shopping around with online comparison tools like Insurify is the best way to find cheap gap insurance in Missouri. It’s easy to use and shows you quotes from all the top companies so you can find the gap policy that meets your needs.

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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.

Jennifer Pendell
Jennifer Pendell

Insurance Writer

Jennifer Pendell is a personal finance expert. She specializes in breaking down dense subjects to make them easier for consumers to understand, with a particular interest in homeowners, renters, and auto insurance concepts. She studied at the University of Iowa.

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