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

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Polina Solovyeva

By: Polina Solovyeva

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 Ohio

After you buy a new vehicle, the value of your car goes down 20 to 30 percent within the first year. In five years, your new car loses over 60 percent of its initial value. If you’re financing your vehicle, this depreciation creates a big gap between your car’s actual cash value and how much you owe on it. Gap insurance is an add-on policy that can help you close this gap. Compare 10+ real gap insurance quotes in Ohio in just a few clicks!

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Best Companies for Gap Insurance in Ohio

How much is gap insurance in Ohio?

The average cost to insure a leased vehicle in Ohio is about $177 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.

There are many auto insurance companies in Ohio that offer gap coverage as an add-on to your car insurance policy. In the table below, you can find average monthly car insurance costs for leased vehicles in Ohio. Car insurance rates can go as low as $97 and as high as $311, amounting to a whopping $2,568 annual difference.

Insurance CompanyAverage Monthly Cost for Leased Cars in Ohio
Bristol West$220
The General$214
Clearcover$97
Direct General$171
Elephant$138
Liberty Mutual$182
Midvale Home & Auto$135
Safe Auto$145
Kemper$311
Dairyland$255
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

What is gap insurance?

Gap insurance is an optional car insurance coverage that you can add on to your existing auto insurance policy to protect yourself from having to continue to pay car loan payments after your vehicle is totaled or stolen. “GAP” stands for “guaranteed asset protection” or “guaranteed auto protection” and refers to the difference between your car’s ACV and how much you owe on your auto loan.

For example, you finance $30,000 for a new car. A few years pass, and your used car is now worth $10,000, but you still owe $20,000 on your auto loan—this is known as “negative equity” or being “upside down” on your car. If your vehicle is totaled or stolen, your insurance company will cover its ACV—$10,000—leaving you $10,000 in debt on a car you no longer own.

Gap insurance covers the difference between the actual cash value of your vehicle and what you still owe on it to your lender, so you don’t have to keep making monthly loan payments after your car is gone.

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Who should buy gap insurance in Ohio?

Driving a car that is worth less than what you owe on it without gap insurance puts you at financial risk. You should consider adding a gap insurance policy to your regular auto coverage in the following circumstances:

  • You are leasing or taking out a loan on your car. Whether you are financing a new or a used vehicle, your car depreciates in value as soon as you drive it off the lot. Plus, if you are financing extras, such as service plans and extended warranties, your vehicle will lose value even faster.
  • You made a down payment of less than 20 percent. If you make a lower down payment, your vehicle significantly depreciates as soon as you become the official owner.
  • You have a long-term loan or leasing agreement. If it is going to take you 60 months or longer to pay off your auto loan, you have a higher chance of having negative equity—or, in other words, being “upside-down” on your car.
  • You’re financing your car and are planning to drive long distances. The more miles you drive, the faster your vehicle loses value. So, if you know you are regularly going to cover a large number of miles, you should consider adding a gap insurance policy to your coverage.
  • You are financing a luxury vehicle or a sports car. Luxury vehicles, sports cars, and certain types of other vehicles depreciate faster than other models. When you are shopping for a new vehicle, make sure to research how fast it is predicted to be losing its value.

Ohio Gap Insurance Laws

Ohio law does not require you to carry gap insurance coverage. It is an optional auto policy you can add if you already carry comprehensive coverage and collision coverage. Ohio only requires liability insurance—$25,000 per person and $50,000 per accident in bodily injury and $25,000 in property damage.

However, your lending institution may require you to get gap insurance to protect their investment. You can use Insurify to find the cheapest gap insurance from the best insurance providers that offer gap insurance in Ohio. Simply spend five minutes answering a few questions about yourself, your vehicle, and your coverage preferences to get 10+ quotes.

How much gap insurance do I need in Ohio?

How much gap insurance you need in Ohio depends on your car model, how much you owe on it, and personal preference. On average, you can expect the value of your car to depreciate from 20 to 30 percent just in the first year and over 60 percent in five years.

When you’re shopping for gap insurance, estimate how fast the value of your vehicle will decrease over time and how much you will continue to owe on it to pick the best coverage option for you. If you want personalized suggestions to help you choose the best deal, use Insurify.

See More: How Much Car Insurance Do I Need?

How Gap Insurance Works in Ohio

If you’re considering adding gap insurance to your auto insurance policy, there are a few important things you need to be aware of about how gap insurance works in Ohio:

  • You need to get comprehensive and collision insurance before you can purchase gap insurance as an add-on.
  • Most gap insurance policies don’t cover the deductible.
  • Gap insurance works regardless of fault. It doesn’t matter whether it was you or the other driver who caused the accident that resulted in total loss.

Gap insurance covers the negative equity—the difference between your car’s actual cash value and what you owe on it—only if your vehicle was totaled or stolen. If the accident wasn’t a total loss, you can use your comprehensive and collision coverage to pay for the damages and repairs. You will not receive a gap insurance payout to cover medical bills or lost wages.

How Much Gap Insurance Costs in Ohio

Average monthly car insurance cost for a leased vehicle in Ohio is $177 per month. However, the cost of gap insurance depends on where in Ohio you get it. You can get a gap insurance policy from your car dealership, your lending institution, or as a stand-alone policy from a car insurance company. However, all of these options can cost $200–$300+ per month.

The cheapest and easiest way to find an affordable gap insurance policy in Ohio is to shop around for a new car insurance policy with a gap insurance add-on. This way, you can expect the lowest costs.

See More: Average Cost of Car Insurance in Ohio

How to Buy Gap Insurance in Ohio

Purchasing a gap insurance policy doesn’t have to break the bank and can give you peace of mind on the road. Getting at least four quotes from different car insurance companies can significantly lower gap insurance costs for you and help you find the cheapest deal with the most coverage.

However, shopping for gap insurance on your own can be time-consuming—not to mention stressful. You’d have to spend your time researching which car insurance companies in Ohio offer gap insurance, requesting quotes from them, and then manually comparing costs and coverage options available to you.

Instead, spend five minutes on Insurify’s trusted site answering a few questions about yourself and your coverage preferences, and instantly get 10+ real and accurate quotes tailored to your needs. On average, Insurify users save $489 per year.

Frequently Asked Questions: Gap Insurance in Ohio

  • No, you aren’t required to carry gap insurance as a driver in Ohio. Ohio laws only require you to carry the minimum liability coverage. However, if you are financing your vehicle, your lending institution may require you to purchase gap insurance coverage. To be eligible to purchase gap insurance as an add-on, you need to already carry comprehensive and collision coverage.

  • Depending on your insurance provider, it’s possible to get a gap insurance refund if you pay your gap insurance in advance and pay your vehicle off early. In this case, the refund will include the unused portion of your insurance premium. However, you will not be able to get a full gap insurance coverage refund once you’ve paid off your car.

  • The easiest way to find cheap gap insurance coverage in Ohio is to get at least four quotes from different car insurance companies in your area. However, doing it by yourself is time-consuming and tedious. Save yourself time, money, and stress, and use Insurify to compare 10+ accurate cheap quotes side by side in one place. It’s fast, easy, and free. Get your quote today!

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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.

Polina Solovyeva
Polina Solovyeva

Insurance Writer

Polina Solovyeva is a writer for mission-driven brands and entrepreneurs, specializing in auto insurance and personal finance. Polina writes to help consumers better understand their insurance coverage.

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