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

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Charlie Mitchell

By: Charlie Mitchell

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.

To Oklahomans, the state is far more than a musical. It’s home: a place to live, work, and drive. And Oklahoma drivers need auto insurance, especially those who just bought or leased a new car with a loan. In this case, you might need gap insurance. Never heard of that? Read on to learn more, and when you’re buying an auto policy, Insurify is your go-to for insurance quotes!

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Best Companies for Gap Insurance in Oklahoma

How much is gap insurance in Oklahoma?

The average policyholder in Oklahoma pays $238 per month for a car insurance policy with gap insurance. However, what you pay for car insurance will depend on a variety of factors, such as your age and your driving record.

These insurance companies offer the best rates on gap coverage on new, used, and leased cars in Oklahoma. Keep in mind that gap coverage doesn't cover a car’s warranty, life insurance, or other items on the loan—only the outstanding loan payments.

Insurance CompanyAverage Monthly Cost for Leased Cars in Oklahoma
Travelers$163
Bristol West$229
Kemper$266
Liberty Mutual$324
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

What is gap insurance?

So you just took out an auto loan to buy a used or new car, or you signed a lease on a car. Then, and only then, should you start thinking about gap insurance. Gap insurance is an additional form of coverage on your auto policy—or you can buy it as a stand-alone from some insurance companies. Lenders—like banks and credit unions—often require gap coverage.

Gap coverage kicks in when something happens that makes your new car a total loss. Your full-coverage auto insurance pays a reimbursement for the loss. But if you get back the actual cash value of the car and it’s not enough to cover what you owe your lender, you could owe the difference (also called negative equity) out of pocket. Gap coverage pays the difference.

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Who should buy gap insurance in Oklahoma?

Gap insurance stands for “guaranteed asset protection.” You only need gap insurance when these two conditions are true:

  • You have an auto loan or lease on your vehicle.
  • The actual cash value (ACV) of your car is less than the amount you owe on the car loan. This is true of many new cars in their first year of loan payments when depreciation sinks the value quicker than you can pay off the loan.

If you made a low down payment on your car or have a long loan term, you’re in danger of winding up with negative equity on your car loan—which is OK! But gap insurance will give you the peace of mind that you won’t be liable for the gap, and your lender likely requires it anyway.

Oklahoma Gap Insurance Laws

Oklahoma has minimal insurance requirements to begin with, and gap insurance isn’t one.

Oklahoma drivers must have 25/50/25 liability insurance—that means $25,000 per person in bodily injury liability and $50,000 per accident, with $25,000 property damage liability coverage.

If you have a car loan or lease, you’re probably required by your lender to have comprehensive coverage and collision insurance (together known as full coverage) and perhaps gap insurance, depending on the vehicle’s value and the amount on the vehicle loan.

How much gap insurance do I need in Oklahoma?

Gap insurance typically only costs about 5 percent of your premium on most car insurance policies. The amount of gap coverage you need? That depends, of course, on the size of the gap! The interest rate and loan term on your car loan will determine how long you need gap insurance.

See More: How Much Car Insurance Do I Need?

How Gap Insurance Works in Oklahoma

Car lenders—whether dealerships, banks, or credit unions—often sell their own gap insurance policies when you sign a car loan. But you’re advised to look elsewhere. Their gap insurance will likely charge you interest and cost more than gap insurance from an auto insurance company. You need insurance for your ride anyway—so just get a policy with gap coverage.

How Much Gap Insurance Costs in Oklahoma

In Oklahoma, gap insurance costs on average $238 per month for full coverage on a leased vehicle. That’s slightly more affordable compared to the national average of $289 per month. To get your rate down, it always helps to have good credit, and you might opt for a higher deductible as well. A used vehicle is far cheaper to insure than a new car.

See More: Average Cost of Car Insurance in Oklahoma

How to Buy Gap Insurance in Oklahoma

Shopping for car insurance coverage in Oklahoma is just like it is in every state. There’s a competitive pool of insurance companies out there, all of them looking for ways to match their strengths as a company with your needs as a driver. Let Insurify be your matchmaker, getting you free quotes on auto insurance that include the gap coverage you need.

Frequently Asked Questions: Gap Insurance in Oklahoma

  • Gap insurance is not required by Oklahoma law. However, when you sign a lease or auto loan, you’ll probably be required by your lender to maintain gap coverage if you are carrying negative equity on the car. This happens often when you buy a new vehicle with a small or no down payment and the car’s depreciation sinks its value quickly.

  • Once your car’s value is more than your loan balance, you don’t need gap insurance anymore! Yippee! If you pay your gap insurance premium on an annual basis, you can probably get the rest back prorated. This is why it’s important to continually assess the vehicle’s actual cash value (i.e., your insurance reimbursement in the event of a total loss) and compare it to your loan balance.

  • Cheap car insurance coverage provides a peace of mind that every Oklahoma driver deserves—whether you need gap insurance or not. The problem is that it takes time to shop around and find the best deals. This is why Insurify is so great: in just a few minutes, you can access real quotes from across the industry, for free, and be on your way to a super-cheap policy.

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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.

Charlie Mitchell
Charlie Mitchell
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Insurance Writer

Charlie Mitchell is a journalist, researcher, and writer specializing in personal finance subjects. He holds a degree from Middlebury College. His work can be found in Vox, Mother Jones, The New Republic, and other publications. Charlie uses his expertise in home, renters, and auto insurance subjects to help inform people to make better financial decisions. Connect with Charlie on LinkedIn.

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