Gap Insurance in Oklahoma (2024)

Gap insurance in Oklahoma is worth it for many people who finance or lease their vehicles.

Geoff Williams
Written byGeoff Williams
Geoff Williams
Geoff Williams
  • 27+ years writing about personal finance

  • Bylines in numerous notable publications

Geoff is a freelance personal finance journalist and author. He’s been published in top outlets such as The Wall Street Journal and CNN Money.

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Courtney Mikulski
Courtney MikulskiSenior Editor, Auto
  • 3+ years producing insurance and personal finance content

  • Main architect of the Insurify Quality Score

Courtney’s deep personal finance knowledge extends beyond insurance to credit cards, consumer lending, and banking. She thrives on creating actionable content.

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Updated July 14, 2024

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Cheapest recent rates in Oklahoma

Drivers using Insurify have found quotes as cheap as $35/mo for liability only and $63/mo for full coverage in Oklahoma.

*Quotes generated for Insurify users from Oklahoma within the last 10 days. Last updated on July 11, 2024

Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from July 11, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.

*Quotes generated for Insurify users from Oklahoma within the last 10 days. Last updated on July 11, 2024

Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from July 11, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.

The average cost of a new car was around $48,000 in October 2023, according to Kelley Blue Book data.[1] When you buy a new car, its value depreciates quickly, starting when you drive away with it. If your car’s value is less than what you owe on an auto loan, then you may need gap insurance to protect your finances.

Gap insurance covers the difference between your auto loan or lease balance and the car’s actual cash value in the event of a total loss. Here’s what you need to know about comparing auto insurance rates and getting gap insurance in Oklahoma.

Quick Facts
  • Also called “guaranteed asset protection,” gap coverage only kicks in for collision or comprehensive insurance claims.

  • Gap insurance is typically a coverage option you can add to your car insurance policy.

  • You may need gap insurance if you put less than 20% down for your car or your loan term is 60 months or longer.[2]

What is gap insurance, and how does it work?

Gap insurance covers the difference between your auto loan or lease balance and your insurance payout if your insurance company totals your car. It usually only activates when a covered collision or comprehensive claim results in a total loss — when the car’s fair market value exceeds repair costs.

Gap insurance is worth considering if you’re buying a new car, as most vehicles lose approximately 20% of their value in the first year of ownership.

What gap insurance covers in Oklahoma

Gap insurance in Oklahoma covers the amount that you may still owe on your car after a total loss. It only provides coverage for accepted collision and comprehensive claims that your insurance company processes. And it may only cover a percentage of your car’s value, so it’s important to read your policy carefully to understand what gap insurance covers.

It’s important to understand when gap insurance doesn’t kick in. Gap insurance doesn’t cover:

  • Deductible costs

  • Wear and tear

  • Mechanical breakdowns

  • Rejected collision and comprehensive claims

For Example

Let’s say you have $10,000 left on your auto loan when you cause an accident that totals your car. Your insurance company determines your car’s actual cash value is $7,000 and pays you $6,000 after your $1,000 collision deductible. In this case, you’d still owe $4,000 to the auto lender. But gap insurance would cover that remaining $4,000 for you to pay back the debt.

Gap insurance vs. full coverage

Full coverage generally combines state-minimum liability insurance, comprehensive coverage, and collision coverage. It usually doesn’t include gap insurance, but you may include it in your policy as a separate addition.

Full-coverage insurance usually provides coverage for repairs if an incident damages your vehicle, regardless of fault. Gap insurance will come in handy if you owe more than your car is worth.

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Who needs gap insurance in Oklahoma?

Oklahoma doesn’t require gap insurance, but it’s still worth considering if you finance or lease your car.[3]

“Auto dealerships in many states mandate that you carry gap insurance in order to protect their interests in the asset you’re driving,” says Howard Goldberg, vice president of Plymouth Rock Assurance’s customer solutions center. “If you drive a late-model car, especially expensive vehicles, for which you have a loan, you should also consider carrying it.”

If you own your car outright or purchased a gap waiver from your auto lender, you don’t need gap coverage in your car insurance policy. But otherwise, you might consider gap insurance if you:[2]

  • Financed your car with less than 20% down

  • Have an auto loan with terms longer than 60 months

  • Leased the vehicle

  • Own a car that depreciates faster than average

Even if you purchase gap insurance, you can usually remove it from your policy later. Once your car’s value is greater than your auto loan balance or you pay off the car completely, you can contact your insurer to remove it.

How Much Will Insurance Pay for My Totaled Car? (Full Guide)

How Much Will Insurance Pay for My Totaled Car? (Full Guide)

How to buy gap insurance in Oklahoma

You can buy gap insurance from the dealership or an insurance company. It’s more expensive to purchase it from a dealership because your loan, which accrues interest, includes the cost of gap coverage.

You can buy gap insurance when you purchase your car and initially insure it with your insurance company. Your insurance company may only allow you to buy gap insurance when you purchase the car, so it’s important to include the coverage on your policy as soon as possible.

Recent Insurify quotes for Oklahoma drivers

Drivers in and around Oklahoma have found policies from GEICO, Farmers, Mercury, and more, through Insurify in the last few days.

*Quotes generated for Insurify users within the last 10 days. Last updated on July 11, 2024

Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from July 11, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.

*Quotes generated for Insurify users within the last 10 days. Last updated on July 11, 2024

Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from July 11, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.

Best gap insurance companies in Oklahoma

If you’re looking for gap insurance in Oklahoma, start your search with the companies below.

Midvale Home & Auto

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A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.0/10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$96/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$211/mo

Midvale Home & Auto may be a solid option for Oklahoma drivers, especially if they want plenty of coverage options to customize their policies. Its average full-coverage insurance cost in Oklahoma is $211 per month, which is a bit more expensive than many other insurers, but drivers can find ways to save with Midvale Home & Auto’s list of discounts.

Pros
  • Backed by the financial strength of American Family

  • Optional gap insurance and roadside assistance available

Cons
  • Can’t get a quote online – must call an agent

  • Poor customer reviews with Better Business Bureau

Progressive

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JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
820
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.4/10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$76/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$139/mo

Progressive is a national insurer with a large footprint, but it has relatively affordable average rates for full-coverage insurance. It’s worth considering if you want to load your policy with optional coverages like gap insurance, deductible savings, customer parts and equipment, pet injury coverage, and more.

Pros
  • Rewards for good drivers

  • Numerous coverage options and discounts available

Cons
  • Higher-than-expected amount of complaints

  • Ranked 11 out of 15 companies in the J.D. Power Customer Satisfaction Index Ranking

Read more driver reviews of Progressive
Robert - July 14, 2024
Verified

Half a Loaf

They bundled auto and home insurance, but after 8 years, they dropped our home insurance.

Quincy - July 14, 2024
Verified

My Experience

The adjustment department needs some improvement. I filed a claim and a lot of damages were overlooked. I had to make several calls to get the damages covered. What was supposed to be a two-week job has turned into a month and a half ordeal. I'm still waiting on my car. The customer service from all involved has been terrible at this point. I'm definitely looking forward to switching companies.

Matthew - July 14, 2024
Verified

Progressive's Prices are Way Too High

I am priced way too high.

Travelers

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User Reviews
3.5
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.0/10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$90/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$196/mo

Travelers also offers relatively cheap average rates for full-coverage insurance. If you have a new car, you may want to buy gap coverage from Travelers and pair it with the insurer’s new car replacement coverage, which will replace your car with a brand-new car of the same make and model if you total it in the first five years.

Pros
  • Accident forgiveness available

  • Robust coverage selections and discount offerings

Cons
  • Rideshare coverage only available in Colorado and Illinois

  • High number of negative customer reviews with the Better Business Bureau

Read more driver reviews of Travelers
Linda - July 10, 2024
Verified

Final

Dealing with the computer-generated documents is trouble for me.

Janet - July 9, 2024
Verified

Fair

They increased my insurance after 6 months, even though I had no tickets or accidents.

Kim - July 9, 2024
Verified

Nickel and Dimed

Travelers was awful. They offer discounts, but only if you go paperless and there are little caveats that my agent never informed me about. Also, they increased my rates significantly without notice.
  • Data scientists at Insurify analyzed more than 40 million real-time auto insurance rates from our partner providers across the United States to compile the car insurance quotes, statistics, and data visualizations displayed on this page.

    The car insurance data includes coverage analysis and details on drivers’ vehicles, driving records, and demographic information. Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.

    With these insights, Insurify is able to offer drivers insight into how companies price their car insurance premiums. The data included on this page represent averages across ages, genders, credit scores, and driver profiles for Oklahoma drivers.

Gap insurance in Oklahoma FAQs

Check out Insurify’s guide on car insurance coverage types, and read the answers to common questions about Oklahoma gap insurance below.

  • Does Oklahoma require gap insurance?

    No, Oklahoma doesn’t require gap insurance coverage. But it requires minimum liability coverage of $25,000 per person and $50,000 per accident for bodily injury liability and $25,000 per accident for property damage liability.[3]

  • How does gap insurance work?

    Gap insurance is an optional coverage that pays for the difference between your auto loan balance and insurance payout in the event of a total loss.

  • Who needs gap insurance in Oklahoma?

    Oklahoma drivers who finance or lease their new cars should consider getting gap insurance. People who made down payments of less than 20%, have loan terms of 60 months or longer, or bought a car that depreciates faster than normal may want gap insurance for more protection.

  • Is gap insurance worth it?

    While buying gap insurance adds to your insurance costs, it’s a good idea to get it if you’re worried about owing more on your car loan than what the car is worth. If you don’t think you could pay off the loan balance difference in the event of a total loss, gap insurance is certainly worth buying.

Methodology

Insurify data scientists analyzed more than 90 million quotes served to car insurance applicants in Insurify’s proprietary database to calculate the premium averages displayed on this page. These premiums are real quotes that come directly from Insurify’s 50+ partner insurance companies in all 50 states and Washington, D.C. Quote averages represent the median price for a quote across the given coverage level, driver subset, and geographic area.

Unless otherwise specified, quoted rates reflect the average cost for drivers between 20 and 70 years old with a clean driving record and average or better credit (a credit score of 600 or higher).

Liability-only premium averages correspond to policies with the following coverage limits:

  • Bodily injury limits between state-minimum rates and $50,000 per person, $100,000 per accident
  • Property damage limits between $10,000 and $50,000
  • No additional coverage
Full-coverage premium averages correspond to the same bodily injury and property damage limits in addition to:
  • Comprehensive coverage with a $1,000 deductible
  • Collision coverage with a $1,000 deductible

Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.

Sources

  1. Kelley Blue Book. "When Will New Car Prices Drop?."
  2. III. "What is gap insurance?."
  3. Oklahoma Insurance Department. "Auto Insurance: Common Myths."
Geoff Williams
Geoff Williams

Geoff Williams is a freelance journalist who has written personal finance articles for most of his career and for numerous publications, including U.S. News & World Report, The Wall Street Journal, Bankrate, CNNMoney.com and Forbes.com. He is also the author of several books, including “C.C. Pyle’s Amazing Foot Race” and “Washed Away,” and writes a classic TV blog called “The TV Professor.”

Courtney Mikulski
Edited byCourtney MikulskiSenior Editor, Auto
Courtney Mikulski
Courtney MikulskiSenior Editor, Auto
  • 3+ years producing insurance and personal finance content

  • Main architect of the Insurify Quality Score

Courtney’s deep personal finance knowledge extends beyond insurance to credit cards, consumer lending, and banking. She thrives on creating actionable content.

Featured in

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