Best Cheap Gap Insurance Companies in Oklahoma: Quotes, Discounts (2023)

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Charlie MitchellInsurance 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.

Jackie Cohen
Edited byJackie Cohen
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Jackie CohenEditorial Manager

Jackie Cohen is an editorial manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.

Jackie's work has been cited in USA Today, The Balance, and The Washington Times.

Amber Benka
Reviewed byAmber Benka
Amber Benka
Amber BenkaLicensed Insurance Agent

Amber Benka is a licensed insurance agent specializing in auto, home, commercial, life, and health insurance. She has owned the R.A.L Insurance Agency for four years.

Updated June 15, 2022

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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: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer'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.

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.

Average Cost of Car Insurance in Oklahoma

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

  • Does Oklahoma law require gap insurance?

    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.

  • Do you get money back from gap insurance once you’ve paid off your car?

    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.

  • Where can I find cheap gap insurance in Oklahoma?

    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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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.

Charlie Mitchell
Charlie MitchellInsurance 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.

Jackie Cohen
Edited byJackie CohenEditorial Manager
Photo of an Insurify author
Jackie CohenEditorial Manager

Jackie Cohen is an editorial manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.

Jackie's work has been cited in USA Today, The Balance, and The Washington Times.

Amber Benka
Reviewed byAmber BenkaLicensed Insurance Agent
Amber Benka
Amber BenkaLicensed Insurance Agent

Amber Benka is a licensed insurance agent specializing in auto, home, commercial, life, and health insurance. She has owned the R.A.L Insurance Agency for four years.

Compare Car Insurance Quotes Instantly

Secure. Free. Easy-to-use.
Based on 3,806+ reviews
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