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Compare Cheap Gap Insurance Companies in Virginia: Quotes, Discounts (2022)

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Insurify Staff

By: Insurify Staff

Last Updated April 1, 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.

Quick Facts

  • The cheapest insurer we found for gap insurance in Virginia is State Auto, with average monthly premiums of $138.
  • Drivers in Virginia who lease their cars are usually required to have gap insurance.
  • Drivers who pay off their loans on their car early may be reimbursed for gap insurance.

Cheap car insurance coverage and cheap gap insurance don’t always go hand in hand. In fact, some providers offer extremely affordable auto insurance but more expensive gap plans.

To help identify the most affordable gap insurance policies in Virginia, Insurify provides a single-screen viewing option to compare free car insurance quotes instantly.

Best Companies for Gap Insurance in Virginia

There are many places where you can purchase gap insurance in Virginia, which can make the process of getting started difficult. Below are several of the best insurers to consider when shopping around:

Virginia Insurance CompaniesMonthly Premium for a Leased Car
State Auto$138
Travelers$141
Nationwide$145
Safeco$168
Elephant$173
Midvale$189
SafeAuto$202
Gainsco$203
Bristol West$232
TSC$237
Liberty Mutual$253
Mercury$271
DirectGeneral$272
Dairyland$283
AssuranceAmerica$310
The General$351

Check out our piece on the best gap insurance companies for more information!

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What is gap insurance?

Like collision insurance or comprehensive coverage, gap insurance is an optional coverage that can be added to an existing auto policy. It is also normally a requirement by your lender when purchasing a new vehicle, securing a zero down payment, or leasing a car.

The main responsibility of gap insurance is to assist in paying the gap between a car’s value and the outstanding loan balance should it be totaled. Drivers who decide against the gap policy may have to pay the remainder of their loan out of pocket. Another option available for drivers in Virginia is to get gap insurance temporarily until they are able to pay their loan down.

Who should buy gap insurance in Virginia?

Before investing time into researching and reviewing quotes, it’s important to determine whether you need gap insurance or not. Consumers who can purchase a new car without needing to finance shouldn’t consider gap insurance coverage. Drivers who opted for a loan or lease, however, may benefit from the protection it provides.

The biggest benefit with guaranteed asset protection (GAP) is that it helps protect against depreciation. As soon as you purchase a new vehicle, it loses value. The drop in your vehicle’s value will generally be below what you owe on it, and if it were to be a total loss in an accident, you would be responsible for paying that gap.

Here are a few scenarios where it makes sense to consider a gap insurance plan in Virginia:

  • You bought a vehicle that loses value at a quicker rate than others.
  • Your loan has a zero down payment.
  • You decided to finance your loan or lease for an extended period of time.
  • Your vehicle is subject to a large number of miles throughout the year.

See More: How Much Car Insurance Do I Need?

Virginia Gap Insurance Laws

Under Virginia law, it isn’t illegal to drive without auto insurance or gap insurance; however, that doesn’t mean that it won’t be required by lenders. Many car loan providers ask that drivers carry gap insurance unless they agree to a larger down payment. The more money you put down, the more likely you are to avoid paying for gap insurance.

Drivers who don’t have auto insurance will be responsible for paying a fee each year for uninsured driving. Depending on where you get your auto loan or lease from, you may be required to add on gap insurance if you don’t have a standard car insurance policy.

How much gap insurance do I need in Virginia?

Determining how much gap coverage you need as a driver in Virginia is important. You don’t want to spend extra money on a policy if you don’t need it. It is important to note that every lender has a different limit that they will cover. Some insurers will only cover up to 25 percent of the car’s actual value, leaving drivers responsible for the remainder of their loan.

On the other hand, some providers will cover the gap no matter what the difference is. These plans can be a little more costly but provide the extra peace of mind that you won’t have to worry about loan expenses if your vehicle is destroyed or stolen.

How Gap Insurance Works in Virginia

Gap insurance in Virginia works in a similar manner as it does in other states. If you have gap protection and your vehicle is totaled, the policy will cover the difference between the outstanding balance on your loan or lease and your car’s actual cash value. Some lenders will also offer lower deductible options and might even reimburse for prepaid loan payments.

How Much Gap Insurance Costs in Virginia

There are many factors that go into determining how much gap insurance you should purchase. For drivers who live in Virginia and decide to not carry auto insurance, gap insurance could be a cheap way to maintain some form of protection if your vehicle is totaled. Some lenders will offer plans as low as $60 a year for coverage.

However, finding competitive rates has a lot to do with where you purchase your gap policy. Typically, car dealerships will have higher one-time fees for limited coverage, while large insurance carriers such as Allstate, Progressive, and GEICO offer lower annual rates.

How to Buy Gap Insurance in Virginia

Since gap insurance isn’t a requirement in Virginia, many drivers are unaware of all the places they can purchase a policy. Unlike other forms of auto insurance, it is possible to obtain guaranteed asset protection through institutions such as credit unions, banks, dealerships, traditional auto insurance companies, private third parties, and specialty lenders.

With such a large range of potential places to secure your gap plan from, it can be difficult to organize and compare quotes. With Insurify, the process is simple and easy. Within a matter of minutes, you will be presented with a list of qualifying providers to compare quotes from. Since each plan is viewable on one page, you can quickly select the best plan for your situation.

Frequently Asked Questions

  • Virginia is unique when it comes to auto insurance laws. Not only does the state allow drivers to operate vehicles without gap insurance, but it also isn’t illegal to drive without car insurance. Drivers who decide to forgo any type of coverage will be required to pay an uninsured motorist fee each year.

  • Even though it isn’t usual to get money back from your gap insurance policy after your vehicle is paid off, there are exceptions. For instance, if you prepaid your gap insurance premiums and were able to pay off your loan early, then you may be refunded the unused portion of the payments.

  • Locating an insurance provider that offers cheap gap insurance in Virginia is a matter of patience and commitment. Generally, the first and second quotes you receive won’t be the lowest, which makes shopping around important. For drivers who are looking for an easy way to review quotes, Insurify provides a simple approach to comparing plans.

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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.

Insurify Staff
Insurify Staff

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