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Buying and gaining a new asset can take a lot of hard work, but more often than not, it pays off. Anytime you make a major investment, you want to be sure to take care of it. That might mean paying for maintenance, being quick to get repairs, or even just daily upkeep. For car owners who get a pre-owned or new vehicle, this should also include getting auto insurance coverage.
Insurify makes insurance comparison shopping simple by sifting through quotes from dozens of auto insurance companies and presenting you the best rate. In just a matter of minutes and for free, we can help you find a Wyoming car insurance policy that fits your lifestyle. Try it today!
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Best Companies for Gap Insurance in Wyoming
How much is gap insurance in Wyoming?
The average policyholder in Wyoming pays $186 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.
Insurify sifted through millions of insurance quotes from hundreds of insurers in the market to find you a policy you can afford. See the table below for the best companies and rates for leased cars in Wyoming, which include gap insurance coverage.
|Insurance Company||Average Monthly Cost for Leased Cars in Wyoming|
|Midvale Home & Auto||$213|
See More: Cheap Car Insurance in Wyoming
What is gap insurance?
Gap insurance is a car insurance add-on that can help you pay off your auto loan if your car is totaled or stolen. This type of insurance can help pay the gap, as suggested by its name, between the depreciated value of your car and what you still owe on car payments. Contrary to what you might assume, “gap” stands for “guaranteed asset (or auto) protection.”
This add-on is helpful for drivers who lease their vehicles, but it only applies if you owe more than the car’s depreciated value. Also, it’s only available to policyholders who are the original loan or leaseholder of a new vehicle. A gap waiver can be used here, where you get funds from gap insurance to help pay off your loan. It is also known as loan or lease gap coverage.
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Who should buy gap insurance in Wyoming?
How do you know if gap insurance is right for you? The typical auto insurance policy usually includes liability coverage, collision coverage, and comprehensive coverage. It can be difficult to know whether you should include other add-ons. Insurify put together an easy guide to see if gap insurance is right for you in case you think you need full coverage on your policy.
Most policies have their coverage limits, so it’s important to understand how much you are covered in the case of a car accident, theft, or other damage. Even though gap insurance is optional coverage, it might be beneficial to have if you fit the average profile of someone who should buy gap insurance. If you are unsure, you can always talk to an insurance agent.
Consider gap insurance if:
- Your lender requires it.
- You’re leasing your vehicle.
- You financed your vehicle loan over 60 months or more.
- You put less than 20 percent down on your car (or didn’t make a down payment at all).
- Your loan has a high interest rate.
- You rolled over negative equity from your last auto loan.
- You’re driving a luxury vehicle or other high-value vehicle that depreciates faster than a standard car.
Wyoming Gap Insurance Laws
If you live in the state of Wyoming, gap insurance is not required. Most dealers and lenders offer this add-on, but it is not required for any car owners to purchase it. It is important to know the auto insurance requirements for your state. In the instance that a dealer forces a customer to buy a gap insurance add-on, then the buyer can ask for a refund on their gap insurance price.
While it is not required for any driver to have gap insurance, some lenders in Wyoming might require customers to have it if they get a car loan or lease a car. Insurance providers, banks, and dealerships can all sell gap insurance in Wyoming, but it works the same way here as the rest of the country.
How much gap insurance do I need in Wyoming?
You do not need any gap insurance in Wyoming. The lender, the car dealership, or your insurance provider cannot force you to buy it. The amount of coverage you decide to buy is entirely up to you.
As a Wyoming driver, you might consider buying gap insurance if you require a special finance plan for your vehicle. This might fit your profile if you are a car owner paying a car loan on your vehicle for five years or more, if you made less than a 20 percent down payment on your car, or if you are a car owner with a quickly depreciating car.
See More: How Much Car Insurance Do I Need?
How Gap Insurance Works in Wyoming
Gap insurance in Wyoming works the same way as gap insurance in the rest of the U.S. Its main purpose is to pay the balance remaining on a car loan or lease contract in case your policy does not cover the full difference between the depreciated value of the car and the remaining amount you owe in car payments.
As with any contract or commitment, people should have a full understanding of what they are agreeing to before they sign. Gap insurance is here to help cover your costs in the case of a total loss of your car. It can be bought from an auto dealership, bank, or insurance agent.
Most car owners or leaseholders choose car loans to get a new car. This makes it easier and more affordable to lease or buy a car because they pay in installments that are more reasonable than paying for the entire car at once and out of pocket.
Policies typically pay out the actual cash value of a totaled vehicle, but there is usually a gap because cars depreciate in value the minute they leave the lot. If your new or leased car gets totaled, in the first few years especially, you might owe more than what your car is actually worth. Gap insurance is here to cover this difference so you’re not left paying more out of pocket.
After a total loss claim, your insurance company will pay a maximum of your car’s actual cash value, or what it’s currently worth in the market. This is usually less than what you originally paid for it because most cars depreciate in value once they leave the lot. Gap insurance covers the cost between the depreciated value and what you owe in loans.
How Much Gap Insurance Costs in Wyoming
On average, Wyoming drivers pay $186 per month for auto insurance with a gap insurance add-on. This is significantly cheaper than other states in the country, making Wyoming quite affordable. The average cost of gap insurance in the United States is $248 per month.
The cost of gap insurance depends on a number of factors, regardless of whether you live in Wyoming. Your unique driving record and your number of claims and collisions, as well as your financial history and credit score can all play a part in how much you pay for your policy and deductible. Be sure to do your research and compare quotes so you get the best rates.
See More: Average Cost of Car Insurance in Wyoming
How to Buy Gap Insurance in Wyoming
Buying gap insurance coverage as a Wyoming driver is very easy and does not require many steps. Drivers can enroll in this add-on directly through their auto dealership at the time they buy their new car or start a new lease. People who are pre-existing policyholders can get gap coverage through their insurance company if they are taking out a new car loan.
Make sure to use Insurify to compare auto insurance quotes. You’ll find dozens of quotes that include gap coverage, other add-ons that you need for your unique lifestyle, and any available discounts. In just a few minutes and clicks, you can enroll in a policy that fits your needs. Insurify helps Wyoming residents save time and money on their auto insurance, all for free.
Frequently Asked Questions: Gap Insurance in Wyoming
Wyoming law does not require policyholders to own gap insurance, so note that no lender, dealer, or insurance agent can force you to buy the coverage. While it’s not required by law, it may be a good option for some car owners or leaseholders who are financing their cars for five or more years, who made a lower down payment on their car, or with a car that quickly depreciates.
Unfortunately, once you’ve paid off all your required car payments and/or loan, you do not get money back from gap insurance. This coverage add-on is specifically meant to help car owners or leaseholders who need extra support on getting money back on their car’s actual cash value in case it loses money from getting damaged in a car accident or being totaled.
It’s easy to find cheap gap insurance in Wyoming! Insurify can be used by anyone who is interested in finding a quality policy at a rate they can afford. In just minutes, Insurify’s tools can sift through millions of quotes from hundreds of companies in the market. We do the legwork to give you side-by-side comparisons for free, so you get full coverage without breaking the bank.
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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.