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GAP Insurance | Buy from dealer or Insurance company?
FAQ
Do I need gap insurance in Florida?
Gap insurance is not required in Florida, but some leasing companies may require you to purchase it. Additionally, some dealerships may automatically add gap insurance to your loan; however, you can decline this coverage.
How much is gap insurance per month in Florida?
Gap insurance in Florida costs an average of $2 to $30 per month, depending on whether you buy it from a dealership, a car manufacturer or your insurance provider. Gap insurance is only needed for one to three years, or until your vehicle is worth more than you still owe on your loan or lease.
Is it bad to not have gap insurance?
Not having gap insurance if you are “upside down” on your car loan could mean you are reimbursed for thousands less in the event of a complete loss.
Who pays for car damage in Florida no fault?
Due to Florida’s no-fault laws, your insurance will pay for your auto repair after an accident you did not cause in Florida. However, if the costs of damages exceed your policy limits, you may qualify to recover additional compensation elsewhere.