Gap Insurance in Ohio (2024)
Gap insurance in Ohio can help you pay your loan if you owe your lender more than the value of your car after you total your vehicle or someone steals it.
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Written byJessica Martel
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Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
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Edited byKatie Powers
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Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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Updated October 30, 2024
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Table of contents
Full-coverage insurance will pay you the actual cash value (ACV) of your car if you total your vehicle, and gap insurance can fill in the gap between that amount and what you still owe your lender.[1]
In some cases, your initial insurance claim amount doesn’t provide enough money to pay off your car loan or lease — especially if you owe more on your car than it’s worth. This is where gap insurance comes in.
Full-coverage car insurance in Ohio costs $145 per month, on average. Purchasing gap insurance will typically add another $2 per month to your policy. You should always compare quotes from multiple companies when shopping around.
Here’s what you need to know about finding gap insurance in Ohio.
Quick Facts
Gap insurance is an optional type of auto coverage that’s often available when you purchase or lease a vehicle.
Ohio law doesn’t require gap insurance.
Some gap insurance policies only cover you to a certain limit.
How gap insurance works
Gap insurance — also called “guaranteed auto protection” insurance — covers the difference between how much your insurance will pay on a specified claim and the remaining balance on your auto loan.
Gap insurance covers you if someone steals your vehicle or you total it in an accident. It’s an optional type of insurance that’s often available when you purchase a vehicle. If you’re leasing a vehicle, some lenders might require it. Gap insurance isn’t necessary for all drivers. But you might consider purchasing gap insurance if your insurance won’t cover your loan balance in the event of a total loss. You may also purchase gap insurance if you know you can’t cover the gap in coverage with your own savings.
What gap insurance covers in Ohio
Gap insurance provides coverage if you total your car or someone steals it and you still have a balance on your loan. It prevents you from having to continue making car payments for a vehicle you can’t drive or no longer own.
But gap insurance won’t cover vehicle repairs after an accident. It also doesn’t provide coverage for things such as normal wear and tear, mechanical breakdowns, or medical bills for an accident-related injury.
When you file a claim, your comprehensive or collision coverage will cover the cash value of your vehicle, minus your deductible. If you’ve purchased gap insurance as an add-on to your policy, it’ll contribute to the amount that’s withstanding on your loan or lease.
But remember that gap insurance only covers the amount remaining on your loan once your insurance company has paid out and you’ve covered your deductible. Some gap insurance policies will only cover you up to a certain limit, so make sure you understand your coverage before purchasing a policy.
For Example
If you owe $20,000 on your car loan and your vehicle has an actual cash value of $15,000, your insurance company will pay the ACV, minus your deductible. If your deductible is $1,000, your insurance company will pay $14,000. This leaves you with a $6,000 gap. If you have gap insurance, your policy will cover this $6,000.
Best gap insurance companies in Ohio
A number of car insurance companies sell gap insurance as an optional coverage for people with a vehicle loan or lease. Here are some of the best auto insurance companies that sell gap insurance in Ohio. Learn more about your coverage options.
Auto-Owners
| User Reviews | 4.0 |
|---|---|
| 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. | 8.5 /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. | $44/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. | $80/mo |
4.0
Best choiceBased on 137 verified guest reviews and ratings
How drivers feel about Auto-Owners
Drivers appreciate the friendly customer service, competitive initial rates, and professional agents but dislike the frequent price increases and complicated claims process.
AI-generated from the text of verified reviews collected by Insurify
Best For
Cheap rates
Senior drivers
Ample discounts
How drivers feel about Auto-Owners
Drivers appreciate the friendly customer service, competitive initial rates, and professional agents but dislike the frequent price increases and complicated claims process.
AI-generated from the text of verified reviews collected by Insurify
Best For
Cheap rates
Senior drivers
Ample discounts
Reviews (86)
Ronald W
October 29, 2024
Verified Review
They Cancelled Our Home Insurance
We had no problem with Auto-Owners regarding our auto insurance. However, we were disappointed when Auto-Owners cancelled our home insurance. They stopped all home insurance in 'fire prone areas'.
Martha
October 28, 2024
Verified Review
Good
The premiums keep increasing.
Lawrence
October 24, 2024
Verified Review
Honest Answers to Questions
Please refer to my answers to the previous questions.
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
837NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.5A.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++Why we picked this company
Auto-Owners offers a variety of full-range auto insurance services with competitive premiums. The company also has several additional insurance coverage options, including loan gap or lease gap coverage.
Pros
High customer satisfaction
Multiple discounts
Cons
No online quotes available
Mobile app needs improvement
Midvale Home & Auto
| 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. | 3.2 /10 |
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
NRNAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
NRA.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).
AWhy we picked this company
You can purchase gap insurance at a reasonable rate from Midvale Home & Auto. Whether you’re leasing your vehicle or have a loan, gap insurance can help you pay the difference if you total your vehicle.
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
Liberty Mutual
| User Reviews | 3.7 |
|---|---|
| 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. | 7.7 /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. | $81/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. | $152/mo |
3.7
A solid optionBased on 2641 verified guest reviews and ratings
How drivers feel about Liberty Mutual
Drivers appreciate the initial low prices, quick claims handling, and easy account access but dislike the significant price increases over time.
AI-generated from the text of verified reviews collected by Insurify
Best For
Numerous discounts
New and financed vehicles
Accident forgiveness
How drivers feel about Liberty Mutual
Drivers appreciate the initial low prices, quick claims handling, and easy account access but dislike the significant price increases over time.
AI-generated from the text of verified reviews collected by Insurify
Best For
Numerous discounts
New and financed vehicles
Accident forgiveness
Reviews (1,541)
Frank
October 29, 2024
Verified Review
Been with them for 27 years, but I'm unsure
They are expensive. We are low mileage drivers with three cars, and only my wife and I are driving.
Gary
October 29, 2024
Verified Review
Price Gouging!
They recently increased my premium from $182 to $231 per month for no apparent reason, other than a general raise for everyone.
Donald
October 29, 2024
Verified Review
Don't use them, they will increase your rate within the six-month period of your term! And that's with no claims!
Don't use them, they will increase your rate within the six-month period of your term! And that's with no claims!
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
819NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
3.95A.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).
AWhy we picked this company
Liberty Mutual has a range of car insurance options, including low-cost gap coverage. The exact cost of gap insurance will vary based on the type of vehicle, your claim history, and the actual cost value of your car.
Pros
Wide range of available discounts
Accident forgiveness available
Cons
Many negative reviews and customer complaints
Premiums are relatively high compared to industry average
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 driver ages, genders, credit scores, and driver profiles for Ohio drivers.
Gap insurance vs. full coverage
Full-coverage car insurance in Ohio includes collision and comprehensive coverage. Collision insurance reimburses you for damages if you get in an accident with another car or object. Comprehensive coverage protects you from events like theft, flood, or vandalism.
Gap insurance isn’t included as part of a full-coverage plan. Instead, you can purchase it as an add-on. Gap insurance functions similarly to other optional policies, such as roadside assistance or accident forgiveness insurance. If you want to ensure you cover the difference between what you owe on your car loan and the value of your car if you total it, gap insurance may be a useful purchase.
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Who needs gap insurance in Ohio?
In Ohio, the minimum requirements for liability insurance include:[2]
$25,000 per person and $50,000 per accident for bodily injury
$25,000 per accident for property damage
Ohio law doesn’t require you to have gap insurance. Instead, it’s an optional form of insurance that you can purchase if you want to. Many lenders will offer gap insurance coverage when you purchase or lease a vehicle. Some may even require it.
But just because gap insurance isn’t a requirement doesn’t mean you shouldn’t seriously consider it in specific situations.
For example, when you purchase or lease a new car, it starts to depreciate the minute you drive it off the car dealership lot. Within the first year, most cars lose 20% of their value. Within five years, cars can depreciate by 60%. If you’re leasing or financing your vehicle, there’s a chance you’ll owe more than the cash value of your vehicle.
You might benefit from a gap insurance policy if:
You have a new loan term that has a long payoff period (60 months or longer).
You’re leasing a vehicle, and the lender requires gap insurance.
You put down a small down payment (less than 20%) on a large car loan.
You’ve purchased a luxury vehicle or a vehicle that tends to depreciate quickly.
You’ve rolled over negative equity from a previous car loan into a new loan.
You’ve put on a lot of miles, which can increase the rate of vehicle depreciation.
If you made a large down payment on your car or plan to pay it off within a short period of time, gap insurance may not make sense for you. Similarly, if you purchase a used car, you probably don’t need gap insurance, unless you finance the vehicle.
If you’re considering gap insurance, consult an insurance agent or a lender to get an expert quote.
Shop for Car Insurance in Ohio
Compare quotes from top insurers in minutes
Secure. Free. Easy-to-use.
Based on 3,806+ reviews
4.8/5
How to buy gap insurance in Ohio
When buying a new vehicle, the dealer may offer gap insurance. You can also purchase it from most car insurers — typically for less than you’ll pay with a dealer. While it’s possible to purchase gap insurance as a stand-alone policy, many insurers offer it as an add-on to your existing policy.
If you’re trying to keep your monthly auto insurance premiums to a minimum, you might not consider gap insurance. But adding gap insurance to a collision and comprehensive policy only increases your annual premium by about $20, according to the Insurance Information Institute (III).[3]
The price of gap insurance goes up if you purchase it as an add-on to your car loan. You’ll pay a one-time flat fee instead of yearly payments, which can range from $500 to $700.
Cheapest recent rates in Ohio
Drivers using Insurify have found quotes as cheap as $31/mo for liability only and $32/mo for full coverage in Ohio.
*Quotes generated for Insurify users within the last 10 days. Last updated on October 30, 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 October 30, 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 October 30, 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 October 30, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Gap insurance in Ohio FAQs
If you still have questions about gap insurance in Ohio, this additional information may help as you research your options.
Does Ohio require gap insurance?
No. Gap insurance isn’t a requirement in Ohio. Ohio law only requires drivers to have minimum liability coverage. But some lenders might require you to purchase gap insurance if you have a lease or car loan.
What exactly does gap insurance cover?
Gap insurance covers the “gap” between what you owe on your vehicle and its actual cash value (ACV) if you total it or someone steals it. Standard auto insurance usually only covers the ACV, which could be less than the amount you owe on your car. Gap insurance can help ensure that you don’t have to pay out of pocket if you owe more than what your insurance will cover.
What are the pros and cons of gap insurance?
The main positive of purchasing gap insurance is that it covers the insurance gap when you owe more than the actual cash value of your vehicle. This can provide you with peace of mind. There’s also no deductible to pay with gap insurance. The major con of gap insurance is it’s an additional monthly expense you have to pay.
Is gap insurance ever a good idea?
Yes, gap insurance can be a good idea if you have a vehicle loan or lease. If you owe more on your vehicle than its actual cash value, it may be worth it to buy gap insurance. This optional insurance can cover the financial gap between the insurance payout you receive after you total your vehicle and how much you still owe your lender.
Related articles
More cities in Ohio
Sources
- Consumer Financial Protection Bureau. "What is Guaranteed Asset Protection (GAP) insurance?."
- Ohio Department of Insurance. "Guide to Automobile Insurance."
- Insurance Information Institute. "What is gap insurance?."
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Jessica Martel
Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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