Gap Insurance in Oklahoma (2024)
Gap insurance in Oklahoma is worth it for many people who finance or lease their vehicles.
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Written byGeoff Williams
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27+ years writing about personal finance
Bylines in numerous notable publications
Geoff is a freelance personal finance journalist and author. He’s been published in top outlets such as The Wall Street Journal and CNN Money.
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Edited bySara Getman
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Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga and crocheting.
Updated November 21, 2024
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Table of contents
The average cost of a new car is around $47,401 in 2024, according to Kelley Blue Book data.[1] When you buy a new car, its value depreciates quickly, starting when you drive away with it. If your car’s value is less than what you owe on an auto loan, then you may need gap insurance to protect your finances.
Gap insurance covers the difference between your auto loan or lease balance and the car’s actual cash value in the event of a total loss. A full-coverage policy in Oklahoma costs an average of $180 per month. Adding gap insurance typically costs another $2 per month.
Here’s what you need to know about comparing auto insurance rates and getting gap insurance in Oklahoma.
Quick Facts
Also called “guaranteed asset protection,” gap coverage only kicks in for collision or comprehensive insurance claims.
Gap insurance is typically a coverage option you can add to your car insurance policy.
You may need gap insurance if you put less than 20% down for your car or your loan term is 60 months or longer.[2]
How gap insurance works
Gap insurance covers the difference between your auto loan or lease balance and your insurance payout if your insurance company totals your car. It usually only activates when a covered collision or comprehensive claim results in a total loss — when the car’s fair market value exceeds repair costs.
Gap insurance is worth considering if you’re buying a new car, as most vehicles lose approximately 20% of their value in the first year of ownership.
What gap insurance covers in Oklahoma
Gap insurance in Oklahoma covers the amount that you may still owe on your car after a total loss. It only provides coverage for accepted collision and comprehensive claims that your insurance company processes. And it may only cover a percentage of your car’s value, so it’s important to read your policy carefully to understand what gap insurance covers.
It’s important to understand when gap insurance doesn’t kick in. Gap insurance doesn’t cover:
Deductible costs
Wear and tear
Mechanical breakdowns
Rejected collision and comprehensive claims
For Example
Let’s say you have $10,000 left on your auto loan when you cause an accident that totals your car. Your insurance company determines your car’s actual cash value is $7,000 and pays you $6,000 after your $1,000 collision deductible. In this case, you’d still owe $4,000 to the auto lender. But gap insurance would cover that remaining $4,000 for you to pay back the debt.
Best gap insurance companies in Oklahoma
If you’re looking for gap insurance in Oklahoma, start your search with the companies below.
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
Midvale Home & Auto may be a solid option for Oklahoma drivers, especially if they want plenty of coverage options to customize their policies. It’s a bit more expensive than many other insurers, but drivers can find ways to save with Midvale Home & Auto’s list of discounts.
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
Progressive
| JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale. | 820 |
|---|---|
| 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. | 8.4 /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. | $72/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. | $134/mo |
How drivers feel about Progressive
Drivers appreciate the professional service and accident forgiveness but dislike the high prices and frequent rate increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Competitive rates
Easy buying process
Telematics program
How drivers feel about Progressive
Drivers appreciate the professional service and accident forgiveness but dislike the high prices and frequent rate increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Competitive rates
Easy buying process
Telematics program
Reviews (5,796)
Elandra
November 20, 2024
Verified Review
I don't even drive 30 miles a month, yet I pay over $200 a month. I have a clean driving record. This company is not good.
I don't even drive 30 miles a month, yet I pay over $200 a month. I have a clean driving record. This company is not good.
Denise
November 20, 2024
Verified Review
Fraudulent Claims Filed
They permitted false claims to be filed, complete with fabricated police report numbers, and treated the client as if the claim was not fraudulently filed.
Steven
November 19, 2024
Verified Review
I'll Stay with Them, No One Can Beat Them!
They are the cheapest I have found!
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
820NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.82A.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
Progressive is a national insurer with a large footprint, but it has relatively affordable average rates for full-coverage insurance. It’s worth considering if you want to load your policy with optional coverages like gap insurance, deductible savings, customer parts and equipment, pet injury coverage, and more.
Pros
Rewards for good drivers
Numerous coverage options and discounts available
Optional coverage for pet injuries
Cons
Much lower-than-average overall customer satisfaction ranking in J.D. Power’s 2023 U.S. Auto Claims Satisfaction Study
Trustpilot rating of 1.1 stars (out of 5) from more than 1,000 reviews
Rates trend higher than rates from many competitors
Travelers
| User Reviews | 4.7 |
|---|---|
| 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. | 9.0 /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. | $89/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. | $191/mo |
4.7
Best choiceBased on 757 verified guest reviews and ratings
How drivers feel about Travelers
Drivers appreciate the lowest prices, excellent service, and responsive call centers but dislike the rising premiums and poor claims handling.
AI-generated from the text of verified reviews collected by Insurify
Best For
Numerous discounts
Gap insurance
Rideshare coverage
How drivers feel about Travelers
Drivers appreciate the lowest prices, excellent service, and responsive call centers but dislike the rising premiums and poor claims handling.
AI-generated from the text of verified reviews collected by Insurify
Best For
Numerous discounts
Gap insurance
Rideshare coverage
Reviews (389)
Nancy
November 18, 2024
Verified Review
Checking for Better Rate
Really good.
Jim
November 12, 2024
Verified Review
Typical
They were fair but within a month, they raised their premium by over $50.
Kenneth
November 5, 2024
Verified Review
Excellent
Excellent
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
832NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.94A.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
Travelers also offers relatively cheap average rates for full-coverage insurance. If you have a new car, you may want to buy gap coverage from Travelers and pair it with the insurer’s new car replacement coverage, which will replace your car with a brand-new car of the same make and model if you total it in the first five years.
Pros
Accident forgiveness available
Offers discount for hybrid and electric cars
A++ (Superior) financial strength rating from AM Best
Cons
Rideshare coverage not available in all states
High number of negative customer reviews with the Better Business Bureau
Higher-than-average number of complaints with the National Association of Insurance Commissioners
Gap insurance vs. full coverage
Full coverage generally combines state-minimum liability insurance, comprehensive coverage, and collision coverage. It usually doesn’t include gap insurance, but you may include it in your policy as a separate addition.
Full-coverage insurance usually provides coverage for repairs if an incident damages your vehicle, regardless of fault. Gap insurance will come in handy if you owe more than your car is worth.
Find Gap Insurance Online
Full-coverage insurance in Oklahoma averages $180 per month
Secure. Free. Easy-to-use.
Based on 3,806+ reviews
4.8/5
Who needs gap insurance in Oklahoma?
Oklahoma doesn’t require gap insurance, but it’s still worth considering if you finance or lease your car.[3]
“Auto dealerships in many states mandate that you carry gap insurance in order to protect their interests in the asset you’re driving,” says Howard Goldberg, vice president of Plymouth Rock Assurance’s customer solutions center. “If you drive a late-model car, especially expensive vehicles, for which you have a loan, you should also consider carrying it.”
If you own your car outright or purchased a gap waiver from your auto lender, you don’t need gap coverage in your car insurance policy. But otherwise, you might consider gap insurance if you:
Financed your car with less than 20% down
Have an auto loan with terms longer than 60 months
Leased the vehicle
Own a car that depreciates faster than average
Even if you purchase gap insurance, you can usually remove it from your policy later. Once your car’s value is greater than your auto loan balance or you pay off the car completely, you can contact your insurer to remove it.
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How Much Will Insurance Pay for My Totaled Car? (Full Guide)
How to buy gap insurance in Oklahoma
You can buy gap insurance from the dealership or an insurance company. It’s more expensive to purchase it from a dealership because your loan, which accrues interest, includes the cost of gap coverage.
You can buy gap insurance when you purchase your car and initially insure it with your insurance company. Your insurance company may only allow you to buy gap insurance when you purchase the car, so it’s important to include the coverage on your policy as soon as possible.
Cheapest recent rates in Oklahoma
Drivers using Insurify have found quotes as cheap as $30/mo for liability only and $64/mo for full coverage in Oklahoma.
*Quotes generated for Insurify users within the last 10 days. Last updated on November 21, 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 November 21, 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 November 21, 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 November 21, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Gap insurance in Oklahoma FAQs
Check out Insurify’s guide on car insurance coverage types, and read the answers to common questions about Oklahoma gap insurance below.
Does Oklahoma require gap insurance?
No, Oklahoma doesn’t require gap insurance coverage. But it requires minimum liability coverage of $25,000 per person and $50,000 per accident for bodily injury liability and $25,000 per accident for property damage liability.
How does gap insurance work?
Gap insurance is an optional coverage that pays for the difference between your auto loan balance and insurance payout in the event of a total loss.
Who needs gap insurance in Oklahoma?
Oklahoma drivers who finance or lease their new cars should consider getting gap insurance. People who made down payments of less than 20%, have loan terms of 60 months or longer, or bought a car that depreciates faster than normal may want gap insurance for more protection.
Is gap insurance worth it?
While buying gap insurance adds to your insurance costs, it’s a good idea to get it if you’re worried about owing more on your car loan than what the car is worth. If you don’t think you could pay off the loan balance difference in the event of a total loss, gap insurance is certainly worth buying.
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
- 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.
Related articles
More cities in Oklahoma
Sources
- Kelley Blue Book. "Average New Car Price Tumbling."
- III. "What is gap insurance?."
- Oklahoma Insurance Department. "Auto Insurance: Common Myths."
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Geoff Williams
Geoff Williams is a freelance journalist who has written personal finance articles for most of his career and for numerous publications, including U.S. News & World Report, The Wall Street Journal, Bankrate, CNNMoney.com and Forbes.com. He is also the author of several books, including “C.C. Pyle’s Amazing Foot Race” and “Washed Away,” and writes a classic TV blog called “The TV Professor.”
Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga and crocheting.
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