Gap Insurance in Oklahoma (2025)
Gap insurance in Oklahoma is worth it for many people who finance or lease their vehicles.
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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 $171 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
Progressive
Travelers
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.
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.
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.
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.
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