4.8out of 3,000+ reviews
Best Cheap Gap Insurance Companies in Arkansas: Quotes, Discounts (2023)
Secure. Free. Easy-to-use.
Written by
Doug Shaffer
Insurance Writer
Doug Shaffer works as a content writer. He has had the opportunity to write for several national insurance carriers in the past and brings with him over six years of experience working with both business and consumer products. He enjoys being able to break down complex insurance jargon to allow consumers to fully understand their policies.
Edited by
Tanveen Vohra
Editorial Manager
Tanveen Vohra is an editorial manager at Insurify specializing in writing about property and casualty insurance. Through her work, Tanveen helps consumers better understand the components of their insurance policies so they can make smarter purchase decisions.Tanveen's work has been cited by CNBC , Fox Business, Business Insider, Fortune, and Market Watch, among others.
Reviewed by
Amber Benka
Licensed Insurance Agent
Amber Benka is a licensed insurance agent specializing in auto, home, commercial, life, and health insurance.
Updated June 15, 2022
Why you can trust Insurify: As an independent agent and insurance comparison website, Insurify makes money through commissions from insurance companies. However, our expert insurance writers and editors operate independently of our insurance partners. Learn more.
Gap Insurance in Arkansas
It’s common for Arkansas drivers to take out an auto loan or enter a lease program when buying a new car. However, this can leave you financially vulnerable if the car is totaled in an accident. Gap insurance can help provide financial protection and cover any outstanding loans or leases. If you need gap insurance, Insurify provides a platform where you can quickly compare quotes and select coverage within a matter of minutes.
See More: Compare Car Insurance
Table of contents
- Gap Insurance in Arkansas
- Best Companies for Gap Insurance in Arkansas
- What is gap insurance?
- Who should buy gap insurance in Arkansas?
- Arkansas Gap Insurance Laws
- How much gap insurance do I need in Arkansas?
- How Gap Insurance Works in Arkansas
- How Much Gap Insurance Costs in Arkansas
- How to Buy Gap Insurance in Arkansas
- Frequently Asked Questions: Gap Insurance in Arkansas
Best Companies for Gap Insurance in Arkansas
Who sells gap insurance in Arkansas?
Many insurance companies in Arkansas, such as Nationwide, Liberty Mutual, Safeco, and other providers, sell gap insurance. If you are leasing a car, you can check with your insurance provider to find out if they offer a gap insurance coverage add-on.
Arkansas has several insurance providers that offer gap insurance to drivers who are leasing a new vehicle. Below is a list of some of the insurance companies you should consider getting a quote from.
| Insurance Provider | Average Monthly Cost for Leased Cars in Arkansas |
|---|---|
| Safeco | $179 |
| Nationwide | $203 |
| Direct General | $207 |
| Dairyland | $215 |
| Midvale Home & Auto | $231 |
| GAINSCO | $251 |
| Jupiter Auto | $272 |
| Hallmark | $281 |
| The General | $325 |
| Liberty Mutual | $333 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
See More: Cheap Car Insurance in Arkansas
What is gap insurance?
Gap insurance helps drivers cover the gap left over between the actual value of a motor vehicle and the remaining balance of its loan or lease if it is totaled in an accident or stolen. If a driver doesn’t have this coverage, they could be held responsible for any outstanding balances after a total loss of their vehicle.
The state of Arkansas doesn’t legally require a driver to have gap insurance on top of their standard auto policy. However, the company you use for your auto loan or lease will usually require that you obtain this coverage.
Compare Car Insurance Quotes Instantly
Secure. Free. Easy-to-use.
Who should buy gap insurance in Arkansas?
Even though gap insurance is typically only required by lenders when you take out an auto loan or participate in a leasing program, there are still instances where it might make sense to purchase the coverage.
If you fall into one of the following categories, you should consider obtaining guaranteed asset protection:
You leased a vehicle from a car dealership.
You put down a down payment of less than 20 percent when purchasing your vehicle.
You have an auto loan with a term longer than five years.
You purchased a car or truck that will depreciate faster than normal.
Arkansas Gap Insurance Laws
Unlike a standard car insurance policy, the state of Arkansas doesn’t require drivers to have gap insurance. Instead, the requirement to carry the coverage usually comes from lenders providing the financing needed to purchase or lease a vehicle. You will want to review the insurance requirements of your lender before agreeing to a loan or lease.
How much gap insurance do I need in Arkansas?
The amount of gap insurance you will need in Arkansas will vary based on many factors, including your policy limits and deductible. Depending on which insurance company or lender you decide to purchase your gap car insurance through, you may notice a difference in how much is covered.
Some plans will only cover up to 25 percent of your car’s value, while other coverage options will pay off the entire balance of the loan or lease that you owe. Regardless of which gap insurance product you ultimately decide on, you will want to make sure you take the time to compare and review policies carefully before purchasing.
See More: How Much Car Insurance Do I Need?
How Gap Insurance Works in Arkansas
In Arkansas, gap insurance helps drivers cover the gap left over between a vehicle’s current value and the remaining balance on an outstanding loan or lease if the car is totaled in an accident or stolen. This added protection is usually a requirement by lenders if you plan on using an auto loan to pay for your vehicle.
One perk that is unique to gap car insurance coverage is that there is a potential for reimbursement. Unlike other auto insurance products, such as collision coverage, comprehensive coverage, or liability coverage, you may get money back if you pay your gap coverage in advance and pay off your vehicle early.
How Much Gap Insurance Costs in Arkansas
Many factors can affect the amount you pay for gap insurance in Arkansas, including location, your vehicle’s age, and your car’s value. On average, most drivers will pay about $260 a month for a car insurance policy with a gap insurance add-on.
How to Buy Gap Insurance in Arkansas
For drivers who need to buy gap insurance coverage, there are several ways to obtain a policy. For example, most car dealerships, lenders, and auto insurance companies sell guaranteed asset protection plans. However, with so many options, it can be difficult to tell if you are receiving a good deal without reviewing multiple quotes.
Insurify helps drivers quickly compare policies by providing one central location where a list of qualifying insurance quotes can be reviewed.
Frequently Asked Questions: Gap Insurance in Arkansas
Drivers in Arkansas will be happy to know that the state doesn’t legally require motorists to carry gap insurance. However, if you plan on leasing a vehicle or taking out a loan for your car, you will want to check with your lender. Most auto insurance lenders will require that you have gap insurance until the loan is paid off.
In certain situations, you may get money back from your gap insurance. For example, if you were to pay your gap insurance policy in advance and pay off your vehicle early, you would receive a refund for any unused portion of the insurance coverage. However, if you pay premiums monthly, you wouldn’t be eligible for a refund.
Drivers in Arkansas have several options when it comes to car insurance companies that offer cheap gap insurance. However, trying to compare multiple quotes can quickly become overwhelming. To help simplify the process, Insurify offers a platform where drivers can quickly compare quotes on a single page.
Compare Car Insurance Quotes Instantly
Secure. Free. Easy-to-use.
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 Service's database of auto insurance rates. With these insights, Insurify is able to offer drivers insight into how companies price their car insurance premiums.
