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Best Cheap Gap Insurance Companies in Louisiana: Quotes, Discounts (2023)
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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
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Gap Insurance in Louisiana
Auto loans and leasing programs are a popular way for Louisiana drivers to purchase a car. However, these options make you liable for the loan balance if the car is totaled in an accident. Gap insurance helps provide financial protection for drivers in these instances. Insurify offers an easy-to-use platform that will allow you to quickly compare gap insurance quotes in Louisiana and find the right policy for you.
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Table of contents
- Gap Insurance in Louisiana
- Best Companies for Gap Insurance in Louisiana
- What is gap insurance?
- Who should buy gap insurance in Louisiana?
- Louisiana Gap Insurance Laws
- How much gap insurance do I need in Louisiana?
- How Gap Insurance Works in Louisiana
- How Much Gap Insurance Costs in Louisiana
- How to Buy Gap Insurance in Louisiana
- Frequently Asked Questions: Gap Insurance in Louisiana
Best Companies for Gap Insurance in Louisiana
Who offers gap insurance in Louisiana?
Many insurance companies in Louisiana, such as Clearcover, The General, 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.
Louisiana drivers who are leasing a new vehicle and plan to purchase gap insurance or another type of auto insurance policy should consider getting quotes from the following providers.
| Insurance Company | Average Monthly Cost for Leased Cars in Louisiana |
|---|---|
| Clearcover | $316 |
| TSC | $377 |
| Safeco | $379 |
| Direct General | $390 |
| The General | $410 |
| Midvale Home & Auto | $470 |
| Bristol West | $609 |
| Liberty Mutual | $696 |
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 Louisiana
What is gap insurance?
Gap insurance can come in handy when leasing or purchasing a new car with an auto loan. Gap, or guaranteed asset protection, insurance ultimately covers the gap between a car’s value and the amount still owed on a loan or a lease if it is stolen or totaled. Without the additional coverage, a driver would be responsible for paying the difference.
Even though it isn’t required by Louisiana state law, most companies that offer car loans or leases will still need you to purchase gap insurance. This ensures the loan or lease will still be paid off should something happen.
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Who should buy gap insurance in Louisiana?
Generally, most drivers don’t consider buying gap insurance unless their lender requires it. However, there are several scenarios where having gap insurance can be quite beneficial.
If any of the following apply to you, you should consider purchasing gap insurance coverage:
You financed your vehicle for a term longer than five years.
You paid less than a 20 percent down payment when buying your vehicle.
You are currently participating in a leasing program.
You financed a vehicle that depreciates more quickly than others.
Louisiana Gap Insurance Laws
Similar to other states, Louisiana doesn’t require that drivers carry a gap insurance policy along with their current car insurance coverage. However, most lenders that provide financing options will require drivers to purchase gap insurance as an add-on until the loan is paid off.
How much gap insurance do I need in Louisiana?
Whether you need gap insurance due to a requirement by your lender or you value the peace of mind the coverage provides, you will want to make sure you have enough protection. Some plans will only pay up to 25 percent of the value of the vehicle, while others will pay out enough to cover the entire remaining balance of the loan or lease.
In order to determine which option is best for you, it is important to compare multiple quotes. Looking at details such as what the gap insurance covers, deductible, and potential loan/lease payoff information will give you a good idea of which plan you should purchase.
See More: How Much Car Insurance Do I Need?
How Gap Insurance Works in Louisiana
A gap insurance policy in Louisiana will cover any costs left over between a vehicle’s actual cash value (ACV) and the outstanding loan or lease balance if that car is deemed a total loss or is stolen.
There is also the possibility of getting a reimbursement from the coverage if you pay your gap insurance in advance and pay off your vehicle early. This feature is unique to gap insurance that you won’t find in other auto insurance products, such as liability insurance, comprehensive coverage, or collision coverage.
How Much Gap Insurance Costs in Louisiana
Like with a typical car insurance policy, several factors can affect how much a gap insurance plan may cost you. For example, factors like a vehicle’s age, your location, and the actual cash value of your car can all play a role in determining how much you pay for coverage.
Generally speaking, most drivers can expect to pay around $418 a month for car insurance with gap coverage.
How to Buy Gap Insurance in Louisiana
When it comes to purchasing a gap insurance policy, there are plenty of options for Louisiana drivers. Most large insurance companies as well as car dealerships and lenders offer coverage. With so many options available, it is important to compare quotes before purchasing gap insurance coverage.
Insurify offers the easiest way to shop for gap insurance by providing a platform that allows you to quickly compare multiple quotes at the same time.
Frequently Asked Questions: Gap Insurance in Louisiana
There aren’t any laws in Louisiana that require drivers to maintain a gap insurance policy. However, having gap insurance coverage could be required by a lender if you are planning on leasing or using a car loan to purchase your next vehicle.
In some instances, you may get money back from your gap insurance once you’ve paid off your car. However, you will need to pay your gap insurance premium in advance and pay off your vehicle early for this to occur. If you are currently making monthly payments, you won’t be able to get your money back.
Several insurance providers in Louisiana offer cheap gap insurance. However, sorting through the quotes and reviewing policies can be a time-consuming and challenging task. Insurify helps simplify the process by providing a single location where you can quickly compare quotes within seconds.
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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.
