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Best Cheap Gap Insurance Companies in West Virginia: Quotes, Discounts (2023)
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Written by
JJ Starr
Insurance Writer
J.J. Starr is a health and finance writer with a background in banking, lending, and financial advising. She holds a Series 6, FINRA, and life insurance licensure and a master's degree from New York University. Through her writing, she strives to use her decade of experience to help consumers make sound financial choices. Connect with J.J. on LinkedIn.
Edited by
Jackie Cohen
Editorial Manager
Jackie Cohen is an editorial manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.Jackie's work has been cited in USA Today, The Balance, and The Washington Times.
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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Some West Virginia drives absolutely need gap insurance coverage. But for others, gap insurance offers no protection at all. How do you know if gap insurance is suitable for you? That’s what we discuss in this article.
You can get cheap gap insurance right now by heading over to Insurify. Fill out one confidential form to view accurate quotes from six or more insurance companies. Plus, with our tool, you shop anonymously—only share your information if you intend to purchase a policy. It’s the easiest way to get affordable car insurance. Try it today!
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Table of contents
- Best Companies for Gap Insurance in West Virginia
- What is gap insurance?
- Who should buy gap insurance in West Virginia?
- West Virginia Gap Insurance Laws
- How much gap insurance do I need in West Virginia?
- How Gap Insurance Works in West Virginia
- How Much Gap Insurance Costs in West Virginia
- How to Buy Gap Insurance in West Virginia
- Frequently Asked Questions: Gap Insurance in West Virginia
Best Companies for Gap Insurance in West Virginia
How much is gap insurance in West Virginia?
The average total cost to insure a car with gap insurance in West Virginia is $261 a month. However, what you pay for car insurance will depend on a variety of factors, such as your age and your driving record.
Not every company offers gap insurance, but you’ll still have many choices for gap coverage in West Virginia. With the help of thousands of West Virginians, we looked at more than 20,000 auto insurance quotes for policies with gap coverage. Based on those quotes, we were able to determine which car insurance companies offer the best coverage at the best rate.
Below are our rankings of the best insurance providers offering gap coverage in West Virginia and the average premium cost charged to customers.
| Insurance Company | Average Monthly Cost for Leased Cars in West Virginia |
|---|---|
| Nationwide | $135 |
| Safeco | $163 |
| Liberty Mutual | $229 |
| Midvale Home & Auto | $235 |
| Dairyland | $282 |
| The General | $361 |
| Dairyland | $186 |
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 West Virginia
What is gap insurance?
Gap insurance, or guaranteed asset protection, is an inexpensive insurance policy that protects you in the event of a total loss when you have a vehicle on lease, or when you have a financed vehicle where the value of the vehicle is less than the remaining loan balance.
If you total your car and that car is leased, you’re still obligated to pay your monthly payments for the remainder of the lease. The leasing company is reimbursed for the vehicle by your insurance company.
If your car is financed—i.e., you have a car loan—the lender will receive the reimbursement (typically by check written to both you and your lender). If the reimbursement doesn’t cover everything left on the loan, you’ll be required to pay your loan in full even if your car is unusable.
But when you have gap insurance, your insurance company will pay the remaining monthly payments of your lease or the remaining balance of your loan. The typical payout for gap insurance is between $1,000 and $3,000.
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Who should buy gap insurance in West Virginia?
Anyone who has a leased vehicle should buy a gap insurance policy in the Mountain State. People with car loans where the actual cash value, sometimes called fair market value, of the car is less than the remaining loan balance should also purchase a gap policy.
The main reason why is that gap insurance is inexpensive (more about costs below) while offering coverage that far exceeds the premium cost.
West Virginia Gap Insurance Laws
West Virginia drivers are not required to carry gap insurance. But most drivers can purchase a policy if they want one. Additionally, lenders and lessors are allowed to require a gap policy as part of the lending or lease agreement. Even if you’re not required to, you can opt to add gap coverage to your policy if you see fit.
How much gap insurance do I need in West Virginia?
You’ll need to do a little math to figure out the coverage limits you need for your gap policy. With a leased vehicle, you’ll need to multiply your monthly lease payment by the number of months left in your lease agreement.
For a financed car, you need to subtract the actual cash value of your car from the loan balance. You can find the actual cash value with Kelley Blue Book, and you can find your loan balance by speaking with your lender.
See More: How Much Car Insurance Do I Need?
How Gap Insurance Works in West Virginia
Gap insurance in West Virginia is paid out quickly. When a leased car is totaled—sustains damages that exceed its value—the insurance company pays the remaining lease payments, often directly to the lessor.
With a financed car, the gap policy kicks in after the lender has received the actual cash value paid by the collision, comprehensive, or liability coverage.
How Much Gap Insurance Costs in West Virginia
The average cost of car insurance with gap coverage in West Virginia is about $261 a month. But the cost of gap coverage is a very small portion of the monthly premium. It typically adds less than $5 a month to your premium, depending on your driving history and the financial obligations you owe on the car.
How to Buy Gap Insurance in West Virginia
The easiest way to get low-cost gap insurance is by comparing policies with Insurify. One short form gets you quotes from six or more insurance companies that offer gap coverage as part of their policies. And when you find the right policy for you, Insurify makes it easy to purchase your new policy fast.
Still have questions about what’s right for you? Insurify can help you identify the exact coverage you need to fit your vehicle and lifestyle. Compare quotes and save today with Insurify.
Frequently Asked Questions: Gap Insurance in West Virginia
No. Gap insurance is not required by the West Virginia Department of Motor Vehicles. But state law does allow lenders and leasing companies to require their customers to purchase a gap policy. You can also choose to purchase gap coverage if you see fit.
You do not get money back from gap insurance premiums when your car is paid off. The only way to receive a refund for gap insurance is when you’ve prepaid for insurance but paid off the loan before the term ended. For example, you prepaid for 12months of gap insurance but canceled gap coverage eight months into the term. In this case, you’ll be refunded for four months of gap insurance premiums.
There are many excellent options for gap insurance in West Virginia. The easiest way to find the best coverage at the lowest cost to you is by comparison shopping with Insurify. Fill out one form and receive car insurance quotes from 6+ insurers in your area. We use proprietary data and AI to get you accurate quotes anonymously. It’s safe and easy to use.
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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.
