Ohio gap insurance: Everything you need to know

Gap insurance covers the difference between your car’s value and the amount you still owe if it’s totaled or stolen. It’s not required by law in Ohio, but many lenders and leasing companies require it. In Ohio, gap insurance costs an average of $1,991 per year, with Travelers offering the lowest rates.

Last updated: Mar 5, 2026

How much is gap insurance in Ohio?

On average, gap insurance in Ohio costs $1,991 a year, but rates vary by company. The cost of your vehicle also affects gap rates. Expensive or luxurious cars tend to depreciate faster than standard vehicles, meaning gap coverage would have to pay more, which increases coverage rates.

Cheapest gap insurance companies in Ohio

The cheapest gap insurance in Ohio is offered by Travelers, with an average yearly cost of $1,601. Not all car insurance companies provide gap coverage, and rates can vary significantly among carriers.

Take a look at the table below to see the cheapest Ohio insurance companies for gap coverage.

Company	Auto insurance rates with gap premium	Gap premium
Travelers	$1,601	$46
Auto-Owners	$1,767	$55
Erie Insurance	$2,008	$398
Westfield Insurance	$2,065	$72
Grange Insurance	$2,514	$1,002

Read our methodology

Average gap insurance cost in Ohio by city

Fremont offers the cheapest gap insurance in Ohio at an average of $1,595. Where you live in Ohio can affect your insurance rates. Auto insurance rates are higher in cities with more crime and theft since your vehicle is more likely to be damaged or stolen.

This table shows the average gap insurance rates by city for Ohio.

City	Auto insurance rates with gap premium	Gap premium
Fremont	$1,595	$252
Clyde	$1,611	$252
Lindsey	$1,637	$265
Burgoon	$1,648	$263
Findlay	$1,650	$263
Van Wert	$1,653	$260
St. Marys	$1,664	$264
Port Clinton	$1,668	$264
Green Springs	$1,669	$272
Coldwater	$1,670	$262

Read our methodology

How much is gap insurance in Ohio by age group?

Gap insurance coverage for an 18-year-old driver costs $5,606 a year and costs $2,417 annually for a 25-year-old driver. Car insurance costs more for younger drivers because they are more likely to take risks and have less experience avoiding accidents. However, rates decrease as drivers get older.

Here are the gap insurance rates in Ohio for different age groups.

Age group	Auto insurance rates with gap premium	Gap premium
Teen	$5,606	$849
Young adult	$2,417	$348
Adult	$1,991	$315
Senior	$1,927	$290

Read our methodology

How does gap insurance work in Ohio?

When you buy or lease a new car, it depreciates quickly resulting in you owing more than it's worth. If your car is totaled, your insurance company will only pay its actual cash value, which might not cover your full loan balance. That's where gap insurance helps. If your car is totaled or stolen, gap insurance covers the difference between your car's value and what you still owe on the loan.

"Gap is designed for people that take long-term loans and/or roll taxes, service plans, or warranties into their loan," said Zack Pope, agency manager at David Pope Insurance in Missouri. "Most gap coverages only go a certain percent over market value to pay off a loan for a totaled vehicle (typically 25%). It costs significantly less money to get gap through your insurance than to purchase it from the dealership."

For example, let's say you have a $40,000 car loan, but your vehicle's actual cash value is only $35,000. If the car is stolen, your insurance company will reimburse you $35,000, minus your deductibleThe deductible is the amount you pay out of pocket for a covered loss when you file a claim.. Gap insurance would cover the remaining $5,000 that you still owe on your loan. Without gap insurance, you'd be responsible for paying this difference out of pocket.

Once your loan is less than the value of your car, you can drop gap coverage. While you can always cancel gap insurance, you may be unable to add it anytime. Most insurers want you to add the coverage quickly after buying a car.

Additionally, many lenders require gap insurance when getting your loan. Although you can get gap coverage through your lender or car dealership, adding it to your current auto policy is usually cheaper.

Where to buy gap insurance in Ohio

Many insurance companies, including major carriers, offer gap insurance in Ohio. You can easily add this coverage to your existing auto insurance policy or buy a standalone policy.

Adding gap coverage to your car insurance policy usually costs less. You can also buy gap coverage from most car dealers and lenders, but their policies are often more expensive, making them a less appealing choice.

Methodology

We gathered car insurance rates with and without gap insurance through our data partner, Quadrant Information Services.

Averages are annual and based on our full coverage data set. This data set is based on:

Bodily injury liability of $100,000 per person and $300,000 per incident
Property damage liability of $100,000 per incident
Comprehensive and collision deductibles of $500
40-year-old driver
Honda Accord LX
Good credit
A clean driving record
12-mile commute, 10,000 annual mileage

To show the cost of gap insurance, we have compared rates with gap insurance added to the averages without gap insurance, and the difference is shown as the annual cost of gap insurance.

Rates are based on an analysis of over 5 million data points in all 50 states and Washington, D.C. from 138 companies.

Ohio gap insurance: FAQs

Is gap insurance required in Ohio?

Ohio law doesn't require gap insurance, but your lender may require it.

Who should buy gap insurance in Ohio?

If you have a car loan or lease in Ohio, you might need gap insurance. If you made a small down payment, you could quickly owe more than your car is worth since vehicles lose value faster than you can pay the loan. In this case, gap insurance can be a smart choice.

You don't need gap insurance if you own your car or made a large down payment to ensure that you owe less than the car's value at the start of your loan.

What is standalone gap insurance in Ohio?

Standalone gap insurance is a separate policy, not a part of your car insurance. You can buy gap insurance from your lender or a private company as an independent policy.

Does gap insurance cover leased cars in Ohio?

Ohio gap insurance covers leased cars when the driver owes more than the car's current market value. You can remove gap coverage once your vehicle is worth more than what you still owe.