- How much is gap insurance in Washington?
- Cheapest gap insurance companies in Washington
- Average gap insurance cost in Washington by city
- How much is gap insurance in Washington by age group?
- How does gap insurance work in Washington?
- Where to buy gap insurance in Washington
- Methodology
- Washington gap insurance: FAQs
- Compare Washington gap insurance rates with other states
How much is gap insurance in Washington?
On average, gap insurance in Washington costs $1,871 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 Washington
Kemper offers the cheapest gap insurance coverage in Washington at $1,283 annually. Not all car insurance companies provide gap coverage, and rates differ widely by company.
See the table below to find the cheapest insurance companies for gap coverage in Washington.
| Company | Auto insurance rates with gap premium | Gap premium |
|---|---|---|
| Kemper | $1,283 | $29 |
| Nationwide | $1,713 | $37 |
| Travelers | $1,752 | $40 |
| State Farm | $1,869 | $46 |
| American Family | $1,888 | $38 |
| Progressive | $2,334 | $66 |
| Farmers | $3,085 | $92 |
Average gap insurance cost in Washington by city
Seattle has the highest gap insurance rates at an average of $2,133 a year, while Aberdeen offers the lowest at an average of $1,718 per year. Where you live in Washington affects your insurance rates. Cities with higher crime and theft have higher insurance costs because your vehicle is at a greater risk of being damaged or stolen.
The table below lists the average gap insurance rates by city in Washington.
| City | Auto insurance rates with gap premium | Gap premium |
|---|---|---|
| Aberdeen | $1,718 | $48 |
| Kelso | $1,719 | $47 |
| Cheney | $1,739 | $51 |
| Moxee | $1,764 | $49 |
| Yakima | $1,785 | $50 |
| Nine Mile Falls | $1,810 | $51 |
| Camas | $1,860 | $49 |
| Edmonds | $2,057 | $49 |
| Shoreline | $2,129 | $52 |
| Seattle | $2,133 | $54 |
How much is gap insurance in Washington by age group?
Gap insurance rates are higher for younger drivers because they have less experience and are more likely to take risks while driving, increasing the odds of a total loss. As drivers get older, their rates go down. For example, an 18-year-old pays an average of $6,343 per year, while a 25-year-old pays around $2,238 annually.
The table below lists the average gap insurance rates in Washington based on age.
| Age group | Auto insurance rates with gap premium | Gap premium |
|---|---|---|
| Teen | $6,343 | $172 |
| Young adult | $2,238 | $63 |
| Adult | $1,871 | $50 |
| Senior | $1,725 | $43 |
How does gap insurance work in Washington?
When you buy or lease a new car, depreciationDepreciation is the decrease in your car's value over time due to wear and tear, age and mileage. Depreciation is used to determine the actual cash value of a vehicle in the event of a total loss. can quickly cause you to owe more than the car is worth. If your car is totaled, the insurance company will only pay out the car's actual cash value, which may leave you owing on the loan. That's where gap insurance comes in. If your vehicle is totaled or stolen, gap insurance covers the difference between your car's value and the loan payoff.
"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.
You can drop gap coverage once your loan balance is below your car's value. While you can cancel gap insurance anytime, you may not be able to add it later. Most insurers require you to add gap coverage soon after buying a car.
Where to buy gap insurance in Washington
Many insurance companies, including major providers, offer gap insurance in Washington. You can add this coverage to your existing car insurance policy or buy a standalone policy.
The best way to get gap coverage is to add it to your auto insurance policy. Car dealers and lenders also offer gap insurance, but their policies are mostly expensive, making them less budget-friendly.
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.
Washington gap insurance: FAQs
Is gap insurance required in Washington?
Gap insurance isn't required by Washington law. However, your lender may require the coverage.
Who should buy gap insurance in Washington?
You may need gap insurance in Washington if you lease or finance a car with a small down payment. Since cars lose value faster than loans are paid off, gap insurance can protect you from owing more than your car is worth.
You don't need gap insurance if you own your car or make a large down payment.
What is standalone gap insurance in Washington?
Standalone gap insurance is a policy of its own, not connected with your car insurance. Gap insurance is available from your lender or a private company as a separate policy.
Does gap insurance cover leased cars in Washington?
Washington gap insurance covers leased cars when the driver owes more than the vehicle's current market value. You can drop gap coverage once your car is worth more than what is owed.
Compare Washington gap insurance rates with other states
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