West Virginia gap insurance: Everything you need to know

How much is gap insurance in West Virginia?

On average, gap insurance in West Virginia costs $1,553 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 West Virginia

The cheapest company for gap insurance in West Virginia is Nationwide, with an average annual cost of $1,381. Not all car insurance companies offer gap coverage, and rates vary significantly by company.

Check out the table below to find the cheapest West Virginia insurance companies for gap coverage.

Company	Auto insurance rates with gap premium	Gap premium
Nationwide	$1,381	$33
Progressive	$1,726	$37

Read our methodology

Average gap insurance cost in West Virginia by city

Ravenswood is the most expensive to buy gap insurance with an average rate of $1,740, and Martinsburg is the cheapest with an average of $1,393. Where you live in West Virginia 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 West Virginia.

City	Auto insurance rates with gap premium	Gap premium
Martinsburg	$1,393	$29
Parkersburg	$1,471	$33
Wheeling	$1,495	$30
Vienna	$1,503	$35
Princeton	$1,530	$33
Clarksburg	$1,570	$36
Beckley	$1,594	$31
Dunbar	$1,605	$33
Charleston	$1,635	$37
Ravenswood	$1,740	$55

Read our methodology

How much is gap insurance in West Virginia 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 $6,644 per year, while a 25-year-old pays around $1,803 annually.

The table below lists the average gap insurance rates in West Virginia based on age.

Age group	Auto insurance rates with gap premium	Gap premium
Teen	$6,644	$149
Young adult	$1,803	$40
Adult	$1,553	$35
Senior	$1,454	$29

Read our methodology

How does gap insurance work in West Virginia?

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.

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 West Virginia

Many insurance companies, including major providers, offer gap insurance in West Virginia. 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

Insurance.com commissioned gap insurance rates from Quadrant Data Services in late 2023 at a variety of ages in all 50 states and Washington, D.C. Base rates use a 40-year-old driver with a 2023 Honda Accord LX. Rates were gathered from 138 insurance companies in 1,468 ZIP codes.

West Virginia gap insurance: FAQs

Is gap insurance required in West Virginia?

Gap insurance isn't required by West Virginia law. However, your lender may require the coverage.

Who should buy gap insurance in West Virginia?

You may need gap insurance if you have a car loan or lease in West Virginia. Drivers who make a small down payment typically owe more than the vehicle is worth since cars depreciate faster than the loan is paid down, making gap insurance a good idea.

You don't need gap insurance if you own your vehicle or make a large down payment so that you owe less than the car's value from the start of your loan.

What is standalone gap insurance in West Virginia?

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 West Virginia?

West Virginia gap insurance covers leased cars where the driver owes more than the vehicle's current market value. Over time, you may remove gap coverage once your vehicle is worth more than what is owed.