Cheap Gap Insurance in Maryland (Save Money With These 9 Companies for 2024)
State Farm, USAA, and Progressive lead as the best options for cheap gap insurance in Maryland. Maryland gap insurance costs around $5/month, and State Farm has the cheapest minimum coverage rates with gap starting at $30/month. Compare these providers for cost-effective gap insurance.
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Jimmy McMillan
Licensed Insurance Agent
Jimmy McMillan is an entrepreneur and the founder of HeartLifeInsurance.com, an independent insurance brokerage. His company specializes in insurance for people with heart problems. He knows personally how difficult it is to secure health and life insurance after a heart attack. Jimmy is a licensed insurance agent from coast to coast who has been featured on ValientCEO and the podcast Modern Li...
Licensed Insurance Agent
UPDATED: Oct 25, 2024
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Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Oct 25, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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17,759 reviewsCompany Facts
Gap Insurance in Maryland
A.M. Best Rating
Complaint Level
Pros & Cons
17,759 reviews
6,435 reviewsCompany Facts
Gap Insurance in Maryland
A.M. Best Rating
Complaint Level
Pros & Cons
6,435 reviews
13,128 reviewsCompany Facts
Gap Insurance in Maryland
A.M. Best Rating
Complaint Level
Pros & Cons
13,128 reviewsThe best options for cheap gap insurance in Maryland are State Farm, USAA, and Progressive, recognized for their reliable coverage, high customer satisfaction, and low complaint levels.
USAA has the cheapest guaranteed auto protection (gap) insurance for military members, but State Farm and Progressive offer gap coverage to everyone. You will need to finance your vehicle with State Farm to qualify for its cheap Maryland rates.
Our Top 9 Company Picks: Cheap Gap Insurance in Maryland
| Company | Rank | Monthly Rates | A.M. Best | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | $30 | B | Competitive Rates | State Farm |
 | #2 | $38 | A++ | Military Savings | USAA |
 | #3 | $40 | A+ | Bundling Discounts | Progressive |
 | #4 | $52 | A+ | Comprehensive Insurance | Allstate |
 | #5 | $57 | A | Insurance Add-Ons | Liberty Mutual |
 | #6 | $60 | A+ | Existing Discounts | Nationwide |
 | #7 | $66 | A | Flexible Options | Farmers |
 | #8 | $70 | A | High-Risk Drivers | The General |
 | #9 | $75 | A++ | Industry Experience | Travelers |
If you’re just looking for coverage to drive legally, enter your ZIP code above to compare cheap auto insurance quotes near you.
- Gap insurance in Maryland bridges the gap between car value and loan balance
- State Farm has the cheapest rates for gap insurance in Maryland
- Progressive Snapshot usage-based coverage can lower MD gap insurance rates
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#1 – State Farm: Top Overall Pick
Pros
- Most Affordable Rates: State Farm offers the most competitive pricing for gap insurance in Maryland, starting at $30/month, making it an excellent choice for budget-conscious drivers.
- Easy Policy Management: State Farm’s user-friendly digital platform allows clients to manage their gap insurance in Maryland and file claims effortlessly.
- Additional Coverage Benefits: Our State Farm auto insurance review covers extra perks like rental car reimbursement and roadside assistance, which add value to gap insurance policies in Maryland.
Cons
- Limited Coverage Availability: Maryland drivers can only buy State Farm gap insurance if they’re existing policyholders and finance their auto loan through State Farm.
- Limited Discount Opportunities: One downside is that State Farm offers fewer discounts compared to other Maryland gap insurance providers.
#2 – USAA: Cheapest for Military Drivers
Pros
- Exceptional Financial Strength: With an A++ rating from A.M. Best, USAA stands out for its financial reliability, giving peace of mind to Maryland drivers who file gap insurance claims.
- Military-Focused Coverage: USAA gap insurance in Maryland policies are specifically designed to meet the demands of military life, offering comprehensive protection. Learn more in our USAA review.
- Efficient Claims Processing: USAA’s claims process for MD gap insurance is streamlined and efficient, which is particularly beneficial for their members who need quick resolutions.
Cons
- Less Flexible Policy Options: While comprehensive, USAA gap insurance in Maryland may not offer as much customization as other providers.
- Occasional Delays in Service: Clients have reported slower response times during peak periods, which can be frustrating when dealing with gap insurance in Maryland claims or customer service inquiries.
#3 – Progressive: Cheapest With Bundling Discounts
Pros
- Significant Savings with Bundling: Progressive offers substantial discounts when drivers bundle their Maryland auto and gap insurance with other policies.
- Strong Financial Backing: With an A+ rating from A.M. Best, Progressive provides reliable financial stability, which is a key consideration when buying gap insurance in Maryland.
- Telematics Discounts: Take advantage of Progressive’s usage-based insurance programs to lower gap insurance rates in Maryland. Read our Progressive Snapshot review to learn how.
Cons
- Inconsistent Customer Service: Customer service experiences with Progressive gap insurance in Maryland can be hit or miss.
- Limited Physical Locations: Progressive has fewer physical offices for gap insurance in Maryland, which can be inconvenient for clients who prefer in-person service.
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#4 – Allstate: Cheapest Comprehensive Insurance
Pros
- Affordable Full Coverage Insurance: Drivers who need gap insurance with full coverage auto insurance in Maryland will get low rates with Allstate. Compare costs now in our Allstate review.
- Customizable Policies: Allstate’s flexibility in tailoring gap insurance in Maryland is a significant advantage, allowing Maryland drivers to choose the coverage that best fits their situation.
- Attractive Discounts: Allstate offers several discounts on gap insurance in Maryland, including those for safe driving and multi-policy bundling, which can help reduce overall insurance costs.
Cons
- Higher Premiums After an Accident: Allstate gap insurance rates in Maryland will increase after an accident or claim, higher than with other insurers.
- Complex Policy Details: The detailed and complex nature of Allstate’s customizable coverage can make it difficult to update or modify gap insurance in Maryland.
#5 – Liberty Mutual: Cheapest Gap Insurance Add-Ons
Pros
- New Car Replacement: Upgrade your gap insurance in Maryland with Liberty Mutual’s new car or better car replacement add-ons to better protect your investment.
- Comprehensive Add-Ons: Liberty Mutual offers valuable additional coverages for gap insurance in Maryland, including 24/7 roadside assistance. Learn more in our Liberty Mutual auto insurance review.
- Responsive Customer Service: Liberty Mutual is recognized for its responsive and helpful customer service, ensuring gap insurance in Maryland policyholders receive the support they need.
Cons
- Higher Premium Rates: At $57/month, Liberty Mutual’s gap insurance in Maryland is on the pricier side, which might be a drawback for budget-conscious drivers.
- Complex Policy Options: The customization options for gap insurance in Maryland, while extensive, can sometimes be overwhelming for Maryland customers who prefer straightforward policies.
#6 – Nationwide: Cheapest With Discounts
Pros
- Flexible Coverage Options: Our Nationwide auto insurance review breaks down the flexible gap insurance options available in Maryland.
- New Car Discount: If you buy gap insurance in Maryland and your car is less than three years old, Nationwide gives you 10% off.
- Personalized Customer Service: Nationwide is recognized for providing attentive and personalized service for customers buying gap insurance in Maryland.
Cons
- Higher Starting Rates: Nationwide’s gap insurance in Maryland starts at $60/month, which might be a bit steep compared to other available options.
- Limited Digital Resources: While Nationwide offers online tools for gap insurance in Maryland, they may not be as advanced or user-friendly as those provided by other Maryland insurers.
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#7 – Farmers: Cheapest Flexible Options
Pros
- Highly Flexible Policies: Farmers offers a wide array of gap insurance options in Maryland, giving drivers the flexibility to customize their coverage to meet their unique needs.
- Reliable Financial Rating: An A rating from A.M. Best signals solid financial stability, making Farmers a trustworthy choice for gap insurance in Maryland. Learn more in our Farmers review.
- Strong Customer Support: Farmers is known for its dedicated and responsive customer service, ensuring a positive experience for gap insurance policyholders in Maryland.
Cons
- Higher Premiums: With rates starting at $66/month, Farmers gap insurance in Maryland is more expensive than many other options, which might be a concern for cost-sensitive drivers.
- Complex Policy Structure: The extensive customization options can be daunting for Maryland drivers who prefer simpler, more straightforward gap insurance policies.
#8 – The General: Cheapest for High-Risk Drivers
Pros
- Competitive Pricing: The General offers gap insurance in Maryland at $70/month. Compare free quotes here in The General auto insurance review.
- Wide Acceptance: The General is known for offering gap insurance in Maryland to a broad range of drivers, including those with less-than-perfect credit, DUIs, and multiple accidents.
- Quick Online Quotes: Drivers can easily obtain Maryland gap insurance quotes and manage their policies through The General’s efficient online platform.
Cons
- Limited Coverage Customization: The General’s gap insurance policies in Maryland may not offer as many customization options as those provided by other insurers, potentially limiting flexibility.
- Higher Premiums: The General gap insurance costs in Maryland may be higher for some drivers due to the increased level of risk the company takes on when insuring high-risk drivers.
#9 – Travelers: Best Industry Experience
Pros
- Superior Financial Rating: With an A++ rating from A.M. Best, Travelers ensures that Maryland policyholders can trust its gap insurance coverage. Get full ratings in our Travelers insurance review.
- Exceptional Customer Service: Travelers is known for providing outstanding customer support, particularly during gap insurance claims in Maryland.
- User-Friendly Digital Platform: Travelers websites make it easy for Maryland drivers to manage their MD gap insurance policies, file claims, and access important information at any time.
Cons
- Higher Premium Costs: With rates starting at $75/month, Travelers gap insurance in Maryland is the most expensive option on this list.
- Complex Policy Terms: The detailed and often complex nature of Travelers gap insurance policies in Maryland can be overwhelming for customers who are not familiar with insurance terminology.
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Maryland Gap Insurance Rates Comparison
Understanding gap insurance costs in Maryland is essential when selecting the right coverage. This section provides a breakdown of the monthly rates for both minimum and full coverage from different providers. State Farm offers the most affordable option, with minimum coverage at just $30/month and full coverage at $100.
Maryland Gap Insurance Cost by Provider
| Insurance Company | Monthly Rates |
|---|---|
| Allstate | $52 |
| Farmers | $66 |
| Geico | $45 |
| Liberty Mutual | $57 |
| Nationwide | $60 |
| Progressive | $40 |
| State Farm | $30 |
| The General | $70 |
| Travelers | $75 |
| USAA | $38 |
Maryland minimum auto insurance requirements don’t include gap insurance, but you’ll need it if you’re leasing or financing your vehicle.
A higher vehicle value increases Maryland gap insurance costs, as it covers the difference between the car’s value and loan balance. Financing a larger portion means higher gap insurance costs, especially with high-risk auto insurance, which further raises expenses due to additional coverage needs.
Cheap auto insurance companies in Maryland offer varying rates for gap insurance, and your choice of provider can significantly impact your premiums. However, on average, gap insurance in Maryland typically costs:
- Through a Dealership: $400 to $700 as a one-time fee when purchased with a new car.
- Through an Auto Insurance Company: $20 to $40 annually when added to your existing auto insurance policy.
Purchasing gap insurance directly from your insurance provider is generally more cost-effective than buying it through a dealership, but finding the best gap insurance rates requires careful consideration of what each provider offers.
Reducing Maryland Gap Insurance Costs
Gap insurance costs in Maryland are pretty affordable, often only increasing monthly rates by a few dollars. However, that doesn’t mean you shouldn’t try to get cheaper auto insurance. With a few practical steps, you can keep your premiums manageable while maintaining the protection you need for a new car.
One of the most effective methods to bring down your auto insurance expenses is by exploring and comparing rates from different companies — don’t just go with the first quote you receive.
Pairing your auto insurance with other types of coverage, like homeowners or renters insurance, can also unlock significant savings through multi-policy discounts. Explore more auto insurance discounts that can lower the cost of gap insurance by reducing your overall premium:
Take advantage of discounts for safe driving, good grades, or security features. Loyalty discounts also help bring down the higher costs of insuring new or leased vehicles. Maintaining a spotless driving history is crucial. The fewer incidents and infractions you accumulate, the better your rates will be.
You might also think about increasing your deductible, which can reduce your monthly payments, though it means you’ll have a higher out-of-pocket cost if you make a claim. These simple strategies can reduce your Maryland auto insurance costs on gap coverage and new car insurance.
Read More: Buying Auto Insurance for a New Car
Choosing the Best Maryland Gap Insurance Providers
State Farm, USAA, and Progressive have cheap gap insurance in Maryland. State Farm offers the most competitive rates, making it an excellent option for those who prioritize affordability without sacrificing coverage.
State Farm offers the lowest gap insurance rates in Maryland, starting at just $30 per month, making it the best choice for budget-conscious drivers.Jeff Root Licensed Insurance Agent
USAA stands out as one of the best auto insurance companies for military families and veterans, providing specialized coverage tailored to their specific needs, backed by an A++ financial stability rating.
Progressive shines with flexible policy options and valuable bundling discounts, allowing drivers to combine Maryland gap insurance with other coverages for greater savings.
When we aren’t saving you buckets of money, we’re designing new (family-friendly) buckets of popcorn! Which is your fave? Pop off in the comments. pic.twitter.com/f3utdI5AcO
— Progressive (@progressive) July 12, 2024
Ready to find affordable gap insurance in your city? Enter your ZIP code below to explore which Maryland companies have the cheapest auto insurance rates for you.
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Frequently Asked Questions
How much is gap insurance in Maryland?
The cost of gap insurance in Maryland varies, typically ranging from $2 to $5 per month, depending on the provider and coverage level.
What is the cheapest gap insurance in Maryland?
State Farm offers the cheapest gap insurance in Maryland, with rates starting at $30 per month.
Is gap insurance mandatory in Maryland?
Should I get gap insurance for a used car? While gap insurance is not mandatory in Maryland, it is highly recommended for drivers with financed or leased vehicles.
What exactly does gap insurance in Maryland cover?
Gap insurance in Maryland covers the difference between the actual cash value of your vehicle and the remaining balance on your loan or lease if your car is totaled or stolen.
Does gap insurance in Maryland cover the death of the vehicle owner?
Maryland gap insurance does not cover the death of the owner. It only covers the financial gap between the vehicle’s value and the loan balance in the event of a total loss.
Is gap insurance in Maryland actually worth it?
Gap insurance in Maryland is the best auto insurance for leased vehicles and new cars if you owe more on the loan or lease than the car’s current value, as it covers the difference in case of a total loss.
What are three situations where you might consider purchasing MD gap insurance?
Consider purchasing gap insurance if you’ve made a small down payment, have a long-term loan, or drive a vehicle that depreciates quickly. Enter your ZIP code to find the most affordable gap insurance in your area.
Should I drop my gap insurance in Maryland?
You might consider dropping your gap insurance in Maryland once your loan balance is less than the car’s market value, reducing the need for coverage.
Does gap insurance in Maryland pay off a loan?
Yes, gap insurance in Maryland pays off the remaining loan balance if your vehicle is declared a total loss and its value is less than what you owe. Find out if it’s a good time to refinance an auto loan.
Does gap insurance in Maryland last forever?
No, gap insurance in Maryland lasts only until your vehicle loan or lease is paid off, or until your car’s value exceeds the remaining loan balance.
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Jimmy McMillan
Licensed Insurance Agent
Jimmy McMillan is an entrepreneur and the founder of HeartLifeInsurance.com, an independent insurance brokerage. His company specializes in insurance for people with heart problems. He knows personally how difficult it is to secure health and life insurance after a heart attack. Jimmy is a licensed insurance agent from coast to coast who has been featured on ValientCEO and the podcast Modern Li...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
