How much is gap insurance in Kansas?

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Drivers in Kansas pay $1,990 per year for gap insurance – $93 more than the national average.

Gap insurance, available from top insurers like Nationwide and Travelers, helps protect drivers who lease or finance their vehicles. If your car is totaled or stolen, it covers the difference between its value and what you still owe on your loan or lease. Some insurers may refer to it as loan or lease payoff coverage.

Your state affects how much gap insurance costs. In Kansas, the average rate is $1,990 per year, or about $166 per month.

Key Takeaways

In the event of a total loss, gap insurance covers the difference between what you owe on your car loan and its actual cash value.
Gap insurance is available as a standalone policy or as an addition to auto insurance policies that include both comprehensive and collision coverage.
The average price of gap insurance in Kansas is $1,990.

What is gap insurance?

Gap insurance protects you if your car is totaled or stolen and your loan balance is higher than the car’s value. It pays the difference between what your car is worth and what you still owe, so you’re not stuck covering that amount yourself.

If you’ve financed your car, it’s likely worth less than what you owe-especially in the first few years. That difference can leave you financially vulnerable if your vehicle is totaled or stolen.

Insurance companies pay out the actual cash value of your car if it’s totaled, which is usually less than what you owe on your auto loan. Without gap insurance, you’ll have to pay the remaining loan balance yourself. With gap insurance, that financial gap is covered.

“When an accident or theft occurs, a driver usually gets paid out on the vehicle’s cash value from their standard insurance coverage,” says Richard Howe, a car accident attorney in Atlanta. “However, without gap insurance, you will still be on the hook for the remaining amount in your agreement. Gap insurance provides peace of mind to drivers that they will be financially protected.”

“For instance, let’s say your car is totaled and the actual cash value is determined to be $15,000. However, you still owe $20,000 on your loan. Traditional auto insurance would only cover up to the actual cash value, leaving you with a $5,000 deficit,” says Howe.

“But if you have gap insurance, this difference would be covered, relieving you of the financial burden.”

Average cost of gap insurance in Kansas

Gap insurance rates vary depending on your insurer, location, vehicle type and other factors. In Kansas, drivers pay an average of $1,990 per year or about $166 per month for gap coverage.

“Gap insurance is an optional coverage that is usually very reasonably priced, typically less than $100 per year in additional premium when added as an endorsement to your existing auto insurance policy,” says Mark Friedlander, senior director of media relations at the Insurance Information Institute, an insurance industry trade group.

“Gap insurance rates are based on the amount of your loan or lease agreement. It is typically not based on other common rating factors such as credit record.”

Cheapest gap insurance companies in Kansas

Nationwide has the cheapest gap insurance rates in Kansas at $1,363 per year or $114 per month. On the other hand, Farmers offers the most expensive premiums at $2,219 annually or $185 monthly.

The table below shows average annual gap insurance rates from different insurance companies in Kansas.

Company group	Average annual premium	Gap premium
Nationwide	$1,363	$47
Travelers	$1,659	$58
Progressive	$1,986	$49
Farmers	$2,219	$227

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How much is gap insurance per month in Kansas?

Gap insurance rates vary, but here’s what you can expect to pay for gap insurance every month:

Company group	Average monthly premium	Monthly gap premium
Nationwide	$114	$4
Travelers	$138	$5
Progressive	$166	$4
Farmers	$185	$19

Gap insurance rates in Kansas’s top cities

Your location can greatly impact the cost of gap insurance. The table below highlights the average yearly cost in the top metro areas across Kansas.

City	Avg. annual car insurane premium	Annual gap insurance cost
Kansas City	$2,038	$82
Olathe	$1,776	$70
Overland Park	$1,787	$69

Gap insurance rates for different vehicle types

The type of vehicle you drive also impacts how much you pay for gap insurance.

“Luxury cars, sports cars, and SUVs – typically with higher purchase prices – might also come with higher gap insurance premiums. That’s because these vehicles tend to depreciate at different rates compared to standard sedans or compact cars, posing a greater risk to insurers,” Howe says.

The age of your vehicle is also a key factor in determining gap insurance rates.

“Newer vehicles, which depreciate more rapidly in the first few years, represent a higher risk for insurers offering gap coverage. As a result, a brand-new car might attract a higher gap insurance premium compared to a model that is several years old,” Howe says. “This reflects the insurer’s risk assessment, considering the steeper depreciation curve and the greater likelihood of a significant gap needing coverage soon after the purchase.”

When does gap insurance expire?

If you’re financing or leasing your car, gap insurance is worth keeping. It can save you from paying out of pocket if your car gets totaled or stolen.

“However, Gap insurance is typically most relevant during the first few years of new car ownership,” Howe says.

That’s usually when you owe more on your loan than the car is worth.

“Most car buyers benefit from gap insurance when the vehicle is less than three model years old. This coverage is usually aligned with the duration of the car loan or lease, often making it unnecessary beyond a few years because the loan balance decreases to fall below the car’s actual cash value,” Howe says.

You can drop gap coverage once your loan balance exceeds your car’s actual cash value. Many insurers also drop this coverage after a certain number of years for the same reason.

Where to buy gap insurance

Gap coverage is sold in three places, and each has its own price tag and rules:

Your auto insurer: Most national and regional carriers let you add gap as a rider to your regular policy for about $20 to $40 a year. Because it’s part of your insurance bill, you can cancel it as soon as your loan balance drops below the car’s value, so you never pay for coverage you don’t need.
Dealerships: Finance managers often offer gap insurance for $400 to $700, rolled into your loan. It’s convenient but typically the most expensive option due to added interest.
Banks and credit unions: Some lenders offer gap insurance as a standalone policy. It’s usually mid-priced, but cancellation rules vary; some refund unused premium, others don’t.

Pro tip:

If you’re leasing, review your lease agreement first. Many lessors automatically include gap protection. Buying it twice will not add extra coverage; it will just add extra cost.

Before committing, compare prices, ask about cancellation terms, and check for extras such as deductible reimbursement. A quick side-by-side quote can save you hundreds over the life of your loan or lease.

The bottom line

Gap insurance offers valuable peace of mind for drivers with financed or leased cars, especially during the first few years when depreciation outpaces loan repayment. Because rates vary based on where you live, your vehicle, and other personal factors, comparing quotes from different insurers is essential.

Weigh the cost against the potential risk, and ask your insurer or agent to clarify any details. Making an informed choice now can help you avoid financial stress later.

Methodology

Insure.com commissioned Quadrant Information Services in 2023 to get annual and monthly gap insurance rates for male and female drivers aged 40 who drive a Honda Accord LX with a clean driving record and good insurance score and carry a full coverage car insurance policy with limits of 100/300/100 and $500 comprehensive/collision deductibles.

To evaluate the rates, we have compared 53,409,632 insurance records from 170 insurance companies across 29,152 cities and 34,588 ZIP codes across the nation.

Frequently asked questions

Does gap insurance cover theft in Kansas?

Gap insurance will protect you if your vehicle is stolen and not recovered. It will also protect your vehicle if it is stolen and recovered but severely damaged to the point of being regarded as “totaled” by your insurer, per Mark Friedlander with the Insurance Information Institute. However, be aware that gap insurance does not typically cover the deductible portion of your comprehensive insurance policy.

Should I get gap insurance in Kansas?

Gap insurance is recommended so long as you have a loan or lease to cover the difference between what is owed and the depreciated value of your vehicle, according to Mark Friedlander with the Insurance Information Institute.

He recommends considering purchasing gap insurance if you have made less than a 20% down payment on the purchase of your vehicle; if you have financed the purchase for 60 months or longer; if you are leasing the vehicle (gap insurance may actually be required under the terms of a lease agreement); or if you have rolled over negative equity from an old car loan into a new loan.

Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.