Yes, you can have gap insurance without finance. Gap insurance covers the difference or "gap" between what your insurer pays you for a totaled vehicle and what you owe on the loan or lease. If you don't have a loan and your vehicle is totaled, you would be able to collect on the gap insurance.
Here are some points to consider when you want gap insurance without finance:
• Determine the value of your vehicle. Before you purchase gap insurance, research the value of your vehicle and find out how much it would be worth in the event that it is totaled. This will help you determine the appropriate amount of gap insurance coverage for you.
• Multi-vehicle plans can lower your individual costs. If you're insuring multiple vehicles, you may want to consider a multi-vehicle plan to get a lower rate on each individual vehicle. That way, you can get gap insurance coverage for each vehicle without spending too much.
• Consider a single-car policy. If you only want gap insurance, it may be cheaper to get a standalone policy. Most insurers offer standalone gap policies that are more cost-effective than a multi-car policy or an inclusive policy with gap insurance.
• Confirm your coverage. Before signing up for a policy, read through all the details and confirm that your coverage meets all of your needs. Make sure to ask questions about what is and is not covered, so you're getting the best value for your money.
Gap insurance can be beneficial to have if you don't have a loan and your vehicle is totaled. Make sure to do your research, determine your coverage needs, and shop around for the best plan for you.
For more information about gap insurance without finance, check out this article https://www.thebalance.com/gap-insurance-without-financing-517623.