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Best Cheap Gap Insurance Companies in Idaho: Quotes, Discounts (2022)

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Lindsay Frankel

By: Lindsay Frankel

Edited by Tanveen Vohra | Reviewed by licensed insurance agent, Amber Benka

Last Updated June 15, 2022

Why you can trust Insurify

Insurify partners with top insurance companies and is a licensed agent in all 50 states. However, the insurance experts writing our content operate independently of our partners. Check out reviews from over 3,000 satisfied customers, how we make money, our data methodology, and our editorial standards.

Gap Insurance in Idaho

If you’re buying a brand-new car in Idaho, you’ll want a full-coverage insurance policy to protect your asset. But there’s another type of insurance you should consider as well—gap insurance, or guaranteed asset protection. It can protect you from financial difficulty if your new car were to be totaled or stolen. Several Idaho insurers offer it, and it’s cheap to add. Compare your options on Insurify today!

See More: Compare Car Insurance

Best Companies for Gap Insurance in Idaho

Some car insurance providers are able to offer lower rates than others for full-coverage insurance. According to Insurify proprietary data, leasing drivers pay the cheapest rates on average at the following gap insurance providers:

Insurance CompanyAverage Monthly Cost for Leased Cars in Idaho
Midvale Home & Auto$169
Liberty Mutual$192
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

What is gap insurance?

Gap insurance is an optional insurance product that protects new car owners. Many lenders require it for new vehicles as a condition of a loan or lease. It’s typically only available for cars less than two or three years old. It’s designed to cover the difference between the actual cash value (ACV) of your car after depreciation and your outstanding loan balance.

New cars depreciate more than 10 percent within the first month after you drive off the lot, so your car could lose value faster than you can pay down your loan. If your car is totaled or stolen and your insurance payout doesn’t cover your loan balance, you’d be on the hook for the extra loan payments—unless you have gap insurance.

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Who should buy gap insurance in Idaho?

It makes the most sense to buy gap coverage for a new car if you made less than a 20 percent down payment or took out a five- or seven-year auto loan. Or, if you had negative equity on an old auto loan and rolled it into a new one, gap insurance coverage may be a wise purchase.

If at any time your reimbursement from your insurance provider would leave you unable to afford to pay off your loan balance, you should have gap protection.

Idaho Gap Insurance Laws

Idaho state law doesn’t require gap insurance for any driver and doesn’t require insurance carriers to offer it. Idaho does have insurance requirements, including bodily injury liability insurance, property damage liability insurance, and uninsured motorist coverage. But gap insurance is optional, at least when it comes to state law.

However, many lenders in Idaho require that new car owners purchase gap insurance as a condition of a loan or lease. Check your loan or lease documents to see if you need the coverage.

How much gap insurance do I need in Idaho?

Gap insurance doesn’t come in amounts or coverage limits, so you’ll just need to decide whether to purchase it. You’ll typically only need it for the first few years of owning your car. Once your loan balance is less than your car’s value, you can call your insurance agent and cancel the coverage.

See More: How Much Car Insurance Do I Need?

How Gap Insurance Works in Idaho

Here’s an example of how gap insurance works in Idaho.

  • You buy a $30,000 car with a 5 percent down payment.
  • You purchase a car insurance policy with collision coverage and comprehensive coverage and a $500 deductible.
  • After one year, you’re in a car accident and your car insurance company declares your vehicle a total loss. The car’s value before the accident was $24,000. You’ve made some payments, but you still owe $26,500 on your auto loan.
  • Your auto insurance provider gives you a $23,500 settlement (the value of the car minus your deductible).
  • Without gap insurance, you would be on the hook for paying your lender $3,000 ($26,500 loan balance minus $23,500 settlement). With gap insurance, you would only owe your $500 deductible.

How Much Gap Insurance Costs in Idaho

How much is gap insurance in Idaho?

The average cost to insure a leased vehicle in Idaho is $168 per month. However, what you pay for gap insurance will largely depend on whether you buy gap insurance from your car dealership or from your insurance provider.

Gap insurance generally only adds about $20 to your annual premium if you purchase it as an add-on to an insurance policy. But your individual rate will depend on your car’s value and age and your claims history. Your location also matters—you might pay different rates in Idaho Falls than in Boise.

Keep in mind that gap coverage is also available from the dealership and your lender. The cost of coverage is wrapped into your monthly payment, so while it may seem insignificant, it often costs several hundred dollars over the life of the loan. It’s much cheaper to get the coverage option from your insurance provider.

According to Insurify proprietary data, leasing drivers, who tend to carry gap insurance, pay an average of just $168 for all their auto insurance coverage.

See More: Average Cost of Car Insurance in Idaho

How to Buy Gap Insurance in Idaho

Since gap insurance is cheaper than other coverages, your best bet is to find the lowest car insurance rates for full coverage in your area using Insurify, and then identifying the cheapest companies that also offer gap insurance. With Insurify, it’s easy, quick, and free to view multiple quotes from national and local carriers in one spot.

You’ll just need to enter a few details about your vehicle and driving record to get started. You can switch between liability coverage and full-coverage insurance to see the impact on your rate, adjust your coverage limits and deductible amounts, and even add in roadside assistance. We’ll even factor in certain discounts you may be eligible for, such as a homeowners discount.

While you’re at it, you can get life insurance quotes and home insurance quotes from Insurify as well.

Frequently Asked Questions: Gap Insurance in Idaho

  • Idaho law doesn’t require gap insurance, and not every company offers it. However, your lender might require it if you leased or financed a new vehicle. And it’s wise to purchase it if your down payment is small or you have a long loan term.

  • If you paid up front for gap insurance over the life of your loan and you pay off your car early, you’ll typically receive a refund for the unused portion of the insurance you paid for. But if you pay for gap insurance for the first two years and pay off your car down the road, those paid premiums won’t be reimbursed.

  • Idaho drivers can easily find the cheapest rates by comparing customized quotes with Insurify. You’ll only need to enter your information once, and we’ll show you the cheapest rates from companies in your area. From there, narrow down your choices to the providers that offer gap insurance coverage.

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  • The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.

    Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews. 

    With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.

Lindsay Frankel
Lindsay Frankel

Insurance Writer

Lindsay Frankel is a content writer specializing in personal finance and auto insurance topics. Her work has been featured in publications such as LendingTree, The Balance, Coverage.com, Bankrate, NextAdvisor, and FinanceBuzz.

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