Nevada law doesn’t require gap insurance, but you may want to purchase it to protect your wallet — especially if you’ve financed or leased your vehicle.
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Bylines include Forbes, Bankrate, and CBS News
Aly is a reporter specializing in real estate, mortgages, and personal finance. You can find her work in Hearst newspapers and numerous financial publications.
Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga and crocheting.
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*Quotes generated for Insurify users from Nevada within the last 10 days. Last updated on July 25, 2024
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*Quotes generated for Insurify users from Nevada within the last 10 days. Last updated on July 25, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from July 25, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Gap coverage is a type of car insurance you might consider if you finance or lease your vehicle. In the event of an accident, it covers the difference between the car’s value and the amount you still owe on the vehicle.
Gap insurance isn’t part of standard insurance policies; you’ll need to purchase it separately — either from the car dealership or your insurance company.
Quick Facts
If you made a small down payment or have a new vehicle that depreciates quickly, gap insurance is a type of additional car insurance coverage you may want to invest in.
While not required in Nevada, lenders or dealerships sometimes require gap insurance. For many drivers, it’s an optional add-on coverage.
Gap insurance covers the difference between your car’s worth and what you still owe on it if someone steals it or you total it in an accident.
What is gap insurance, and how does it work?
Gap insurance — which stands for guaranteed asset protection insurance, or guaranteed auto protection insurance — covers the “gap” between what you owe on a vehicle and what it’s worth.
Gap insurance is helpful because cars depreciate quickly in value. The Insurance Information Institute (Triple-I) estimates that cars drop about 20% of their value in just the first year.[1]
Gap insurance ensures you’re not on the hook for tons of cash should you total your car before you can pay off your auto loan or lease.
What gap insurance covers in Nevada
Gap insurance in Nevada works the same as in any other state. It covers the disparity between what you owe on the car and its worth in the event you total the car or someone steals it.
For example, if you total your car and it’s currently worth $10,000, but you still owe $12,000 on your loan, gap insurance would pay the $2,000 difference between those two amounts. Sometimes — but not always — gap insurance also covers the deductible you owe to your insurer.[2] You’ll want to check with your insurer to be sure.
You might think gap insurance will cover repairs if you’re in a wreck, but that’s not the case. It also won’t cover injuries that you or your passengers sustain in an accident. Gap insurance is only for cases when there’s a complete loss and you’ve totaled your car or someone stole it and it needs a full replacement.
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Gap insurance vs. full coverage
Nevada auto insurance laws require you to have a minimum amount of liability insurance coverage: at least $25,000 in bodily injury coverage (per person) and $50,000 (per car accident) and at least $20,000 in property damage coverage.
This is just the bare minimum, though. If you want complete coverage in the event of an accident, you’ll also want collision and comprehensive insurance. Insurers include collision and comprehensive insurance in a full-coverage policy, and the coverages pay for types of physical damage your car may suffer.
Nevada is an at-fault state, so you may also want to consider uninsured/underinsured motorist coverage (UIM coverage), which protects you if you’re in a wreck with an uninsured driver or in a hit-and-run. An additional coverage to consider is medical payments coverage, or MedPay. MedPay goes toward any medical bills you incur if you or a passenger injures themselves in an accident.
Unfortunately, even with these coverages, if someone steals your car or you total it, you may owe a lot if you have an outstanding balance on your loan or lease. Adding gap insurance would help protect yourself financially in this scenario.
Recent Insurify quotes for Nevada drivers
Drivers in and around Nevada have found policies from Travelers, American Family, Mercury, and more, through Insurify in the last few days.
*Quotes generated for Insurify users within the last 10 days. Last updated on July 25, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from July 25, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
*Quotes generated for Insurify users within the last 10 days. Last updated on July 25, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from July 25, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Who needs gap insurance in Nevada?
Gap insurance isn’t a legal requirement in Nevada, but you may still benefit from buying it.
You might want to consider investing in gap insurance if you:
Made a small down payment (less than 20%)
Have loan terms of 60 months or longer
Leased your car (some dealerships will require it)
Have a car model that depreciates quickly
Rolled negative equity from an old car into your new car loan[1]
“Gap insurance is recommended as long as you have a loan or lease to cover the difference between what is owed and the depreciated value of the vehicle,” says Mark Friedlander, director of corporate communications at Triple-I. “Once your loan is paid off or you no longer have a lease, you should drop the coverage from your policy.”
Good to Know
If you bought your car outright or took out only a very small loan for it, gap insurance may not be worth it. In these cases, you wouldn’t owe a large amount to a lender, financial institution, or dealership if you total your car.
How to buy gap insurance in Nevada
You can purchase gap insurance policies through the dealership where you buy your car or through an insurance company or agent. Car insurers typically charge less than dealerships, according to the Triple-I.[1]
If you purchase gap insurance at the dealership, it’ll be a stand-alone policy, and your dealer may allow you to roll it into your loan amount. If you purchase it through your insurance company, it’s an add-on coverage to your existing auto insurance policy.[3]
“We always recommend that you add gap insurance to your current auto insurance policy versus purchasing stand-alone coverage from an auto dealer or leasing company, where coverage will cost substantially more,” Friedlander says.
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Best gap insurance companies in Nevada
If you’re looking for gap insurance in Nevada, you have many companies to choose from. Here are the three best insurers that offer gap insurance and have low rates.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.9/10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$94/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$154/mo
Allstate is a smart choice if you’re interested in gap insurance. The company offers coverage on both new and used cars, and it covers up to $1,000 of your primary auto insurance’s deductible. Cars with loans of up to 96 months are eligible, and you can get up to $50,000 of your loan balance waived if you total your vehicle. Allstate is also among the cheapest car insurancecompanies in Nevada.
Pros
Well-established with superior ratings from A.M. Best
Pay-per-mile option available
Cons
Low customer satisfaction
Rates are merely average compared to other insurers
Extreme Increase without Warning for Veteran and Professional Driver
There was no warning or reason for the extreme increase in price within one year. There was no warning, no options to change to, and no contact from anyone. Just a new bill with a huge increase. As a veteran and a professional driver who takes the defensive driver's course every year, there is absolutely no reason for the increase.
Justo - July 24, 2024
Verified
Unreasonable Price
To me, everything is okay with Allstate except for the price of coverage.
Debra - July 24, 2024
Verified
Your prices are way too high. You need to cut it
I think your coverage for a single vehicle policy is too high.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.7/10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$151/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$248/mo
Nationwide is another highly rated insurance company that offers gap insurance in Nevada. The company is one of the 10 most affordable car insurers in the state, according to Insurify data.
Pros
Numerous discount and savings opportunities
SmartRide (for safe drivers) and SmartMiles (for low-mileage drivers)
Cons
Not available in every state
Some discounts and programs not available in all states
They care about your needs. They will also try to find the best price rates for you. They also have excellent customer service overall. They are a great company to work with.
Nancy - July 23, 2024
Verified
I paid a lot of money and when I had a minor accident, I sent a photo of the undamaged car I hit. I requested them to investigate it before making a claim on my insurance, but they didn't. They raised my monthly payment to $406 without notifying me of the rate increase or providing any investigation response. So, I switched insurances.
I paid a lot of money and when I had a minor accident, I sent a photo of the undamaged car I hit. I requested them to investigate it before making a claim on my insurance, but they didn't. They raised my monthly payment to $406 without notifying me of the rate increase or providing any investigation response. So, I switched insurances.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.4/10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$73/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$120/mo
While USAA doesn’t technically have gap insurance coverage, it does offer a very similar “car replacement assistance” coverage. With its car replacement assistance, USAA will pay you 20% more than your vehicle’s actual cash value if someone steals it or you total it. The company is also one of the more affordable insurers in the state of Nevada and comes highly rated.
Pros
Low premiums
SafePilot program rewards good driving with up to 30% discount
Cons
Only available to active-duty military, veterans, military spouses, or children of service members or veterans
A few years ago, a minor male bicyclist collided with my car, which my wife was driving at the time. She was leaving a large intersection with a green light when the bicyclist, who was riding in a pedestrian lane, appeared from behind a stopped box truck that obscured his approach. The local police department in Belmont, MA, was called and the Traffic Control Officer wrote up the accident report, clearing my wife of any responsibility. I forwarded this report to USAA. However, when I applied for increased motor vehicle insurance coverage about a year later, I was denied. USAA cited the accident with the bicyclist as a chargeable accident against my wife, despite the police report, and they had never informed us about this. I was never able to resolve this issue. Another incident occurred on December 14, 2023. I wired $60,000 to USAA for a 7-month CD and received a receipt acknowledgment. However, on the same day, the deposit was withdrawn without any direct notice to me, except for a normal monthly bank statement reflecting the withdrawal without any explanation in mid-January. It took about 9 days for USAA to resolve the issue and return the $60,000. This was a very stressful 9 days for me, and I never received an apology or explanation. Trying to reach someone with authority through numerous phone calls was literally impossible. It took a two-page business letter with 7 enclosures to get the CEO's right-hand woman to take action and return the $60,000 to my credit union. As for insurance rates, we own, register, and insure two cars that are driven about 10 miles per week on average, sometimes 100 miles on a Saturday to visit our daughter. However, it seems that we do not receive any discount for this.
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Data scientists at Insurify analyzed more than 40 million real-time auto insurance rates from our partner providers across the United States to compile the car insurance quotes, statistics, and data visualizations displayed on this page.
The car insurance data includes coverage analysis and details on drivers’ vehicles, driving records, and demographic information. Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.
With these insights, Insurify is able to offer drivers insight into how companies price their car insurance premiums. The data included on this page represent averages across driver ages, genders, credit scores, and driver profiles for Nevada drivers.
Gap insurance in Nevada FAQs
Gap insurance is an add-on coverage you might consider if you’ve financed or leased your vehicle. Here’s some additional information about gap insurance.
Does Nevada require gap insurance?
Not legally. The state of Nevada doesn’t require gap insurance, though your lender or the dealership where you leased your vehicle may require it.
For many drivers, gap insurance is an optional auto insurance coverage, offering additional protection if someone steals your car or you total it.
How much is gap insurance in Nevada?
The cost of gap insurance depends on the insurer or dealership you get it from. According to the Triple-I, gap coverage typically costs about $20 per year if you go through your auto insurance company.[1]
What does gap insurance cover?
Gap insurance covers the discrepancy between your loan or lease balance and the value of your car if someone steals your car or you total it in a wreck. For example, if your totaled car was worth $10,000, but you still owed $12,000 on your car loan, gap insurance would cover that $2,000 “gap.”
Is gap insurance a good idea?
It depends. Gap insurance is a good idea if you financed your vehicle and only made a small down payment or if you have a vehicle that depreciates quickly. It can also be a smart investment if you have a long-term loan or you’ve rolled negative equity from a past car into your new loan.
Methodology
Insurify data scientists analyzed more than 90 million quotes served to car insurance applicants in Insurify’s proprietary database to calculate the premium averages displayed on this page. These premiums are real quotes that come directly from Insurify’s 50+ partner insurance companies in all 50 states and Washington, D.C. Quote averages represent the median price for a quote across the given coverage level, driver subset, and geographic area.
Unless otherwise specified, quoted rates reflect the average cost for drivers between 20 and 70 years old with a clean driving record and average or better credit (a credit score of 600 or higher).
Liability-only premium averages correspond to policies with the following coverage limits:
Bodily injury limits between state-minimum rates and $50,000 per person, $100,000 per accident
Property damage limits between $10,000 and $50,000
No additional coverage
Full-coverage premium averages correspond to the same bodily injury and property damage limits in addition to:
Comprehensive coverage with a $1,000 deductible
Collision coverage with a $1,000 deductible
Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.
Aly J. Yale is a freelance writer and reporter covering real estate, mortgages, and personal finance. Her work has been published in Forbes, Business Insider, Money, CBS News, US News & World Report, and The Miami Herald. She has a bachelor’s degree in radio-TV-film and news-editorial journalism from the Bob Schieffer College of Communication at TCU and is a member of the National Association of Real Estate Editors.
Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga and crocheting.
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