Compare Cheap Gap Insurance Companies in Nevada: Quotes, Discounts (2024)

Insurify Staff
Written byInsurify Staff
Insurify Staff
Insurify StaffInsurance Writers

We’re Insurify, America’s highest-rated insurance comparison site. Insurify is dedicated to providing users with a secure and hassle-free shopping experience. Compare quotes, unlock discounts, and save up to $489 on your insurance policy today.

Updated September 12, 2023 at 2:36 AM PDT

Save up to $717 by comparing quotes from the top 100+ insurance companies

Secure. Free. Easy-to-use.
Based on 3,806+ reviews
4.8/5
Shopper Approved
ProgressiveLiberty MutualTravelers
Advertiser Disclosure

At Insurify, our goal is to help customers compare insurance products and find the best policy for them. We strive to provide open, honest, and unbiased information about the insurance products and services we review. Our hard-working team of data analysts, insurance experts, insurance agents, editors and writers, has put in thousands of hours of research to create the content found on our site.

We do receive compensation when a sale or referral occurs from many of the insurance providers and marketing partners on our site. That may impact which products we display and where they appear on our site. But it does not influence our meticulously researched editorial content, what we write about, or any reviews or recommendations we may make. We do not guarantee favorable reviews or any coverage at all in exchange for compensation.

Why you can trust Insurify: Comparing accurate insurance quotes should never put you at risk of spam. We earn an agent commission only if you buy a policy based on our quotes. Our editorial team follows a rigorous set of editorial standards and operates independently from our insurance partners. Learn more.

If you just totaled your car, gap insurance can be totally awesome.

You’ve done all your research, the test-drive was great, and now you’re ready to put pen to paper.

Do you have to get the gap insurance from the dealership, or can you find a better deal elsewhere? When you factor in your down payment, terms, and depreciation, you may not be fully covered when you inch out the dealer’s lot, even with full coverage. In just a few minutes, Insurify can help you find gap coverage that won’t leave you hanging.

Insurify

Best Companies for Gap Insurance in Nevada

After comparing over 25 million quotes nationwide and a fair number in Nevada, Insurify compiled a list of the best companies for gap insurance, based on the average monthly premiums for leased car drivers, who often own gap insurance. Although not on our list, Allstate may deserve a quote because it’s one of the few companies that pay deductibles. Note that State Farm only offers gap insurance if you finance with its bank. Travelers leads the pack at $222 per month on average.

Car Insurance CompanyAverage Monthly Premium
Travelers$222
Safeco$247
Midvale$281
TSC$289
Kemper$292
Mercury$320
Dairyland$417
Liberty Mutual$475
Bristol West$492

Since every driver is different, the best way to find the cheapest insurance quotes is through a car insurance quote comparison website like Insurify. Try Insurify today to compare dozens of car insurance quotes for free and save up to $996 yearly.

Compare Car Insurance Quotes Instantly

Secure. Free. Easy-to-use.
Based on 3,806+ reviews
4.8/5
Shopper Approved
ProgressiveLiberty MutualTravelers

What is gap insurance?

“GAP” is an acronym for “guaranteed asset protection”; rarely, it’s called a GAP warranty. The protection fills the gap between what you owe on your car loan and the vehicle’s actual cash value if it was stolen or a total loss. Unlike car insurance, gap coverage is an optional add-on unless the lender requires it as part of your car loan.

Typically, gap insurance is sold as a finance product from lenders on new and leased cars. You can get gap insurance on a used car, but it’s uncommon because the vehicle has already depreciated. Insurers sometimes label gap insurance as “loan/lease payoff coverage” and cover both new and late-model cars. Fortunately, gap insurance pays out regardless of fault.

How Gap Insurance Works in Nevada

Let’s say you got a brand-new car for $30,000. After a year, your car will lose about 20 percent of its value, according to the Insurance Information Institute (III). For easy math, suppose you got in an accident at the year mark and still owed $27,000 on the loan balance, but the vehicle’s only worth $24,000. Your gap insurance would fill the $3,000 gap between what you owed and your vehicle’s worth after paying your deductible.

Here, if you had a $500 deductible, your collision coverage would take care of the $24,000, and your gap insurance would cover the remaining $2,500. Rarely, you’ll find gap insurance companies that also pay your deductible. Here’s more depth on what’s covered:

Gap insurance covers:

  • Negative equity: When you’re “upside down,” you owe more than what the car’s worth.

  • Theft: You’re covered if the vehicle is stolen, which is good since thefts rose 21 percent in the last year in Las Vegas, NV, alone, according to the Las Vegas Review-Journal .

  • Total loss: You’re protected in an accident that causes the vehicle to be totaled.

Gap insurance does not cover:

  • Bodily injury: Injuries to others are covered by your liability coverage, and you and your passengers are covered by your medical payments coverage.

  • Repairable damage: If your vehicle isn’t totaled, your comprehensive coverage and collision coverage pays to fix it.

  • Engine failure: Gap insurance doesn’t pay for repairs or routine maintenance.

  • Other exclusions: Check your auto insurance policy for a full overview.

Who should buy gap insurance in Nevada?

As soon as you navigate out of the parking lot, your new vehicle depreciates by 10 percent, and after five years, your car will be worth 40 percent of its purchase price on average, according to CARFAX. In the early years, skipping gap insurance could more than sting your back pocket. Gap insurance may be a wise choice if you have:

  • A down payment less than 20 percent, including no down payment

  • A high-value or luxury vehicle because they can depreciate faster than average

  • A leased vehicle

  • A loan that requires it

  • A loan with high interest

  • A loan with negative equity rolled in from a previous car

  • A new or late-model used car where you owe more than it’s worth

  • A term of 60 months or longer for your car loan payment

Fortunately, you can drop gap insurance coverage when you owe less than the vehicle’s worth.

Nevada Gap Insurance Laws

Gap is optional coverage in Nevada. However, the law divides up gap coverage into two types: gap insurance and gap waivers, although people use them interchangeably. Gap insurance is an insurance product, and gap waivers are technically finance products, not insurance. Although the Department of Insurance regulates gap insurance and not gap waivers, both protect the consumer and give almost identical coverage.

How much gap insurance do I need in Nevada?

Gap insurance is a one-size-fits-all product, so you need not worry about how much. While more expensive vehicles may receive a little higher insurance cost, it’s not like liability insurance limits, where you set the amounts. Gap insurance covers the difference between what you owe and the actual cash value of the vehicle.

How Much Gap Insurance Costs in Nevada

Is gap insurance worth the added cost? It depends on how much you owe the bank and your vehicle’s current value. Many people are pleasantly surprised at the prices they get from insurance companies for gap insurance. The monthly price could be as low as $60 a year, or $5 a month, on top of your car insurance bill.

Compare that with the $500 to $700 average dealerships charge, according to Fox Business. Consumers often save the most when they pick up gap insurance from their car insurance company. If you’ve already put your signature down and paid at the dealer, it’s not too late to make a switch. Simply buy your gap insurance with a car insurer and cancel the policy once your new coverage is active.

Click here to learn more about the specifics that go into Nevada auto insurance rates.

How to Buy Gap Insurance in Nevada

In the past, car buyers were at the mercy of the finance department or insurance agents, but now you can find additional coverage options for gap insurance online. It’s easier than ever to find the best price on gap and car insurance in Nevada, and you can even get a multi-policy discount when you bundle with homeowners or life insurance.

A quote-comparison tool like Insurify will help you find the best gap insurance for your vehicle, location, and unique driver profile. Just enter some quick info to get up to 20 customized quotes from top insurers in a few minutes.

Frequently Asked Questions

  • Does Nevada law require gap insurance?

    Nevada law does not require gap insurance, but your lender may require you to purchase gap insurance as part of your auto loan.

  • Do you get money back from gap insurance once you've paid off your car?

    Yes, if you've prepaid for gap insurance with your finance company, you may be eligible for a refund on unused coverage or premium. If you buy gap insurance from an insurer, you can simply drop it when the value of your car exceeds what you owe.

  • Where can I find cheap gap insurance in Nevada?

    You can get the best deal when you get your gap insurance and car insurance from the same place. Try a quote-comparison tool that collects the best rates from the auto insurance companies in your area. Use Insurify to find up to 20 of the cheapest car insurance quotes from local companies in just a few minutes.

Compare Car Insurance Quotes Instantly

Secure. Free. Easy-to-use.
Based on 3,806+ reviews
4.8/5
Shopper Approved
ProgressiveLiberty MutualTravelers

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.

Insurify Staff
Insurify StaffInsurance Writers

We’re Insurify, America’s highest-rated insurance comparison site. Insurify is dedicated to providing users with a secure and hassle-free shopping experience. Compare quotes, unlock discounts, and save up to $489 on your insurance policy today.

Compare Car Insurance Quotes Instantly

Secure. Free. Easy-to-use.
Based on 3,806+ reviews
4.8/5
Shopper Approved
ProgressiveLiberty MutualTravelers

Latest Articles

View all