Gap Insurance in Utah (2024)

Even though Utah doesn’t require gap insurance, it might be a good idea if you lease or finance a car. Here are the best insurers in the state.

Taylor Milam-Samuel
Taylor Milam-Samuel
  • 8+ years writing for major outlets, including MarketWatch and Business Insider

  • Master’s in Education

Taylor Mlam-Samuel is a personal finance writer and credentialed educator. When she’s not helping readers better save and spend money, she can be found teaching.

Featured in

media logomedia logomedia logo
Sara Getman
Edited bySara Getman
Sara Getman
Sara GetmanAssociate Editor

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.

Updated July 14, 2024

Save up to $852 by comparing quotes from the top 100+ insurance companies

Excellent
Secure. Free. Easy-to-use.
ProgressiveLiberty MutualAllstate
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.

Cheapest recent rates in Utah

Drivers in and around Utah have found policies from Sun Coast, Allstate, GAINSCO, and more, through Insurify in the last few days.

*Quotes generated for Insurify users from Utah within the last 10 days. Last updated on July 11, 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 11, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.

*Quotes generated for Insurify users from Utah within the last 10 days. Last updated on July 11, 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 11, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.

If your car is totaled, auto insurance will likely pay the vehicle’s actual cash value (ACV) for your claim. But if you leased or financed your car, you may owe more on it than its ACV. Gap insurance covers the difference between what your car is worth and how much you owe on the loan or lease. 

Gap insurance also might make sense if you made a small down payment or have a long repayment term. Here’s what you need to know about gap insurance in Utah, including the best insurance companies for this important type of coverage.

Quick Facts
  • Gap insurance coverage is usually affordable, and drivers pay about $20 per year for gap insurance.[1] 

  • If you lease or finance a car, your leasing company or lender might require you to have gap insurance coverage.

  • Gap insurance is an add-on policy, and it’s not part of a full-coverage or liability-only plan.[2]

What is gap insurance, and how does it work?

Gap insurance stands for “guaranteed asset protection.” It covers the difference between your car’s actual cash value and the amount you owe on it.

For example, imagine you finance an SUV and have a $40,000 loan. One year later, you still owe $35,000 for the car, and you get in a bad accident and total it. The appraiser determines that the current value of your car is $30,000, which is what your insurance company will pay your finance company. You must find a way to pay the remaining $5,000 that you owe the lender. Gap insurance would cover the remaining $5,000, allowing you to pay off your loan.

What gap insurance covers in Utah

Gap insurance pays the difference between what your car is currently worth and the amount you still owe if a covered event totals your car. It won’t cover normal wear and tear, mechanical breakdowns, or any claims your insurer doesn’t cover. 

Gap insurance is most useful if you lease or finance a car and owe a lot of money on the vehicle, have a high-value car, or a long loan term.[1]

Shop for Car Insurance in Utah

Insurify partners with 100+ top insurers for real-time quotes

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

Gap insurance vs. full coverage

​​Full-coverage policies don’t include gap insurance. Drivers in Utah must have the minimum amount of liability insurance, which includes bodily injury liability, property damage liability, and personal injury protection.[3]

Full-coverage car insurance includes the minimum amount of liability insurance, plus comprehensive and collision coverage – but it doesn’t include gap coverage. Comprehensive and collision insurance will cover various types of damage to your vehicle. 

Gap insurance is typically an optional, add-on coverage, and whether you need it depends on how you pay for your car. If you have a high-value vehicle, owe a lot of money on your car, or finance or lease your vehicle, choosing full coverage and gap insurance might make sense.

Who needs gap insurance in Utah?

The state of Utah doesn’t mandate gap insurance coverage. But if you lease or finance a car, your leasing company or lender might require you to have it. Check with your lender about gap insurance requirements.

In most cases, drivers in the following situations would benefit from gap insurance:

  • illustration card https://a.storyblok.com/f/162273/150x150/1f77dd73f2/money-96x96-orange_042-invoice.svg

    Small down payment

    If you finance a car with a down payment of less than 20%, you’ll likely benefit from gap insurance. Small down payments often mean owing more than the car is worth.

  • illustration card https://a.storyblok.com/f/162273/150x150/1d8803fded/credit-and-loan-96x96-blue_019-calendar.svg

    Long repayment term

    Financing a car with a repayment term of 60 months or longer means there’s a higher chance that you’ll owe more than the car is worth.

  • illustration card https://a.storyblok.com/f/162273/150x150/3a662e9efd/credit-and-loan-96x96-green_006-credit.svg

    Vehicle lease

    Most lenders require gap insurance for vehicle loans. The lender still owns the vehicle throughout the finance term and usually wants to protect its asset.

  • illustration card https://a.storyblok.com/f/162273/150x150/e80d4ae197/car-and-driving-96x96-gold_019-car.svg

    Brand-new vehicle

    New vehicles depreciate quickly. Recent research shows that new cars lose 20% of their value within one year. Because of that, gap insurance might be a good idea.[1]

  • illustration card https://a.storyblok.com/f/162273/150x150/13c17bd678/car-service-96x96-orange_027-car-lift.svg

    Negative equity from an old loan

    Some lenders allow borrowers to roll the balance of an old loan into a new one, which causes the new loan to be upside down. When a loan is upside down, you owe more than the collateral is worth. Gap insurance can protect you financially if something happens to the car.[1]

Gap insurance isn’t always practical. You probably don’t need it if you don’t have a loan or lease on your car. You can also skip the additional coverage if your vehicle isn’t worth much or you have a low loan balance.[1]

If you’re not sure whether you need gap insurance, consult with a car insurance agent or auto loan lender for more information.

How to buy gap insurance in Utah

You can work with a car dealership or insurance company to buy gap insurance in Utah. Even though you can purchase coverage from the dealership where you buy your car, buying it through your insurance company is usually cheaper.

Drivers can add gap insurance as an add-on policy, and it usually costs less than $20 per year. Most major insurance companies offer gap insurance, but double-check with the insurer before securing a policy.[1]

Recent Insurify quotes for Utah drivers

Drivers using Insurify have found quotes as cheap as $65/mo for liability only and $96/mo for full coverage in Utah.

*Quotes generated for Insurify users within the last 10 days. Last updated on July 11, 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 11, 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 11, 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 11, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.

Best gap insurance companies in Utah

Gap insurance is usually inexpensive, costing an average of $20 per year. The following insurance companies offer the most competitive rates for coverage.

USAA

Compare personalized, real-time quotes
User Reviews
3.7
IQ Score
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.
$65/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.
$96/mo

USAA consistently ranks as one of the top insurers in the country, and it offers many different insurance products. Drivers with USAA can opt for new car replacement insurance, which is similar to gap insurance but more robust. New car replacement coverage covers the cost of your car loan or lease. Plus, the policy pays an additional 20% that you can use for any expense, including a down payment for a new car.

But USAA only serves active-duty military members, veterans, and their immediate families, so not everyone will qualify to buy insurance from the company.

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

  • No 24/7 customer phone support

Read more driver reviews of USAA
Jane - July 14, 2024
Verified

Easy

Great

Ann - July 13, 2024
Verified

Mediocre Company

They are requiring us to cover our house for more than we feel is necessary. Their deductible for hail damage is $10,000 and the premiums are high.

Laurence - July 13, 2024
Verified

Greed and Lack of Respect

It's almost impossible to reach them by phone. They are rapidly raising rates without cause, despite my loyalty of over 58 years.

Auto-Owners

Compare personalized, real-time quotes
User Reviews
3.8
IQ Score
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.
8.5/10
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.
$79/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.
$117/mo

Auto-Owners offers low-cost gap insurance for financed or leased cars. Known for competitive rates and excellent customer service, Auto-Owners is a great pick for a straightforward gap insurance policy. The coverage will pay the difference between your car’s value and what you owe.

Pros
  • High customer satisfaction

  • Multiple discounts

Cons
  • Only available in 26 states

Read more driver reviews of Auto-Owners
Kevin - July 2, 2024
Verified

Great, Except for the Price

I recommend checking prices with other providers.

Nancy - June 27, 2024
Verified

Excellent

They have beaten all insurance quotes for the coverage I have.

Ronald - June 21, 2024
Verified

Rate Increases Too Much for Someone on a Fixed Income

There's always someone else who is cheaper.

Progressive

Compare personalized, real-time quotes
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
819
IQ Score
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.
8.4/10
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.
$92/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.
$136/mo

Progressive is one of the largest insurance companies in the nation and offers loan/lease payoff coverage, which is slightly different from gap insurance. Progressive’s coverage helps cover the remaining balance on your loan or lease for up to 25% of the vehicle’s value.

Pros
  • Rewards for good drivers

  • Numerous coverage options and discounts available

Cons
  • Higher-than-expected amount of complaints

  • Ranked 11 out of 15 companies in the J.D. Power Customer Satisfaction Index Ranking

Read more driver reviews of Progressive
Robert - July 14, 2024
Verified

Half a Loaf

They bundled auto and home insurance, but after 8 years, they dropped our home insurance.

Quincy - July 14, 2024
Verified

My Experience

The adjustment department needs some improvement. I filed a claim and a lot of damages were overlooked. I had to make several calls to get the damages covered. What was supposed to be a two-week job has turned into a month and a half ordeal. I'm still waiting on my car. The customer service from all involved has been terrible at this point. I'm definitely looking forward to switching companies.

Matthew - July 14, 2024
Verified

Progressive's Prices are Way Too High

I am priced way too high.
  • 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 Utah drivers.

Gap insurance in Utah FAQs

Deciding whether gap insurance coverage makes sense can be tricky. Here are answers to common questions about gap insurance coverage in Utah.

  • Does Utah require gap insurance?

    The state of Utah doesn’t require gap insurance. Drivers must have an insurance policy that meets the state’s minimum required coverage amounts for bodily injury liability, property damage liability, and personal injury protection. You can choose to add more coverage, including gap insurance.

  • How does gap insurance work in Utah?

    Gap insurance in Utah is pretty straightforward. You can buy a gap insurance policy from the dealership where you get your car or get an add-on policy from your insurance company. It’s typically cheaper to work with an insurance company. Drivers pay an extra $20 per year for coverage, on average.

  • What does gap insurance cover?

    Gap insurance covers the difference between your car’s current actual cash value and the amount you owe on your loan or lease. Often, drivers owe more than their car is worth. If the vehicle is a total loss or stolen, gap insurance pays for the difference. Some insurance companies offer slightly different versions of gap insurance, so it’s essential to understand your coverage.

  • Is gap insurance worth it?

    Gap insurance is often worth the extra expense if you have a new car with a small down payment or long repayment term. Many lenders require gap insurance if you lease a vehicle. The cost of coverage is usually small. You can expect to pay about $2 extra per month.

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.

Sources

  1. III. "What is gap insurance?."
  2. III. "What is auto insurance?."
  3. Utah.gov. "Utah Code Section 31A-22-304."
Taylor Milam-Samuel
Taylor Milam-Samuel

Taylor Milam-Samuel is a writer and credentialed educator who is fascinated by how people earn, save, and spend their money. When she's not researching financial terms and conditions, she can be found in the classroom teaching.

Sara Getman
Edited bySara GetmanAssociate Editor
Sara Getman
Sara GetmanAssociate Editor

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.

Compare Car Insurance Quotes Instantly

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

Latest Articles

View all