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.
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Written byTaylor Milam-Samuel
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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.
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Edited byAshley Cox
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7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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Updated November 21, 2024
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Table of contents
If your car is totaled, your insurance company 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.
The national average cost of a full-coverage auto policy is $204 per month, Insurify data shows. Adding gap coverage to your full-coverage policy only costs about $2 extra each month.
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 this extra coverage.[1]
If you lease or finance a car, your leasing company or lender might require you to have gap insurance.
Most insurers sell gap insurance as add-on coverage, and it’s not part of a standard liability or full-coverage policy.[2]
How gap insurance works
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 have a long loan term.[1]
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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
| User Reviews | 4.9 |
|---|---|
| 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. | $63/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. | $95/mo |
4.9
Best choiceBased on 1602 verified guest reviews and ratings
How drivers feel about USAA
Drivers appreciate the ease of working with the carrier, competitive rates, and responsive service but dislike the price increases and lack of rideshare add-ons in some areas.
AI-generated from the text of verified reviews collected by Insurify
Best For
Members of the military community
Outstanding customer service
Competitive rates
How drivers feel about USAA
Drivers appreciate the ease of working with the carrier, competitive rates, and responsive service but dislike the price increases and lack of rideshare add-ons in some areas.
AI-generated from the text of verified reviews collected by Insurify
Best For
Members of the military community
Outstanding customer service
Competitive rates
Reviews (914)
Gloria
November 15, 2024
Verified Review
Not Good for Claims
I have storm damage and the claim process is not satisfactory.
Martin
November 11, 2024
Verified Review
Price Shopping
I have been with USAA for over 60 years. Obviously, I've been very happy. Since I don't drive very far, I have been seeing advertisements for lower prices. However, I have no plans of leaving USAA.
Rena Sabine
November 8, 2024
Verified Review
Disappointing and inflexible service
My experience with this company has been disappointing, especially this second time around. I would suggest considering other options. From my recent interactions, they have been dismissive and argumentative. I have already started finalizing my next premium with another company. I'm perplexed as to how they receive praise when they treat clients in this manner.
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
880NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
1.35A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++Why we picked this company
Drivers with USAA can opt for new car replacement insurance, which is similar to gap insurance but more robust. New car replacement 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 a discount of up to 30%
Cons
Only available to active-duty military, veterans, military spouses, or children of service members or veterans
No 24/7 live customer phone support
Auto-Owners
| User Reviews | 4.0 |
|---|---|
| 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. | $77/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. | $116/mo |
4.0
Best choiceBased on 141 verified guest reviews and ratings
How drivers feel about Auto-Owners
Drivers appreciate the friendly customer service, competitive initial rates, and professional agents but dislike the frequent price increases and complicated claims process.
AI-generated from the text of verified reviews collected by Insurify
Best For
Cheap rates
Senior drivers
Ample discounts
How drivers feel about Auto-Owners
Drivers appreciate the friendly customer service, competitive initial rates, and professional agents but dislike the frequent price increases and complicated claims process.
AI-generated from the text of verified reviews collected by Insurify
Best For
Cheap rates
Senior drivers
Ample discounts
Reviews (89)
Debra
November 3, 2024
Verified Review
Excellent
They keep raising prices.
Scotty
November 2, 2024
Verified Review
They are a bunch of crooks. My policy has increased every single time, and I've only had one small claim.
They are a bunch of crooks. My policy has increased every single time, and I've only had one small claim.
Dana
October 31, 2024
Verified Review
Average
Ask many questions to cover all aspects of the policy.
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
837NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.5A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++Why we picked this company
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.
Pros
Above-average J.D. Power claims satisfaction rating
Multiple discounts
Cons
Available in only 26 states
Some negative customer reviews on Trustpilot
Progressive
| 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. | $89/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. | $135/mo |
How drivers feel about Progressive
Drivers appreciate the professional service and accident forgiveness but dislike the high prices and frequent rate increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Competitive rates
Easy buying process
Telematics program
How drivers feel about Progressive
Drivers appreciate the professional service and accident forgiveness but dislike the high prices and frequent rate increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Competitive rates
Easy buying process
Telematics program
Reviews (5,796)
Elandra
November 20, 2024
Verified Review
I don't even drive 30 miles a month, yet I pay over $200 a month. I have a clean driving record. This company is not good.
I don't even drive 30 miles a month, yet I pay over $200 a month. I have a clean driving record. This company is not good.
Denise
November 20, 2024
Verified Review
Fraudulent Claims Filed
They permitted false claims to be filed, complete with fabricated police report numbers, and treated the client as if the claim was not fraudulently filed.
Steven
November 19, 2024
Verified Review
I'll Stay with Them, No One Can Beat Them!
They are the cheapest I have found!
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
819NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.82A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A+Why we picked this company
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 pay 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 on the National Association of Insurance Commissioners (NAIC) Complaint Index
Below-average J.D. Power claims satisfaction rating
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 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:
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.
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.
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.
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.
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 vehicle is worth. Gap insurance can protect you financially if something happens to the car.
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.
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.
You can get 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.
Cheapest recent rates in Utah
Recent Utah car insurance prices for Chevrolet, Ford, Hyundai , and more.
*Quotes generated for Insurify users within the last 10 days. Last updated on November 21, 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 November 21, 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 November 21, 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 November 21, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Gap insurance in Utah FAQs
Here’s some additional information about gap insurance coverage in Utah that can help you decide whether this type of insurance makes sense for your situation.
Does Utah require gap insurance?
No. The state of Utah doesn’t require gap insurance. You 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 — 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
- 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.
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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.
7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
Featured in
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