Idaho gap insurance: Everything you need to know

How much is gap insurance in Idaho?

In Idaho, gap insurance costs an average of $1,703 per year, but prices vary by company. Your car's value also affects the cost of gap insurance. Expensive or luxury cars depreciate faster than standard vehicles, so gap coverage may have to pay more, leading to higher rates.

Cheapest gap insurance companies in Idaho

The cheapest company for gap insurance in Idaho is Auto-Owners, with an average annual cost of $981. Not all car insurance companies offer gap coverage, and rates vary significantly by company.

Check out the table below to find the cheapest Idaho insurance companies for gap coverage.

Company	Auto insurance rates with gap premium	Gap premium
Auto-Owners	$981	$30
Travelers	$1,299	$38
Farmers	$2,827	$137

Read our methodology

Average gap insurance cost in Idaho by city

Gap insurance costs the most in American Falls, with an average rate of $1,862, while Boise City has the lowest rate at $1,476. Where you live in Idaho can impact your insurance costs. Cities with higher crime and theft rates have higher auto insurance rates since the risk of damage or theft is higher.

Here are the average gap insurance rates by city in Idaho

City	Auto insurance rates with gap premium	Gap premium
Boise City	$1,476	$58
Meridian	$1,544	$59
Eagle	$1,550	$59
Moscow	$1,637	$68
Idaho Falls	$1,680	$66
Pocatello	$1,763	$73
Caldwell	$1,818	$74
Nampa	$1,848	$74
Challis	$1,849	$76
American Falls	$1,862	$77

Read our methodology

How much is gap insurance in Idaho by age group?

Gap insurance rates are higher for younger drivers because they have less experience and are more likely to take risks while driving, increasing the odds of a total loss. As drivers get older, their rates go down. For example, an 18-year-old pays an average of $5,939 per year, while a 25-year-old pays around $2,149 annually.

The table below lists the average gap insurance rates in Idaho based on age.

Age group	Auto insurance rates with gap premium	Gap premium
Teen	$5,939	$241
Young adult	$2,149	$87
Adult	$1,703	$68
Senior	$1,551	$59

Read our methodology

How does gap insurance work in Idaho?

When you buy or lease a new car, depreciationDepreciation is the decrease in your car's value over time due to wear and tear, age and mileage. Depreciation is used to determine the actual cash value of a vehicle in the event of a total loss. can quickly cause you to owe more than the car is worth. If your car is totaled, the insurance company will only pay out the car's actual cash value, which may leave you owing on the loan. That's where gap insurance comes in. If your vehicle is totaled or stolen, gap insurance covers the difference between your car's value and the loan payoff.

"Gap is designed for people that take long-term loans and/or roll taxes, service plans, or warranties into their loan," said Zack Pope, agency manager at David Pope Insurance in Missouri. "Most gap coverages only go a certain percent over market value to pay off a loan for a totaled vehicle (typically 25%). It costs significantly less money to get gap through your insurance than to purchase it from the dealership."

For example, let's say you have a $40,000 car loan, but your vehicle's actual cash value is only $35,000. If the car is stolen, your insurance company will reimburse you $35,000, minus your deductibleThe deductible is the amount you pay out of pocket for a covered loss when you file a claim.. Gap insurance would cover the remaining $5,000 that you still owe on your loan. Without gap insurance, you'd be responsible for paying this difference out of pocket.

Once your loan is less than the value of your car, you can drop gap coverage. While you can always cancel gap insurance, you may be unable to add it anytime. Most insurers want you to add the coverage quickly after buying a car.

Additionally, many lenders require gap insurance when getting your loan. Although you can get gap coverage through your lender or car dealership, adding it to your current auto policy is usually cheaper.

Where to buy gap insurance in Idaho

Many insurance companies, including major carriers, offer gap insurance in Idaho. It's relatively easy to add coverage to your current auto insurance policy.

Adding gap coverage to your auto insurance policy is usually the most cost-effective option. While you can purchase gap coverage from most car dealers and lenders, those policies tend to be more expensive, making it a less attractive option.

Methodology

We gathered car insurance rates with and without gap insurance through our data partner, Quadrant Information Services.

Averages are annual and based on our full coverage data set. This data set is based on:

Bodily injury liability of $100,000 per person and $300,000 per incident
Property damage liability of $100,000 per incident
Comprehensive and collision deductibles of $500
40-year-old driver
Honda Accord LX
Good credit
A clean driving record
12-mile commute, 10,000 annual mileage

To show the cost of gap insurance, we have compared rates with gap insurance added to the averages without gap insurance, and the difference is shown as the annual cost of gap insurance.

Rates are based on an analysis of over 5 million data points in all 50 states and Washington, D.C. from 138 companies.

Idaho gap insurance: FAQs

Is gap insurance required in Idaho?

Idaho law doesn't require gap insurance, but your lender may require it.

Who should buy gap insurance in Idaho?

You may need gap insurance if you have a car loan or lease in Idaho. Drivers who make a small down payment typically owe more than the vehicle is worth since cars depreciate faster than the loan is paid down, making gap insurance a good idea.

You don't need gap insurance if you own your vehicle or make a large down payment so that you owe less than the car's value from the start of your loan.

What is standalone gap insurance in Idaho?

Standalone gap insurance is a separate policy, not a part of your car insurance. You can buy gap insurance from your lender or a private company as an independent policy.

Does gap insurance cover leased cars in Idaho?

Idaho gap insurance covers leased cars where the driver owes more than the vehicle's current market value. Over time, you may remove gap coverage once your vehicle is worth more than what is owed.