Does Nevada require gap insurance?

I'm buying my first car and my lender is offering gap insurance. Is it required on my car like car insurance is?

Answer
“Even though you are financing your vehicle, gap insurance is optional coverage in Nevada and every other state. Lenders may suggest this product to protect you from a financial burden, but the decision is yours.
While it’s not required, you still should consider gap insurance as a way to protect your finances. If you owe more on your loan than your vehicle is worth, gap insurance covers the difference between the actual cash value of your vehicle and the amount you still owe on your loan. Depending on your vehicle’s value and your loan terms and conditions, gap insurance could be very beneficial until you pay down your loan.
If you’re buying your first car, don’t just take the first car insurance quote you get. Shop around using the Jerry app to get the best rate from dozens of reputable insurers.”
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Emily Maracle
Answered on Aug 16, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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