To GAP or not to GAP? That is the question.

[Racer5112]

Hey all!
I feel weird asking this...GAP insurance. I've bought 4 brand new cars before and not one has been for me. They were all sold within a couple years and I've never really worried about anything. This Gladiator will be my first. I drive a work vehicle, so between my Falcon and the Gladiator, the Gladiator will probably see about 6k miles per year. I am planning on keeping this a loooooong time. I've never went with GAP insurance as I have felt it was a waste of money. What are your thoughts? Should I skip it?

Thanks!
Mike

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[Pion]

Insurance sucks until you need it. As it is my daily driver I can't afford to be stuck without a vehicle. As the policy terms matter and I have teenage drivers, I carry 250k per person, 500k per accident, and 100k property damage and it was $40 a year to add GAP. Since it is so new, its hard to know how much depreciation there will be. So in the short term it is insurance against the market - after about a year I'll re-evaluate and if I can be sure that I'm in the black on the loan I'll drop the GAP coverage. That's the nice part about doing it through your personal insurance - when you buy it from the dealership I don't think you can drop it in the same way. So for me, $40 was an easy spend to possibly save thousands if someone clobbers my precious.

 

[sass JT]

Yes on GAP... tell you a story...
My sister helped my nephew finance a car. She was super adamant of not adding anything to the loan. I told her that she needs GAP, she refused. 3 months later my nephew wrecked his car and ended up having to go get a loan to cover what insurance didn’t. He’s still paying on that $5k difference... end of line... protect yourself cause the insurance companies don’t.

-sass

 

[SleepyJeep]

what @Pion said... For me the gap was like $16 more, so that was a no brainer... I would rather pay $150 every year than be sorry so I added more coverage to my insurance as well... Insurance for this truck is a lot cheaper than most sports cars. I pay $588 for every 6 months but I'm also a good driver with no accidents

 

[Sgt Beavis]

Insurance sucks until you need it. .

We can pretty much end this thread right there.

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