Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
Re: Gap Insurance
[ Edited ]

I'm not sure I agree with Startingover10.  I understand from my auto insurance company (USAA) that they can write Gap insurance in a very small number of states, and not in mine.  Online search for gap insurance finds lots of auto insurers but no pure GAP policies.  I think on my last loan NFCU charged $300 for gap, Ford just charged me $500.  I have an exposure of about $8K if my new car were totaled today, that is protected by GAP insurance.  I'm a believer because I did have an uninsured loss some years ago when a new car (less than a month old) was stolen and burned.  Fortunately I was "only" out $3,300.00.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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