Community Leader
Senior Contributor
StartingOver10
Posts: 4,519
Registered: ‎03-06-2010
Re: Gap Insurance

Well, I understand where you are coming from but if you have enough down then there is no gap. I did have an experience once many, many years ago where someone ran into me and my car was totalled. I had to pay the difference to Ford over and above the amount the insurance covered, and it was a large amount (to me). I paid it over the course of 3 months and Ford actually said I could have paid it over a much longer time period. It taught me to finance less on a vehicle.  However, I learned at that point that if I choose to buy a vehicle with a small down payment than that is a risk I am bearing. In my experience the amount that the dealership asks for gap is high. I assume the price varies from region to region and from dealer to dealer. It might be high here because I'm in S Fl - the home of the uninsured driver!