Valued Contributor
Posts: 1,057
Registered: ‎09-29-2009
Re: Should I keep GAP insurance?

The GAP policy I had through insurance (Progressive) was limited to a certain percentage of the vehicle value. Although this would probably cover the shortfall if the vehicle was not totally underwater it may not cover the full loan in all cases. The GAP purchased with the loan will generally cover the remainder of the loan (with a small deductible in some policies) and is not dependent on vehicle value.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

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