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GAP Insurance on a 2016??

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GAP Insurance on a 2016??

Who can you get cheap GAP insurance with besides the dealer? I know their prices are inflated and I rather go elsewhere, but my insurance company (Geico) doesnt offer it.

 

Also, the vehicle I want is listed at the Dealer for $26,000 and it's KBB value is just over that at $26,600. The total loan would be around $28,000 with tax, fee's, etc, so would I need the GAP insurance?

 

Any Info appreciated!

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2 REPLIES 2
Frequent Contributor

Re: GAP Insurance on a 2016??

GAP like all insurance is a gamble - do you need it is a gamble.   

However it really stinks to owe money on a car that you no longer own because it was totalled or stolen.  That's what GAP is for.

Both of my credit unions offer it for $299 total and have extra benefits ranging from covering your insurance deducitble up to $1,000 to giving you $1,000 off a new loan with them.

 

Your car will depreciate faster than you are paying it down at least for a year or two so during that time I would say you need GAP insurance.

 

I do not know if you can independently buy GAP insurance without it coming with the loan.

 

What is your interest rate, maybe it's possible to save money by refinacing with a credit union and getting GAP.

 

With your numbers day 1 you are $1,400 upside down and it's only going to get worse for the next couple of years.

if your car was totalled would you be OK with still owing $1,400+?

 

 

Message 2 of 3
Valued Contributor

Re: GAP Insurance on a 2016??

Good GAP insurance solves a serious possible problem for $5 per month.

What is there to really ponder?

If your car insurance was $5 more per month and covered it all, that would be a no brainer, right?

 

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