GAP insurance on bronco worth it?

[Mvruggink41]

Working in the dealership industry for many years. It just matters if you are putting a large down payment, or some sort of cash to offset the total price you are going to finance, especially now that Ford wants you to finance accessories in with you purchase. Your sticker price could be 60K for a Wildtrak and finance 75K by the time it is all said and done. If the bank allows you to finance all that with no or little downpayment, I would 100% get GAP in some sort of way. Alls it takes is one person texting and driving and totaling your new Bronco, and you'll owe the bank 15K to payoff the balance of the loan. So for 500 bucks or less I would for sure get the coverage, or like others have said ask your insurance company if they offer it.

Good Luck!

M

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[Mvruggink41]

If you're not putting 20% down, then get GAP in some form or another. As others recommend it's much cheaper to just go through insurance on it. Plus, you can cancel the GAP once you pay down enough of the loan if you go through insurance. If you finance it in you don't get that option, or get that money back.

Some loans these days are requiring GAP coverage. Watch out for those. They're usually the same loans that charge $850 for it.

You can absolutely cancel your GAP contract when you finance it into your loan. You personally do not get a refund the refund goes back to the remaining balance, just did this a several months ago. Canceled my warranty and everything since I ordered the Bronco and I got 5K or something credited back to my balance I owe to the bank on my 2020 Gladiator. Sorry you had a bad experience before just wanted to make sure you have a great one on the new Bronco purchase!

M

 

[LarryZiegler]

Long story short, when I was younger and dumber I got taken to the cleaners on my 1st vehicle purchase. Having learned from my mistakes, I want to avoid any newb mistakes when purchasing my bronco and negotiating the final price and fees. I know I can probably negotiate the dealer prep fees, the doc fees, but I was curious about GAP insurance. I purchased it in the past but is it really worth it with the current car market and the bronco in high demand? I figure the resale value for the first few years will still be pretty decent as jeeps hold their value pretty well on resale. I think I read that the credit union I'm going to finance thru offers it as an add on to a loan, so just curious what everyones opinion is on GAP insurance for the bronco.

If you re putting at least $10,000 down, you shouldn’t need it. If you are putting less down and/or financing for more than 60 mo buy it from your auto insurance carrier for less than $100/yr. in 2 years re-visit the payoff of your loan and estimated value of the Bronco to determine if you should delete the coverage from your policy. If you buy it as part of your loan package, it’s not only more expensive, but you likely will have the coverage for the life of the loan, which you won’t need for that length of time. If you are leasing your Bronco, you’ll want GAP for the entire length of the lease. Some leases automatically include GAP, so ask.

 

[Mr. Nice]

Long story short, when I was younger and dumber I got taken to the cleaners on my 1st vehicle purchase. Having learned from my mistakes, I want to avoid any newb mistakes when purchasing my bronco and negotiating the final price and fees. I know I can probably negotiate the dealer prep fees, the doc fees, but I was curious about GAP insurance. I purchased it in the past but is it really worth it with the current car market and the bronco in high demand? I figure the resale value for the first few years will still be pretty decent as jeeps hold their value pretty well on resale. I think I read that the credit union I'm going to finance thru offers it as an add on to a loan, so just curious what everyones opinion is on GAP insurance for the bronco.

The world is full of add on packages like GAP insurance. They are typically targeted for the people that can least afford it. Society prays on folks that like to over insure themselves. Fear will cause a lot to buy most anything that for "MOST" of the time is a worthless commodity.

How many people buy extended warrantees, service packages, life insurance, long term care insurance, etc. The list goes on and on.

Buying something that you have a greater chance of never using is foolish at best. People have to learn to play the odds. Then they will have far better chance of being financially secure.

Buy the minimum and save for the things that are needed and you will be way, way better off in the long run. You don't have to go crazy, just smart.

Or do you run on fear?

 

[Toccoa]

I had been with Geico for 17 years up until a couple months ago. I switched to Progressive and saved significantly.

You tossed the lizard for the cashier (or whatever she's supposed to be).

 

[MyATV]

You tossed the lizard for the cashier (or whatever she's supposed to be).

A baker, I think.

 

[Spooled]

Unless you're rolling over negative equity, no it's not worth it. The used market is crazy right now which is keeping the value of everything high. I could sell my ZR2 right now for more than I paid for it in Dec 2020. The value of Broncos will remain high for a while to due the lack of supply and high demand.

 

[dweskamp]

Some credit unions include it with loan saw it on navy Federal or PenFed

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