GAP insurance: pros /cons

[PrepVet]

If you're buying with significant equity, don't waste your money. If you're buying with no money down, financing at a 10% rate, rolling over $6k of negative equity and buying a warranty to boot... Bet your ass you should get GAP.

I agree, but also would offer a piece of advice if anyone is in that situation... don't get the car. You can't afford it. I am not one who is opposed to a loan, I really don't like them, but they have their uses. But if you are in that situation or anywhere near it you shouldn't be buying that.

When I was young and dumb I had GAP on a few cars I bought until I realized that the money down I put and the remaining value of the cars was still greater than the loans unless I killed the car in the first several months. It's up to you, I personally would not take a loan out that I needed GAP for, but it is there if you choose to.

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[wigglysqiggly]

got to read the fine print on GAP coverage as some are different than others. For instance its just not just GAP it has additional coverage.

My sister car got stolen and GAP coverage was used and since it wasnt recovered GAP paid here 2k.

Some GAP coverage also have additional insurance coverage so you want to see what is all included and can make a difference