GAP insurance: pros /cons

[BroncoScotThai]

As we are all about ready to get our Broncos, I was wondering the pros and cons of getting up gap insurance.

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[V1Rotate]

Your question/sentence structure is confusing but if you’re asking about GAP insurance and whether you need it - if you financed more than the vehicle is worth you need GAP unless you’re ready/willing/able to write the bank an additional check after insurance pays if you get in an accident and total it.
There aren’t really “pros and cons” of GAP insurance.. it really comes down to the cons of financing more than a car is worth and a side effect of doing that is needing additional coverage

 

[BroncoScotThai]

Your question/sentence structure is confusing but if you’re asking about GAP insurance and whether you need it - if you financed more than the vehicle is worth you need GAP unless you’re ready/willing/able to write the bank an additional check after insurance pays if you get in an accident and total it.
There aren’t really “pros and cons” of GAP insurance.. it really comes down to the cons of financing more than a car is worth and a side effect of doing that is needing additional coverage

Thanks. My voice to text was repeating.

 

[JohnnyBronco]

Buy insurance that covers anything you do not want to pay out of pocket.

$100 deductiblusually wise. wise.

 

[BroncoA512021]

Talk to your local independent insurance agent. Don’t call a cartoon character 800# or take advice from anyone on Facebook.

 

[KABQ]

If you total the car and paid ADM, gap is great. If you don't total the car, gap is extra money you didn't need to pay. The question is: are you feeling lucky, punk?

Odds are it won't get wrecked, otherwise the insurance company wouldn't make money from selling gap.

 

[AKBronc49]

I paid under MSRP in 2021, I skipped GAP and really don't need it now since it books for 30k more than I owe.

 

[Johnny Mo]

Given the current market - I will more than likely be getting declared value coverage for my Braptor. If something were to happen to it I know I can't replace it at MSRP again - at least not without another 2+ year wait.

 

[Mlarv]

My Grandson had Gap on his Honda CRV. He was mad I made him put it on it two years ago. Last Aug some one brake checked the car in front of him. He couldn't stop in time. No one hurt no one at fault because it was caught on his dash cam. He was $4000.00 upside down on the CRV. He paid his deductible, and the GAP paid the rest. Do you need GAP that is up to you. If you don't use it then it is money wasted, if you use it then it is money well spent. We can all give you advice, but in the end it is Do you fell lucky, or you don't owe what it is worth.

 

[RyanOneill]

Exciting times ahead with the impending arrival of your Bronco! When it comes to GAP insurance, there's definitely a lot to consider. On the one hand, having GAP insurance can offer peace of mind, especially considering the significant investment you're making in your new vehicle.
However, like with any insurance product, there are also some factors to weigh up. One consideration is the cost versus the potential benefit. While GAP insurance can provide valuable coverage, it's essential to compare gap insurance options to ensure you're getting the best value for your money. Additionally, some people may find that they don't need GAP insurance if they have a substantial down payment or if their loan amount is relatively low compared to the value of the vehicle.

 

[RustysBronco]

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.

 

[Dialtone]

I try to make my down payment the amount of off the lot depreciation. So I have no or very little gap when I drive it away. I generally buy used which helps. The Bronco being new was more challenging.

 

[GI_Jo_Nathan]

Exciting times ahead with the impending arrival of your Bronco! When it comes to GAP insurance, there's definitely a lot to consider. On the one hand, having GAP insurance can offer peace of mind, especially considering the significant investment you're making in your new vehicle.

I'm gonna assume he's had his Bronco for quite a while by now.
Kind of a weird first post for you after all this time...

 

[Sunday Money]

I'm gonna assume he's had his Bronco for quite a while by now.
Kind of a weird first post for you after all this time...

It's just ChatGPT garbage, or someone having a stroke (hopefully the former).

 

[GI_Jo_Nathan]

It's just ChatGPT garbage, or someone having a stroke (hopefully the former).

That was actually my first thought!

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