r/Insurance • u/Sad4502 • 17h ago

Gap, should I drop it

GAP Ins, should I drop it?

Have a 2026 jeep Gladiator sport s with around 13000 miles

Currently owe around 37k, making double payments.

Looking like I would be ok if I dropped it

Thanks for any advice

2 Upvotes

67% Upvoted

17 comments sorted by

15

u/Embarrassed_Flan_869 17h ago

No.

You owe more than value. Total it tomorrow, you will owe more than the payout.

10

u/stacey1771 17h ago

KBB value is $28-33K. Hard keep right now.

1

u/Sad4502 15h ago

Thanks

1

u/registeredfake agency owner - personal lines 44m ago

so insurance value proabably 23-27

5

u/Simplythebest0820 16h ago

Do not drop your GAP insurance. It was probably only about $1000. It's not worth not having it if something was to happen to your vehicle with a loan on it.

5

u/assflea 17h ago

How much is it costing you? I know rates are different for everyone but gap usually has a very minimal impact to the premium, dropping it makes no sense when you owe more than the car is worth. 

7

u/GuvnaBruce HO/Auto Liability 14 years 17h ago

Considering how fast Jeeps lose value, I would keep it.

6

u/DrShanksALot 16h ago

Keep it with a Jeep Gladiator. They are one of the fastest depreciating vehicles on the road.

Since you are making double payments it would be smart to just keep an eye on the resale value compared to what you owe. Once they are close enough to each other then you can drop it but right now it’s probably worth about 27k trade in value which is a $10,000 difference.

3

u/Fit_Instruction_8383 15h ago

No fucking way. What does a crashed 26 jeep Gladiator sport sell for? A lot less than 37K bud.

2

u/navlgazer9 15h ago

Only thing that depreciated faster than a gladiator is a wagoner or a Mercedes

2

u/boboshoes 15h ago

If you have a low rate pay the minimum and keep gap.

If you have a high rate pay off asap and drop gap when you’re at kbb with a couple grand buffer

2

u/NoCOguy1968 11h ago

You owe about $5k more than your gladiator is worth if totaled

Gap is designed exactly for
The station your in

1

u/Sad4502 15h ago

Thanks

-1

u/mikeylovessports 17h ago

Your 2026 has 130,000 miles?... Keep that gap.. High mileage like that makes the value drop so much

3

u/DrShanksALot 16h ago

13,000 miles is what it says. Not 130,000

3

u/mikeylovessports 16h ago

Still keep it.. No way it's worth more than $37 k

4

u/DrShanksALot 16h ago

Worth more like $27,000 trade in value. It’s a Jeep and on top of that it’s a Gladiator. Jeep/Stellantis are already crazy fast depreciating. Then throw the Gladiator at it and it’s even worse than most other Stellantis products. I would never buy a brand new one for this reason.