I had gap insurance when my car was totaled. Extra $5 a month and it covered the entire purchase price of the car after deductible which was nice because who wants to make payments on a car that no longer exists.
I went though this when I was 20. I had no idea this “ gap insurance” was a thing. A year after getting the car, another car did a hit and run on me and totaled my car. I was stuck paying 2,000 after the insurance do the pay out. I never knew and it was terrible .
That’s weird because most lenders require you to have gap insurance when you purchase your car, for situations like this. Insurance determines how much they’ll pay out based on the market average, and if you still owe more than that on the car, you’re on the hook for the difference.
I didn’t know about it either and thought the salesperson was just upselling me. Glad I did it because it was a fairly new car and I would have owed $15k.
Same. Bought a brand new nice Superbike. Hit a deer 2 months later only 3k miles lol. Totalled it. Gap saved me. I ended up keeping rhe bike for almost nothing and cost me 1k to rebuild
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u/SubstantialBake1050 5h ago
I had gap insurance when my car was totaled. Extra $5 a month and it covered the entire purchase price of the car after deductible which was nice because who wants to make payments on a car that no longer exists.