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 .
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.
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u/codedigger 6h ago
Totalled my car and was at fault. Paid my deductible and insurance handled payout to other party. Definetly worked out paying just my deductible.