GAP insurance

[1M2NV]

I was a little hesitant to purchase this at the point of sale, but for "piece of mind", i pulled the trigger on it. It was roughly about 450 dollars and increased by monthly payment by 10 dollars.

I have 60 days to terminate this if I wish, and I think I'm going to cancel it. Any opinions?

[Rex]

Co-worker just had a car totaled and needed the gap to cover the value vs. the balance of the loan ... and he wasn't upside down, the insurance co was just low balling him. So instead of him fighting with the ins co, the Gap carrier is.

Money well spent, IMHO

[marlin29311]

If you've loaned/leased a car, GAP insurance can be very valuable in the event of a total loss. With the totalled car, you are still liable for the remainder of the lease payments on the vehicle, even though it's not longer available. Having it saves a whole lot of hardship in the long run, especially with a car that has such a high market value.

It's certianly a very good option to have on a $40k+ car...on a Chevy Cobalt? Not so much...