I bought a 2004 Pathfinder for a very reasonable price. I’ve had my insurance company pay blue book value when I lost two cars in the last 2 years. Is GAP insurance a waste of money for me?
GAP insurance should only be purchased when the amount owed to the lender is more than the cars "fair market value". If it is not financed, there is no need for GAP Insurance. If the car is or will be,worth more than the loan amount, no GAP Insurance is needed
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Gap insurance pays the difference between the outstanding loan on a car and its blue book value. It’s especially helpful when you’ve bought a new vehicle (or late model used), and it’s totaled out. Then you can walk away without having to continue paying the note.
References :
GAP insurance should only be purchased when the amount owed to the lender is more than the cars "fair market value". If it is not financed, there is no need for GAP Insurance. If the car is or will be,worth more than the loan amount, no GAP Insurance is needed
References :