"Should I get gap insurance for a financed car? "

I'm leaning towards no because the risk of a total loss is low, but I'm still kind of torn about what to do.

“Gap insurance is usually optional, but it is a good idea to have it in case of an accident or theft. To decide whether you need coverage, you should think about how you would be able to deal with a total loss of the vehicle and being stuck with the monthly payment, while also having to find a new mode of transportation. Weigh the cost of gap insurance vs. the risk of going without it and choose the option that best suits your needs.
If it helps, gap insurance is relatively inexpensive; it can be added to your existing auto policy for less than $50 a year.
For more information on this topic, check out this article: What Is Gap Insurance and What Does It Cover?
Johnny Puckett
Answered on Apr 05, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.