"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.
Answer provided by
Answered on Apr 05, 2021
“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? “
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