Join Date: Jun 2012
Location: San Diego, CA
Drives: 2011 Kia Sportage SX w/ Premium Package & Nav
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GAP loan coverage worth it?
When I bought my 2011 sportage SX I opted to get GAP loan coverage in case the car is totaled/stolen and my insurance wouldn't cover what I owe the bank. It cost me $860. To me I was making a smart decision. Especially with how Kia's could be valued. Anyway, do you all think that's a waste of money? If so, I can get a refund of the remaining GAP fee I paid applied to my loan.
Again, just wanted to get everyone's opinion of this added coverage.
Ps... I'm usually not one to buy any added insurance/benefits when buying a new car. But, since this was a slightly used SX I thought it may be a good idea this time. Anyway, rethinking that now and may get a refund since I assume I'll never end up using this type of protection. Statistically speaking that is...