Forum Discussion
As Dutchmen Sport said, GAP covers the loan. If the TT is totaled, the value of that TT could be below what you owe on the loan. Insurance pays you the full value but if that value doesn't cover the remaining loan due, you're on the hook. That's where GAP comes in. Sometimes when lots of stuff is added to the loan, you're upside down from the get go. Other times when a loan is dragged out for way too many years, the value of the asset is way below the loan amount. GAP is just one of those things you have to decide it's value to you.
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