Gap insurance and total replacement coverage
We are picking up a new TT in a few days and the dealer asked if I wanted gap insurance. I said no the last time and I'm tempted to say no this time too because my DW typically pays more on out month...
Forum Discussion
packnrat wrote:
Who figures what the "gap" is?
and how can we know the amount?
The "gap" is the difference between the actual amount of money you owe your lender, and the "Actual Cash Value" (ie: "book value") your insurance company will pay you if, after an accident, they "total" your RV.
As such, it's constantly changing as you make loan payments and as your RV gets older and depreciates more. I suppose the annual "book" releases might also reflect whether it's now a "buyer's market" or a "seller's market".
I suppose your insurance agent can tell you which "book" the insurance company uses to assign values to rigs they are totaling. He may even have a copy in his office you could consult.
