the big problem with Gap Insurance !
If you buy gap insurance on a new RV you are acknowledging right from the purchase that you owe more than it is worth ! Why would you buy and finance something that has less worth the instant that yo...
Forum Discussion
^ Yep, need to understand what you’re buying.
In the Intrpid example, gap ins wouldn’t matter unless you OWED more than $10k on the car AND your ins didint cover the diff between the proceeds from the other guys insurance and what you owed.
It has nothing to do with market value and little to do with insurance limits.
It is designed only to cover the difference between the proceeds and the loan payoff after all proceeds have been realized.
In the Intrpid example, gap ins wouldn’t matter unless you OWED more than $10k on the car AND your ins didint cover the diff between the proceeds from the other guys insurance and what you owed.
It has nothing to do with market value and little to do with insurance limits.
It is designed only to cover the difference between the proceeds and the loan payoff after all proceeds have been realized.
