Journey with Confidence RV GPS App RV Trip Planner RV LIFE Campground Reviews RV Maintenance Take a Speed Test Free 7 Day Trial ×
 
 


Reply
 
Thread Tools Display Modes
 
Old 09-04-2020, 08:04 PM   #1
New Member
 
Join Date: Aug 2020
Location: New Mexico
Posts: 8
Question Gap Insurance

I am picking up my brand-used 2021 Thor Sequence tomorrow and thanks to this forum, found very affordable insurance through recommendations on this site.

I was offered some "supplemental coverage" packages by the dealer, including GAP insurance.

I have never purchased this product and wanted to get input from the forum on whether this is a good "spend" or not?

Thanks!
PRKThomas is offline   Reply With Quote
Old 09-04-2020, 08:15 PM   #2
Silver Member
 
Join Date: May 2020
Location: CO
Posts: 55
Default

Depends on your loan, your primary insurance and the GAP insurance.
If you financed as much as possible or paid more than the RV is worth, or if the market takes a huge plunge in resale values you might want/consider GAP insurance.
If your primary insurance pays a prorated/reduced amount of the purchase price, and you experience total loss, GAP insurance could help you out there.
Some GAP policies also include deductibles for claims, but I personally have never read one of those polices.

I always weigh the cost of the insurance coverage with the potential benefit and ability of my current financial and personal situation to absorb such an event. Not everything is in $, peace of mind has value as well.

We purchased new and put approx 40% of the purchase price down. I declined GAP insurance. But every transaction and situation is different. It's a lot to consider, and I feel the dealers aren't much help as they just want an additional product add-on.

Congratulations on your new RV!
BrianCO is offline   Reply With Quote
Old 09-04-2020, 08:17 PM   #3
Site Team
 
avanti's Avatar
 
Join Date: Jul 2013
Posts: 5,319
Default

Quote:
Originally Posted by PRKThomas View Post
I am picking up my brand-used 2021 Thor Sequence tomorrow and thanks to this forum, found very affordable insurance through recommendations on this site.

I was offered some "supplemental coverage" packages by the dealer, including GAP insurance.

I have never purchased this product and wanted to get input from the forum on whether this is a good "spend" or not?

Thanks!
Are you borrowing money to purchase this rig? If so, is the amount you are borrowing greater than the fair market of the value (which will be less than you are paying, of course)?

If the answer to both questions is "yes", then gap insurance MIGHT make sense. But only if you can't afford to self insure for the relatively small "gap" between your loan amount and FMV. None of this is likely to matter unless you total the vehicle before the gap goes away.
__________________
Now: 2022 Fully-custom buildout (Ford Transit EcoBoost AWD)
Formerly: 2005 Airstream Interstate (Sprinter 2500 T1N)
2014 Great West Vans Legend SE (Sprinter 3500 NCV3 I4)
avanti is offline   Reply With Quote
Old 09-04-2020, 11:35 PM   #4
Platinum Member
 
Join Date: Dec 2016
Location: America's Seaplane City, FL
Posts: 975
Default

Check the pricing with your insurance company, likely a lot cheaper than the dealer, if it's available.
__________________
Tick tock, baby(Ironbuttal)
2000 Roadtrek Chevy 200 Versatile(sold)
'98 Safari Trek 2480
Just for fun:'15 Kawasaki Versys650LT
Perfection is a fantasy, though improvement is possible(Wifey).
SteveJ is offline   Reply With Quote
Old 09-04-2020, 11:38 PM   #5
Platinum Member
 
rowiebowie's Avatar
 
Join Date: Jul 2018
Location: Texas
Posts: 2,632
Default

What Steve said ^ ^ ^.

Insurance like this is a money-maker for the dealer.
rowiebowie is offline   Reply With Quote
Reply

Tags
gap, gap insurance, insurance

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Featured Campgrounds

Reviews provided by

Powered by vBadvanced CMPS v3.2.3

All times are GMT. The time now is 05:17 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2024, vBulletin Solutions, Inc.