• Crashumbc@lemmy.world
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      1 month ago

      Gap insurance is a scam in “most” instances. But dropping 100+k driving off the lot… Wait no it’s still a scam, he’s is just a fucking idiot for buying it in the first place …

      • bitwolf@sh.itjust.works
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        1 month ago

        Maybe I got lucky. But I financed half of a car once, got the GAP insurance, and was hit at a red light.

        The car was totaled, but I was also upside down on the loan. I ended up walking away with a profit.

        It definitely feels like a risk/reward thing. But Im glad I had it when I needed it. I wouldn’t say it’s necessarily a scam, but I do feel like regular car insurance is.

      • Jimmycakes@lemmy.world
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        1 month ago

        Every insurance is a scam right up until you need it. Gap is cheap as hell and if you can’t budget for it you should have the cash in hand to replace your vehicle.

        • Crashumbc@lemmy.world
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          1 month ago

          For what it ACTUALLY pays and how long it lasts, it is extremely expensive. Most people it is good for 3-4 months and that’s only if they don’t put ANYTHING down. Trade in a car? Put money down? GAP is useless.

          And every month you go without totaling your car it is worth much less.

          And if a car/truck depreciates enough driving off the lot for GAP to make sense. You’re paying too much for new and should buy used if you want that particular model.