Just bought a new car last weekend (yay me, finally upgraded from my ancient Corolla that was basically held together by duct tape and hope). Anyway, during the paperwork marathon at the dealership, they started pushing gap insurance pretty hard. I mean, I get the basic idea—if my car gets totaled or stolen, gap covers the difference between what insurance pays and what I owe on the loan. Makes sense on paper, but is it actually worth it?
I live in Florida, and I've heard mixed things from friends and family. One friend swears by it because she had a bad accident a couple years ago and says it saved her financially. Another buddy says it's just another way for dealerships to squeeze extra cash out of you and that regular insurance is enough if you're careful.
I'm not exactly rolling in dough here, so every extra monthly expense counts. But at the same time, Florida drivers can be...um...let's say "unpredictable" (looking at you, guy who cut across four lanes without signaling yesterday). So maybe I'm just being paranoid?
Has anyone here actually had to use their gap coverage? Or maybe skipped it and regretted it later? Would love some real-world stories or advice before I decide one way or another.
