Just saw a local news story about a guy here in Boise whose car got totaled like two months after he bought it brand new. Insurance payout didn't even cover what he owed on the loan, and now he's stuck paying thousands out of pocket. Made me wonder if gap coverage is actually worth it or just another upsell from dealerships. Curious if anyone else has had experiences with this kinda thing...
"Insurance payout didn't even cover what he owed on the loan, and now he's stuck paying thousands out of pocket."
Yikes, that's rough... honestly, gap coverage saved my bacon last winter when I slid into a ditch near Meridian. Felt like an annoying upsell at first, but after that experience, I'm definitely team gap coverage.
That's tough to hear, especially since most folks don't even realize they're underwater on their loans until something like this happens. Did the dealership or lender even mention gap coverage when he bought the car, or was it just glossed over? I know some places barely bring it up. Either way, it's a hard lesson learned, but at least sharing your experience might help someone else avoid the same headache down the road.
Honestly, before I bought my car, I didn't even know gap coverage was a thing. When the finance guy at the dealership brought it up, I was like, "Wait, gap what? Is this some kind of clothing store?" 😂 He laughed and explained it pretty quickly, but I still wasn't totally sold at first. It sounded like one of those extra add-ons they always try to push on you, you know?
But then he told me about a customer who totaled a brand-new SUV just two months after buying it. The insurance payout didn't even come close to covering the loan balance, and the poor guy was stuck paying thousands out of pocket for a car he couldn't even drive anymore. That story freaked me out enough to say yes, even though I was kinda skeptical.
Fast forward six months, and my friend rear-ended someone pretty bad (thankfully no injuries, just a bruised ego and a totaled sedan). He didn't have gap coverage, and now he's stuck making payments on a car that's basically scrap metal. Seeing him go through that mess made me realize how lucky I was to get talked into it.
So yeah, from my limited experience, I'd say it's definitely worth it—especially if you're financing a newer car or don't have a big down payment. Idaho or anywhere else, accidents happen, deer jump outta nowhere, ice patches sneak up on you... you just never know. Better safe than sorry, right?
It sounded like one of those extra add-ons they always try to push on you, you know?
Reading these stories makes me wonder if gap coverage is mostly a newer car thing? I've always stuck to older classics and never really thought about it. But hearing about your friend's situation, it does seem like a smart move if you're financing something brand new or nearly new. Guess it's one of those things you don't think about until you really need it...
