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Old 03-10-2016, 08:56 AM   #1
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Full replacement cost insurance vs gap Insurance

We are getting our trailer Saturday. We have full replacement cost insurance through good Sam on it. The bank is trying to talk us into gap insurance as well. Is this needed if we have full replacement cost insurance? Is their a point in having both?
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Old 03-10-2016, 09:09 AM   #2
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The only point I can think of is the bank wants more of your money in their monthly payment.
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Old 03-10-2016, 11:05 AM   #3
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The coverage is similar but they do work in different ways.

If you have an accident and your RV is completely totaled, the full replacement coverage will give you the amount that it would cost for you to buy a new RV of “similar value”. I’m not entirely sure who decides this amount or if you have any say in it. If you still owe money on your loan, it may or may not be enough to pay it off.

Gap coverage is where they give you the amount of money to pay off your RV loan no matter what. If you owe $10000 on it and they determine that it’s only worth $8000, the gap coverage covers that $2000 difference.
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Old 03-10-2016, 11:11 AM   #4
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Why switch unless cheaper. I have full replacement cost from Foremost and is cheaper than GS. Later RJD
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Old 03-10-2016, 11:36 AM   #5
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Gap seems to be the latest scam at dealerships anyway. Had one try to sell me a policy for $850 even though I put down 1/3 as a down payment and would never be "under water" as far as value vs. remaining debt.


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Old 03-10-2016, 11:52 AM   #6
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The only one that should be trying to sell gap is the insurance company because you may not have enough to cover it when you drive it off the lot if you wreck it on the way home. My dealer tried to sell me everything they could think of....even 5 year paint protection.
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Old 03-10-2016, 11:53 AM   #7
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Quote:
Originally Posted by Bluepill View Post
Gap seems to be the latest scam at dealerships anyway. Had one try to sell me a policy for $850 even though I put down 1/3 as a down payment and would never be "under water" as far as value vs. remaining debt.
I don't know that I'd call it a scam exactly. You don't have to get it through a dealer. You can get it much cheaper on your own from your own insurance company.

The problem is that you're the exception in putting 1/3 down. So many people buy more than they can afford without putting any money down and then they are upside down from the day they pull out of the dealer's lot.

The problem with insurance is that nobody wants it or wants to pay for it... until they need it.
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Old 03-10-2016, 11:58 AM   #8
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All I know when totaled my Tundra, Ins appraised it $4000 and I owed under $10000. Gap paid off loan and got a really nice down payment for the Ins. You can call it a scam I like to think of it as $900 well spent. All insurance is a gamble.
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Old 03-10-2016, 12:41 PM   #9
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Our payment without gap was $181.00. with gap through our credit union it went up to $186.00 on a 20K purchase. Always have had gap on any vehicle financed. It works for us.
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Old 03-10-2016, 04:04 PM   #10
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If you have full replacement, that many times is for the first five years, why would you pay for gap insurance? I have the full replacement thru Good Sam.
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