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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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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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Old 03-10-2016, 04:17 PM   #11
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GAP comes standard and no extra cost on State Farm Bank loans!
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Old 03-10-2016, 04:37 PM   #12
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I had gap insurance on my Kenworth, but I paid Cash for my last three Campers two of which were new
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Old 03-10-2016, 04:50 PM   #13
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Had to use full cost replacement last year.

My TT of 9 years was totaled while it was parked. Unfortunately by someone with a medical emergency. I am so glad that I had full cost replacement. There are some requirements with the insurance. My old TT cost about $17000. The value at the time of the accident was about $6500. I got that fairly quickly. In order to get the rest I had to purchase another similar TT within 6 months. During the time between the accident and getting the requirements, I had thought of getting a motorhome. Glad I didn't. I did buy a new TT (one I like very much, BTW) and as soon as I had it registered and insured, I got the remainder of $10500 from the insurance company. This coverage only cost me an extra $19 a year. I made sure I added it to the new insurance. GAP Insurance only covers the amount between the value of the vehicle at the time of the accident and what is owed on the loan.
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Old 03-10-2016, 06:06 PM   #14
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I have full replacement insurance for my RV. Since I purchased the RV new, the replacement is good for 10 years. Yearly cost is $364. Actually went down $12 from last year. Never heard of gap insurance but then again, I paid the RV in full.
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Old 03-10-2016, 07:06 PM   #15
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I have full replacement insurance for my RV. Since I purchased the RV new, the replacement is good for 10 years. Yearly cost is $364. Actually went down $12 from last year. Never heard of gap insurance but then again, I paid the RV in full.
What company do you use?
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Old 03-10-2016, 07:35 PM   #16
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Echelon. They insure only RVs and Motorcycles. They are a Canadian company. I do not know if they insure American RVs.
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Old 03-11-2016, 09:25 PM   #17
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My Gap insurance was only $250 for the entire loan. Cheap piece of mind.


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Old 06-03-2016, 06:56 AM   #18
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Originally Posted by RitaB View Post
My TT of 9 years was totaled while it was parked. Unfortunately by someone with a medical emergency. I am so glad that I had full cost replacement. There are some requirements with the insurance. My old TT cost about $17000. The value at the time of the accident was about $6500. I got that fairly quickly. In order to get the rest I had to purchase another similar TT within 6 months. During the time between the accident and getting the requirements, I had thought of getting a motorhome. Glad I didn't. I did buy a new TT (one I like very much, BTW) and as soon as I had it registered and insured, I got the remainder of $10500 from the insurance company. This coverage only cost me an extra $19 a year. I made sure I added it to the new insurance. GAP Insurance only covers the amount between the value of the vehicle at the time of the accident and what is owed on the loan.
Who was your insurance carrier?
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