Not really. Cars devalue the second you drive them off the lot because it goes from new to used. A totaled car under insurance would get you the cost of a used car, because thats what your car is, even if you just bought it that week. The gap covers the value between new and used. Still a giant scam though.
It’s insurance if you total your brand new car youre paying off , so you don’t end up with no car and -45k+ in debt (having to pay off a car that’s now totaled and being scrapped), annnddd need a new car . If you have gap insurance and total ur car, your old car gets paid off and you’re at null again, or you have a couple extra thousand to throw on a new car. I learned this the hard way after getting tboned in an intersection the 2nd day I had my brand new Subaru and not understanding why insurance wasn’t covering it…🤦🏻♀️ but it’s a huge scam, but unfortunately it’s one that we have implemented into society here, just like many other scams…
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u/TheJizzan 8d ago
So like insurance for your insurance? That sounds terribly American to me