Gap insurance for Taycan RWD - ya or nope

[SS64]

these cars

Yes indeed. I would agree with this

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[Pozuelo]

If gap insurance was available in Spain, I would jump at the opportunity to get it. Peace of mind in case of theft or major car damage. Here if the repair is as expensive as the value your insurance gives it (less than commercial value and zero for options), you must fight them or even go to court so they repair the car.

 

[buruburu]

Could you apply the same principle to house insurance.....if you can't afford to lose the house in a fire, why buy it ?‍. Not everybody can buy these cars 'cash' but that doesn't mean you shouldn't have one. Just my 2p worth

Gap insurance covers what you still owe if your auto insurance settlement doesn't cover what's left on your loan. So if you still own 80K for example and the auto insurance pays out 100K, GAP insurance doesn't pay anything. If the insurance pays out 70K and you still owe 10K, GAP covers that 10K. It's why it's so cheap in the first place. It's something that you need evaluate based on how much owe on your car and if you're going to be upside down on your loan.

 

[Abdul]

Gap insurance covers what you still owe if your auto insurance settlement doesn't cover what's left on your loan. So if you still own 80K for example and the auto insurance pays out 100K, GAP insurance doesn't pay anything. If the insurance pays out 70K and you still owe 10K, GAP covers that 10K. It's why it's so cheap in the first place. It's something that you need evaluate based on how much owe on your car and if you're going to be upside down on your loan.

Yep...I understand how GAP works. Its highly unlikely the difference the shortfall from the insurance pay off and what is owed is going to be less that the GAP premium hence why it makes sense for peace of mind if you're financing the car

 

[WuffvonTrips]

Gap insurance covers what you still owe if your auto insurance settlement doesn't cover what's left on your loan. So if you still own 80K for example and the auto insurance pays out 100K, GAP insurance doesn't pay anything. If the insurance pays out 70K and you still owe 10K, GAP covers that 10K. It's why it's so cheap in the first place. It's something that you need evaluate based on how much owe on your car and if you're going to be upside down on your loan.

That's only one type of GAP insurance- there are others (such as mine, vehicle bought outright) that cover the difference between the purchase price and the main policy payout in the case of total loss.

 

[TaycanHero]

That's only one type of GAP insurance- there are others (such as mine, vehicle bought outright) that cover the difference between the purchase price and the main policy payout in the case of total loss.

Which will also be my situation and I will be doing as you did.

 

[SS64]

Which will also be my situation and I will be doing as you did.

Thanks to everyone. I would think that it make sense to go ahead. I shall look at ALA and admiral. Thanks

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