Did you purchase a GAP insurance policy?

[NWExplorerST]

Hello everyone! Just picked up my ST last week and debating if I should get GAP insurance. Anyone else purchase this?

 

[Jules]

I thought it came as part of my Ford lease

 

[OilDripper]

I thought it came as part of my Ford lease

It is included with the Ford lease but not when you finance it.

 

[Johnnyo4273]

Depends on how much you put down I would say.

 

[adp2020ST]

Yes. I always purchase the GAP insurance. Not that much for peace of mind.

 

[OHST]

I didn't

 

[FutureSTowner]

I Plan On leasing a St in the Future what kind of lease payments are you guys looking at and how much are you guys putting down?

 

[QwikEVO]

I always suggest buying it. With as much as cars depreciate, it's a no-brainer.

With that being said, I wasn't able to get it because USAA stopped selling GAP to active duty military members. I wasn't super happy about that when I found out.

 

[GalenaST]

I Plan On leasing a St in the Future what kind of lease payments are you guys looking at and how much are you guys putting down?

Ballpark 700ish with nothing down

 

[KegsBdry]

I always suggest buying it. With as much as cars depreciate, it's a no-brainer.

With that being said, I wasn't able to get it because USAA stopped selling GAP to active duty military members. I wasn't super happy about that when I found out.

My loan is through USAA...do they sell gap insurance to non-active duty military? I mean, I can call them but thought I'd ask.

UPDATE: USAA doesn't sell GAP insurance, but sells something that has a monthly charge (~$9) for 20% more of the vehicle's worth to buy another one should the car be totaled. Thought I'd share.

 

[ShadowTrooper]

I had it for $4/month through progressive, and just used it... worth it in my opinion!

 

[FatGuyBuilds_YT]

yes, since I put 0$ down. it was 699$ and covers being upside down upto 150%

 

[Dave G ST]

No, didn't even consider it. Even the Finance person told me I didn't need it with the deals they are giving on the 2020's. I may also refinance with State Farm as I have done with my previous Explorers as they have great rates and include GAP insurance at no cost.

 

[DoingOK]

Yes. $299 for Navy Federal Credit union.

 

[zdubyadubya]

100% Yes. It would be stupid not to. Especially in these days of 0% 72 month loans, you won't be above water on this truck for at least 3 years.

 

[KegsBdry]

Update: This thread reminded me to get "gap insurance" at USAA. ~$8/month for 20% over the price covered by regular insurance (or something like that...it's their version of gap insurance).

Thank for the reminder!

 

[Dave G ST]

100% Yes. It would be stupid not to. Especially in these days of 0% 72 month loans, you won't be above water on this truck for at least 3 years.

0% interest would not be the deciding factor on whether or not to purchase GAP insurance. You have to look at what your loan amount is compared to what your vehicle is worth. GAP is worthless if you don't owe more than it is worth.

 

[dolsen]

Yes. $299 for Navy Federal Credit union.

At $300 on a $50k vehicle it was a simple decision for me as well.

 

[EsTeed]

Yes! $299 at Navy Federal

 

[grocery_getter]

In Canada I believe it's called "limited depreciation insurance". Never a bad thing to get for a new car.