Gap Insurance

danf1 · September 2005

No. Gap only covers the loan deficiency amount. If there is no loan, then gap does nothing.

marsha7 · October 2005

danf1 is 100% correct...I only wish I could have said so succinctly...

Bob

danf1 · October 2005

Succinctly? Good one, you give me a compliment while making me find a dictionary at the same time.

rroyce10 · October 2005

... **Succinctly** ....... great, another $10 dollar word I hafta look up ........

Terry.

marsha7 · October 2005

with a slight self-deprecating thought thrown in...amazing what we learn in lawyer school, ain't it???

Let me guess...now you have to look up self-deprecating???

:shades:

danf1 · October 2005

rhymes with deficating. Three semesters of pre-med and I can make that connection.

Kirstie_H · October 2005

I think we've gone far enough off-topic here. But hey, thanks for the "word-of-the-day"!

rroyce10 · October 2005

....... **self-deprecating** ..................... isn't that car wax .....?

Terry.

toyo_van_owner · October 2005

We have a new car loan with USAA, because they were the best rate by 1% and we've always had good luck working with them. When the loan papers arrived, I was surprised to note they automatically include GAP insurance at no charge.

How common is that these days?

marsha7 · October 2005

I believe that event occurs in only 14% of auto loans, dating back to a starting date of April 23, 2002... :shades:

:shades:

kristykay · October 2005

I am in the process of financing a new car. I'm not putting a whole lot down and it's a 60 month loan so I've decided that GAP insurance is a good idea. The dealership is offering it for just under $10/month. I have looked and looked and looked online (and even made a few phone calls) but I have not been able to find anyone who offers a stand alone GAP insurance policy. I don't belong to any credit unions.

Does anyone know if (and where) I could buy a stand alone GAP insurance policy. And once the amount left on the loan equals the car value, can you cancel the GAP insurance? The dealership said I could but I don't always trust them.

Kirstie_H · October 2005

Pardon me if I'm suggesting something you've already tried, but have you called your own auto insurance agency? Mine will sell gap at an extra cost over my regular auto insurance premium. It may end up being cheaper going through your own insurance agency, and like any other insurance policy, you can cancel it when you are ready.

kristykay · October 2005

Yep, that was the first thing I tried. Unfortunately, GEICO doesn't offer it.

rroyce10 · October 2005

..... Call around to some of your local Credit Unions .... "some" will sell Gap without the loan ....

Terry.

marsha7 · November 2005

we all want the cheapest price, $10/month is not that bad, coming to $600 over a 60 month loan, even if it is non cancelable thru the dealer (if he is lying)...if you can cancel it, say at 45 months, it will only cost $450, which is about what I paid for my GAP on my 2004 Dodge Ram 1500...I would say take the $10 and run with it...

Remember, if you total out the car anytime in the first 3 years, your "payback" on what you do not pay in the differential between what you owe and what it's worth, will be many times the $600...also, if you do total it in the first 3 years, you will have paid out a max of $360, certainly worth the thousands it will save you in the deficiency...after paying out, there won't be any more GAP payments, will there???

worriedowner · November 2005

Hello all,

I just purchased a new vehicle and had thought I needed GAP insurance. When I got home I changed my mind about the GAP insurance. Is there any way of cancelling the GAP Coverage and get my money back without a penalty?

marsha7 · November 2005

I would call the dealer and see if you can cancel it...if not, call the company who issued it and ask them to cancel it...if the GAP premium is part of your payment, then the issuing company has probably been paid the premium, and they would be the ones to issue the refund...

worriedowner · November 2005

thank you for your response. I will definitely try.

marsha7 · November 2005

let us know if it works...

confusedkelly · March 2006

I have a question about gap insurance. My husband purchased a new vehicle in 2002 and purchased gap insurance with it. Last year he totaled the vehicle, then the vehicle was repossessed. Will the gap insurance still pay off the loan?

wlbrown9 · March 2006

IF he totaled it first and claimed it on the Insurance then the GAP should have covered it before it was repossessed. Was there some other problem with insurance that kept the claim from being paid for the total? If so, he would be responsible for keeping payments up while trying to resolve that issue so the GAP would kick in and cover the difference.

confusedkelly · March 2006

He never filed a claim with the ins. co. The car was still drivable. It just had so much damage, broken lights, damaged wheel, crushed fenders. It was his fault and there weren't any other vehicles involved.

wlbrown9 · March 2006

Hum, it is probably too late. The primary insurance may not want to pay due to delay in reporting the accident. Without that the the GAP would probably not kick in. Another problem I see with this...since it was repossessed and in such bad shape, he probably owes a significant amount since they probably did not get much at auction for this 'totaled' vehicle. In fact it is not really totaled since the insurance was never notified. Also, there could be additional problems...Was there ever a police report filed on the accident? In many states there is a legal requirement to file a police report if damage exceeds a certain amount.

Really a lot of problems here.

Legal due to possible failure to report accident.
Failure to keep payments current...repo.
Failure to notify insurance of accident.
Accident issues? Why was it not reported or handled correctly.

Sorry, but it looks as if there are a number of problems with your situation. Good luck working them out. You may need to consult a lawyer to see if there is anything you can do to get this all worked out.

confusedkelly · March 2006

Thank you for your help. My husband will have to sort things out himself. He doesn't take care of things, and I'm always stuck trying to fix it for him. There was no police report because he was on the way to work in the early morning fog and hit a dear. He had to be at work so he was in a hurry and didn't have time to do anything about it. I don't know why he never filed a claim with the ins. co. That's his fault. Shortly after that he lost his job and was out of work for four months. That's why the car was repo. You are correct about them not being able to sell the car for very much. He owes a lot. He'll have to work it out on his own. Thank you for your help.

marsha7 · March 2006

First, before you worry about the car, I would consider replacing the husband, especially if he cannot "take care of things" and leaves the mess for you to clean up...this comment is 50% serious and 50% LOL...you decide...

GAP, to my knowledge, will ONLY kick in after the primary insurance has paid all it will, as in a total...THEN, if there is a balance left between what you owe on the note and what insurance paid, GAP will pay the difference, and you are not stuck with a balance on a car you no longer have...

I am sorry to say, but if there was a way to calculate how to do everything wrong, step by step, your husband has done it and screwed himself and his credit royally, hopefully not yours (if you were on the car note, and it was repo'd, your credit is shot along with his...

First, most insurance contracts demand that accidents, regardless of whose fault (in a one car deer accident, whether they blame the deer or your husband is immaterial, it is your husband's duty to report the wreck, as I assume that the deer was uninsured...

), must be reported in 30 or 60 days...often, if an insurance wants to be sticky and abide by the contract, an accident reported after the 30/60 day period, they can refuse to insure you as you breached their contract which hold them liable to pay for your damages...

Even without a police report, with a run-in with a deer, your collision will still pay for the car...however, it isn't totalled until THEY say it is totalled, as they are the ones paying to fix it...then your GAP would kick in...

So, your husband decided to stop paying the payments because he now has a piece of junk...problem is, the lender expects payments whether the car exists or not, unless they were paid off by ins and GAP...your husband made a serious error...now, insurance probably won't pay, GAP won't kick in, and he is responsible for the entire balance, and he has no job, altho I am sure his payments would have stopped even if he had his job...

If he was afraid of his premiums going up, while a valid thought, a truly stupid excuse...he now owes thousands of $$$, ruined his credit (yours, too, if you share the note), and the increase in premiums, even over the next 10 years, would never equal the amount he owes on the vehicle...to add insult to injury, sometimes insurance companies only slightly raise your premium if you collide with a deer, as everyone knows that you can rarely avoid the collision, and it IS the fault of the deer, not you...so his failure to report may not have hurt that much at all...

They will soon get a judgment against him for the balance owed, and then turn it into a garnishment, and they will find him once he regains a job...in Georgia, they can garnish 25% of your GROSS income before taxes, where you are, I do not know...my statements are based on the assumption that you owe a substantial amount on the car, over $5,000...if you only owe $1500, then none of this matters...

He can eliminate the eventual judgment by filing Chapter 7 bankruptcy, but you must see if he qualifies under the new Federal rules (I do bankruptcy along with personal injury, so I understand the options)...no joke, while he is unemployed may be the best time to file, as one of the qualifying factors for a 7 is household income...obviously income is down when he lost his job...it will change when he regains a job...

So, while not trying to rub salt in the wound, I assume when you post that you want straight answers...if you were sitting in my office, that is what I would have told you...if you want meely-mouth, sugar coated answers, I cannot help...

And, you need to have a serious sit-down talk with someone who continually leaves financial messes for you to clean up, simply because he can't seem to take responsibility
...this is not a Dear Abby column, but, I see too much of this in my bankruptcy practice, one spouse responsible and one irresponsible, and if you do not get a handle on this now, he will make your life even greater h*ll in the future...if you do not deal with this now, you WILL deal with it later, when you both have separate attorneys and there are no assets to divide because he ruined the family finances...you may not realize this yet, but I do, you have more work ahead of you than you realize...good luck and keep us posted...

Bob

confusedkelly · March 2006

OK Bob, Thank you for your help. I talked to my husband about bankruptcy. My name isn't on the car, but my father-in-law's is. If my husband files bankruptcy, will it all be put on my father-in-law? I don't want that. He is such a kind man and has been so good to us. My husband just takes advantage of him. If he filed bankruptcy, and wiped out all of his debt (believe me, he has a lot), and my father-in-law still had to pay for the car, would it work for us to give him money to pay it? Would that help my father-in-law's credit? I have no idea about any of this, because I have never had to deal with it. Thanks for any advice.

bobst · March 2006

Kelly, you can't solve all of the world's problems. Your husband's father knew what he was getting into when he co-signed the loan. Let them work it out.

marsha7 · March 2006

Yes, if your husband uses a Chapter 7 to eliminate the debt, they will only go after the co-signer, your father in law...but, if I understood you correctly, your husband is not paying on the loan anyway, so, unless someone is not paying attention at the Lender, they are already sending notices to your F-I-L that the loan is not being paid...if he wants to salvage his credit, he is already making those payments, unless your husband is paying...so, the net effect, if I am right, is that your FIL is already making the payments that your husband is not paying...

Bankruptcy will only relieve your husband of the debt, but Dad will still be responsible, as he is now...if Dad makes the payments, his credit will remain OK...

Also, after the (assumed) discharge of debt, there is nothing preventing your husband from paying back his father...bankruptcy relieves you of the LEGAL responsibility to pay a debt, but you may still pay it back after discharge, especially if it is a family loan...

apgem3 · March 2006

My son's car was totaled, and he didn't have gap insurance at the time. Frankly, we didn't know it existed until after the accident. He was left with $3000.00 he have to pay. He has purchased a new car with another dealer that doesn't offer gap insurance. He was told to go online to see if he can purchase it. So far after searching extensively, he found out it is only offered if you have a 12.5% rate or lower. He has a 16.7% rate. My question, Is there any one out there that he can purchase gap from at the rate he has of 16.7%.

pat · March 2006

Hi. Unfortunately, you won't be able to find someone to sell you this here since buying and selling are not allowed in the Forums.

However, we can talk with you about any questions you have about it and we can help you assess whether what you find would be the best choice for your son.

Good luck. Let us know what you find.

qbrozen · March 2006

did he ask his insurance company?

marsha7 · April 2006

He should have gone to another dealer to buy the new car...I am surprised the his dealer did not sell GAP insurance...altho a previous poster did say, correctly, that he should ask his insurance company...

But it is often easier to just roll the ins premium into the car payment, so getting it from the dealer as part of the purchase is usually the easiest...

To me, it is as wise as buying title insurance for your home...a one time purchase, and, if it is ever needed, the payback is immeasurable...

The only time I would say that GAP is not needed is if you put a dowm paymt of 30% or more, and do not finance the vehicle over 3 years...numerically, that is probably the only way that your car will probably be worth more than the outstanding balance on the loan, which is the reason for GAP, that you owe more on the car than it is worth...mandatory on any loan of 4 years or more, with less than 30% down...

The REAL reason for this is simple: the CARS we buy depreciate like rocks, so if your car is totalled in the first 4 years (assuming a 5 year note or longer) the value of the car has dropped so fast you will always owe more on it than its fair market value would bring...so, when the insurance pays off what the car is WORTH, but your loan has not decreased because it is a long loan, then GAP pays off the diff between what it is worth and what you owe, and that amount if often $$$thousands...

It appears that even Mercedes are depreciating more rapidly than ever before, especially when folks get these 6,7,8 year loans on them, the loans have an amortization schedule like a mortage, it is almost that funny...what some folks will do just to be seen in a Benz is laughable...

lilyowen · April 2006

Kelly:

It's likely that the lienholder already filed a claim with the insurance carrier -- if one truly existed when the vehicle was repossessed. It is also likely that it was denied due to lack of cooperation from your husband.

The biggest problem you will have collecting here is not the delay from accident or lack of report, but that the lienholder has already sold the vehicle at auction. That means this vehicle has been repo'd for some time and honestly you have been invited to the game far too late to change much of anything.

There is pretty much no way a carrier will pay without any proof of loss -- especially when it is due to the insurds failure to report and the lienholders failure to prove that loss. As others have stated already then -- if no primary carrier payout, no GAP coverage payout. I agree with Bob, your husband needs to seriously inspect his personal affairs -- this kind of mess isn't due to ignorance, it's due to incompetence. You need to take over all financial affairs that even remotely involve you -- ASAP.

getbizzy · April 2006

What is Gap insurance and do I need it?
The F&I manager really tried to hard sell me on this.
Do I need this or it is a sales job?

marsha7 · April 2006

Yes, you NEED it, if you are buying a car with a down payment of less than 30%, and if you are financing it for longer than 3 years, and if it is a car other than Mercedes or Porsche...and here is why...

As you probably know, your car, unless it is a Benz or Porsche, will depreciate like a rock in the first 3 years, even as you drive it off the lot...if you put less than 30% down, the car's value when you drive it off the lot is less than what you owe on the loan...if the car is stolen, burned, or totalled in a wreck, your insurance will only pay what the car is worth, not what you owe...so, if you owe $20K but the car is now worth $17K, you will have to come up with $3K from your pocket to cover the difference...for most folks, that $3K is difficult to come up with, especially to pay off a car you no longer own...

That $3K is what GAP ins covers...it pays the GAP between what you owe and what ins pays...the premium of $3-5 hundred dollars, usually rolled into your loan, is a small price to pay for peace of mind...I consider it MANDATORY as much as car insurance itself, because the first complaint out of EVERYBODY's mouth when their car is totalled is...WHY DO I HAVE TO PAY THE NOTE WHEN I NO LONGER HAVE THE CAR???...the question itself, per se, is really quite stupid...why should the bank lose money because your ins does not pay what you owe but what it is worth...but, folks still have a hard time making payments on an item they no longer possess...hence, this is ONE TIME that the car dealer is playing straight with you...get the GAP for every car you ever buy for the rest of your life...

Now, GAP would be unnecessary if you put 30% down and only had a 3 year note, because the 30% down would be about the depreciation when you drive off the lot, and the 3 year note would be amortized (principal paid down) about the same rate as the value of the car depreciates...so, in that case, your outstanding balance on the car loan would always be approximately what the car is worth...

But, if you only put 10% down, and financed for 4-5 years (or longer), you would be in negative equity (upside down) almost until the last year of your loan...this is especially hard on American cars, because they lose value like dropping rocks...

Example: your Chevy Malibu or Ford Explorer costs $30K out the door...you put 10% down ($3K) and carry a $27K note for 5 years...if your car was totalled at 9 months or 18 months, ins would probably pay off around $20K, because the car has lost that much value that quickly (you know this because you can't get much for a trade-in)...so, ins pays $20K, but your $27K note still has a balance of about $26K or more, because you have paid all interest in the first year...who gets stuck with the difference of $6K (26K balance minus ins paymt of $20K)???...YOU DO!!!...but if you have GAP, the GAP pays the 6K, and you walk away debt free...

I am sure you can see that this becomes worse if you buy a decked out Expedition for 40K, only put $1K down, carry a note for $39K for 6 years...at some point in the loan, you could be upside down as much as $15K, but still, the GAP will pay it if you bought the GAP...

Stop thinking...get it...NOW!!!

Bob

qbrozen · April 2006

wow. Benz and Porsche are not the cars I would pick to have strong resale value. Honda/Acura/Lexus/Toyota/MINI are my suggestions for not necessarily needing GAP ... almost everything else is a big loss waiting to happen.

british_rover · April 2006

Porsches do ok for resale but most Benzs like all the other euro luxury cars take a huge hit.

I had a list of new vehicle residual values around here some where but I cannot find it now hmhh.

british_rover · April 2006

of the 2006 best resale values.

The car I own is number one so good for me but since I will never sell it oh well.

There is one Merc on the list and it is the E55.

http://www.cars.com/go/advice/Story.jsp?section=buy&subject=best_resale&story=cl- - - assResidual&aff=national

Here is the overall top 10 list.

Top 10

If you click on the residual value tool you can look up the ALG residual for any vehicle. Keep in mind that the residual listed there is not necessarily the one used for a vehicles leasing program.

marsha7 · April 2006

overgeneralizing when I said Mercedes and Porsche...if I bought either one, I would certainly buy GAP, simply because the vehicle could easily depreciate faster than my note...

So, let's make it universal...unless you put 30% down, and finance 3 years or less, get GAP...which probably now covers 99% of all automotive purchases (and farm equipment...that Caterpillar stuff may lose value quickly... :shades:

:confuse: )

qbrozen · April 2006

I was actually going to point out that it really depends on the model. I know Boxsters do pretty poorly, for instance, as did the E320. On the other hand, as the list points out, higher models, like the E55 and 911, do much better.

I'm shocked to see the LR3 on there. The Disco II had absolutely horrid resale value. I guess they are projecting big things for this model. Only time will tell.

Of course, I also can't figure out how the LR3 is #3 on the list, while the Accord has the same residual and is nowhere to be found ... hmmmmm....

british_rover · April 2006

It reall depends on the vehicle. I think for the majority of cars if you put 20% down plus all taxes and fees then you will be safe with a note of up to 60 months in length.

So for example if you were going to buy a car that was 30,000 dollars in a state with 6% sales tax and reg fees of say 175 dollars then you would need to put down... 8,000 dollars.

Total price of the car with tax and all fees would be $31,975 dollars and amount financed would be $23,975.

Lets say this particular car was a fairly good seller so no special rates avaliable and ok but not stellar so you got a rate of 6.75%.

Over the course of 60 months you would pay a total of $28,393 with payments in the amount of $473.23 a month.

I don't think you would ever be upside down in this particular scenario. If the car was a slower seller and say 2.9% or some other special rate was offered then I would still put down the 20% since there is a good chance that car will have a low resale value.

british_rover · April 2006

The LR3 is very nice and is worlds apart from the Disco in everyway. It feels good having my personal car on that list along with one I sell.

According to the residual value tool on that site the highest residual value on the Accord for 36 months is 56% for the EX sedan model.

The LR3 with the highest value is the LR3 SE or SE7 with 57% for the same 36 months. Resale value does not follow lockstep in line with residual value though.

qbrozen · April 2006

well, right, they are somehow assigning strange numbers in that top 10 list. i'd like to know how they came up with them. I mean, here they add 2.3% to Mini Cooper's ALG number, while adding nearly 5% to the aforementioned LR3 SE, almost 7% to the Porsche, 4.5% to the Tundra, etc, etc.

I believe what killed the Disco more than anything was its poor reliability reputation, as well as high repair bills. I like Land Rovers, personally (but i think you knew that), so I'll be keeping an eye on the LR3.

british_rover · April 2006

Yeah I was wondering that too. I would like to see the formula that they used to figure those numbers out. I am guessing they took the three year lease residual value then looked to see what similar used vehicles were selling for on the market and adjusted the lease residuals up accordinly.

marsha7 · April 2006

I would not advise only 20% and a loan over 3 years...it seems that depreciation can hit any car at any time, and to try and pick a specific model just to avoid GAP is probably foolhardy...my original comment on Benz/Porsche was probably a gaffe on my part, as I was implying models that I thought would hold an extremely high value...but I am wrong...so, 20% isn't much when you consider that a $6K down paymt on a $30K vehicle, after adding taxes (7% would be $2,100), a possible extended warranty (often 900-1400), and the GAP (400-500) (to go high, 2100 + 1400 + 500 = $4,000...most of your $6K down is gone, you are actually putting $2K down on a $30K vehicle)...you are severely upside down, and will remain so until the last 12-18 months of your loan, if it is 4 years or longer...

While you may pick and choose depending on the model, I will recommend to everybody to buy GAP as a wise and necessary purchase...for the few who want to gamble, go ahead, but since you never know if you have one of the rare depreciating models, and the odds are over 95% that your car will drop like a rock, it is not just a wise, but a prudent purchase...

rroyce10 · April 2006

..... Good point Qbrozen ..

We'll just have to sit back and watch the LR3 for awhile .... cuz' it's older brother sure ain't setting the world on fire ..l.o.l....

Terry.

snakeweasel · April 2006

While you may pick and choose depending on the model, I will recommend to everybody to buy GAP as a wise and necessary purchase...for the few who want to gamble, go ahead, but since you never know if you have one of the rare depreciating models, and the odds are over 95% that your car will drop like a rock, it is not just a wise, but a prudent purchase...

If I may I would like to put my 2 cents worth into this. Its not the fact that most people will be upside down on a loan for at least a small portion of their loan, nor what the odds that your car will drop like a rock. The thing a prudent person should look at is the odds of you either having your car totaled or stolen in that time frame that you are upside down in the loan and what would be your average exposure to that liability.

I one time calculated that not getting gap insurance would result in a loss of about $50-60 per car that I own. To me thats an acceptable risk.

Gap insurance is not always wise or necessary so I would advise taking a long hard look at it to see if you really need it. I am not saying don't take it, nor am I saying do take it, just consider the odds and exposure to risk.

wlbrown9 · April 2006

Good points. I would add that if you can afford to make up the gap out of pocket, you don't 'need' it but may want it to cover a loss. Those folks that 'need' GAP don't have a couple of thousand in hand and would be in a real bind if the car was totaled or stolen.

Also, clarify the 70-80% should be selling price, not MSRP. We bought a GMC Envoy XL on the GSM program almost 2 years ago trading in a Jeep GCL. Had some equity and rolled the taxes, etc into the deal. MSRP was right at $40K, financed just about $31K for 63 months at 3.99%. Checking the value at Edumnds a few times and we are probably within $2K of even. I could afford to take that hit if it happened. Stepdaughter bought a basic SUV 2.5 years ago. She could not afford to take that hit so I talked her into the GAP.

marsha7 · April 2006

not have emphasized...obviously, if you have the cash to take the hit, GAP is unnecessary...but most folks simply do not have that cash, which is why they put $1000 down on a $30K car, and finance it over 5 years...I would find it hard not to recommend GAP to any of those folks, as they are usually living from payment to payment...

Odds of an accident...There may be a true statistical amount, say, 1 in 10,000 that you may suffer a totalling accident today...I consider that quite meaningless...the truth is, you may suffer an accident on ANY day, at ANY time, and it may even occur while your car is parked and you at at the baseball game...so, to attempt to "calculate" those odds is silly, as it is impossible...now, I will agree that getting your car stolen is higher in NYC than Cody, Wyoming, and having a highway wreck is greater on the clogged LA freeway than the desolate interstates of Montana...

But, as the posters on these sites attest, many of them are about to be hammered on the amount they still owe after ins pays, so I think it is worth to consider GAP in almost all situations...

In fact, if you are going to play the odds, why don't you just cancel your insurance altogether???after all, if you only believe you have a one in a million chance for a wreck, why not just gamble that you could pay that, rather than waste $$$ on premiums???...for some of us, the thought of paying out just a $3000 deficiency could break many...GAP is prudent, but not for all...

snakeweasel · April 2006

Odds of an accident...There may be a true statistical amount, say, 1 in 10,000 that you may suffer a totalling accident today...I consider that quite meaningless.

But that is not meaningless, the odds of the event happening times the potential pay out should be weighed against the cost. Say if during the time I am upside down on the loan I am an average of $2,500 upside down and I have a 2% chance of having my car stolen or totaled that would work out to be $50 (2,500X.02). If gap insurance costs more than that I wouldn't recommend it, especially if it is way more than that, but if its less than that its a good buy.

Sure you may have an accident anytime, but I wouldn't place to much on that happening.

In fact, if you are going to play the odds, why don't you just cancel your insurance altogether??

Because gap insurance and regular car insurance (liability, comp and collision) are two entirely different animals. The major differences are:

Legal - most states, if not all, have a minimal amount of liability that a driver/car must carry. There is no legal requirement for gap insurance.

Exposure - with gap insurance your exposure to loss is relatively small (maybe a few thousand) that will decrease over time. Liability insurance your exposure is far higher and could be in the hundreds of thousands of dollars and that can only go up over time.

Term of exposure - What gap covers is over in a relatively short time, 2-4 years (4 is a relative extream). However with liability your exposure never goes away.

Frequency of use - Lets face it you are going to use your regular car insurance far more often than you will gap insurance.

Gap Insurance

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