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When purchasing a car if the owner already has full coverage on a trade in do the owner need gap insurance?
Wiki User
∙ 10y ago
Firstly, talk with your insurance agent before signing for the new car. Dealers will sell you GAP coverage whether you need it or not and their GAP is a very expensive coverage that is paid up front and then financed so you pay even more. The only time you need GAP coverage is when the financed balance is more than the value of the car. If you are trading in another car you may have a lower balance than the book value or the new car. In any case you can purchase GAP from your agent and cancel it after a year or whenever you feel that the loan balance is lower than the value of the car. If you buy from a dealer you pay for the life of the loan plus interest.
Wiki User
∙ 10y ago
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