Submitted by MelaniaFromBrentwood on 12. März 2018
We got our new Tesla 100% financed through Tesla (via US Bank) for 72 months but they do not offer GAP coverage. My insurer (GEICO) also doesn’t offer it in California.
I can go through the trouble of switching to Progressive, which will offer for $180/year lease/loan insurance that would cover the difference between loan balance and the actual value of the car, up to 25% of the value of the car. That way, if totaled while I’m inevitably upside down on the loan, I could still pay off that balance.
How many of you get such insurance? Is it necessary/critical? Or can I go without it? I have never financed a car before but couldn’t pass up the 1.49%, so I have no clue.