Gap insurance
 

Hello all

I have finally purchased a 2014 CPO RS7. I am very excited to get the car, and I have one question to ask the folks on this forum.

Dealer is offering GAP insurance (basically IIUC this covers the delta b/w insurance company and loan amount in case of total loss)

Do any of you folks have this? Would you say its worth it? How much did it cost you (I was quoted $788)?


Thanks!

This is usually purchased when you lease a car, not when you buy, to cover you for the difference between what you owe on the lease and what the insurance company would pay on a total.

How much is your loan over the replacement cost of the vehicle? Most lenders won't lend you the total vehicle replacement cost, much less than more then it.

Even if the difference is $1,000, is it really worth paying $788 for. Remember, insurance is for catastrophie, not for a relatively small amounts.

I'd skip it.

Loan will be 60K

Wonderful car - enjoy and be safe!
Original sticker was probably over $100,000.
With a $60,000 loan I would think that you have enough "equity" to not need Gap insurance.

But the again, a car like this does not depreciate as quickly as the run of the mill.
Consider asking your insurance company for stated amount or guaranteed replacement cost, instead of Gap insurance from the dealer

Thank you sir

Original sticker was about 130K

I appreciate the kind words and help, I will talk to my insurance guy

RS7 purchase
 

If you don't mind me asking how many miles and what was the purchase price. I know you said 60k but I,assume you had to put some money down. If you got it for 60k you stole that car.

I did not get it for 60K lol. 60K is the amount I financed.