Is gap insurance worth the cost?

Gap insurance can be worth the cost depending on your individual situation. Gap insurance is designed to cover the difference between what you owe on your car loan and the actual cash value of your car if it's totaled or stolen. It's especially useful if you owe more on your car than it's worth, if you put little or no money down, or if you have a long-term loan. In those situations, if your car is totaled or stolen, you may end up owing money to the lender even after your insurance payout. The cost of gap insurance varies depending on the provider, but it's usually affordable, ranging from a few hundred dollars to a few thousand dollars over the life of the loan. However, if you don't have a loan or lease on your car, gap insurance isn't necessary. It's important to note that some auto insurance policies already include gap coverage, so you may not need to purchase additional gap insurance. If you're considering gap insurance, it's best to compare quotes from different providers and review your auto insurance policy to determine if you already have gap coverage.