I’m about to lease a new 2024 SR5 Tacoma, and I’m debating if gap insurance is necessary. They convinced me to get it on my 2021 Tacoma lease three years ago, but I’m not sure it’s worth it this time. Is it really needed for a Tacoma, or am I just being upsold?
If your lease doesn’t include gap coverage, you might want to reconsider leasing from them.
Think about it—what if you drive off the lot and get into an accident right away? You could owe thousands immediately.
Would you be able to cover that out of pocket?
@SharonCarter
My last lease had gap coverage included from the lender. It saved me when I got rear-ended, and the car was totaled.
I just leased a 2024 Tacoma and decided to get gap insurance. Even my insurance agent said it was a smart move, so I went for it.
You can’t guarantee a car’s value in the future. Assuming you’ll always have equity in a lease is risky.
It’s worth it if there’s a chance you’ll owe more than the car is worth at any point during the lease.
If you do get gap insurance, buy it through your own insurance company. It’s way cheaper than what the dealership will charge you.
No one knows how the market will change. We might see a crash soon.
I had a 2014 Tacoma and got $28,500 for it last December because that’s what a replacement would’ve cost me. Having gap insurance made a big difference.
Go through your insurance for gap coverage. It’s a lot cheaper than getting it from the dealership.
Kimberly said:
Go through your insurance for gap coverage. It’s a lot cheaper than getting it from the dealership.
Gap insurance through your insurance company is definitely the way to go, and it’s much less expensive than what dealers try to sell you.