Should I get GAP insurance for my Camry xse or is it a waste of money?

I financed my Camry xse for 5 years and I’m thinking about getting GAP insurance. Is it worth it? I’d like to hear from people who have had it before. Did it actually help you, or was it just another extra cost?

Camrys hold their value pretty well, so unless you put very little down or got a high-interest loan, you might not need it. If your car got totaled, you’d probably still be okay without it.

Felix said:
Camrys hold their value pretty well, so unless you put very little down or got a high-interest loan, you might not need it. If your car got totaled, you’d probably still be okay without it.

I had GAP on my last car, and it did save me when I got into an accident. The insurance payout wasn’t enough to cover what I owed, so GAP took care of the rest. If you’re financing most of the car, it could be worth it.

Felix said:
Camrys hold their value pretty well, so unless you put very little down or got a high-interest loan, you might not need it. If your car got totaled, you’d probably still be okay without it.

It depends on how much you put down. If you put little to nothing, I’d say get it. If you put a big chunk down, you’re probably fine without it.

Check if your insurance company already offers some coverage for this. Some policies include it without calling it GAP insurance.

I skipped it and regretted it. My car was totaled, and I still owed a few thousand. If you’re on the fence, just compare the cost of GAP to the risk of being stuck with a balance if your car gets wrecked.

I’d say it depends on your loan terms. If your interest rate is high or you didn’t put much down, it might make sense. Otherwise, it’s just another add-on the dealer tries to sell.