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Thread: [Insurance question] Does gap insurance make sense in my scenario?

  1. #1
    Senior Member micrapolis's Avatar
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    Nov 2014
    Vancouver, BC, Canada
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    [Insurance question] Does gap insurance make sense in my scenario?

    So i have a 2015 Nissan Micra, SV trim, automatic.

    I like it. I'm the first owner. I live in BC, Canada. It's my only car.

    It was brought to my attention by the broker that i can buy gap insurance (Optiom, for those of you familiar with our insurance providers) that is specifically for used vehicles. These are the quotes:

    MY CAR VALUE: according to her system, is $10,726

    GAP INSURANCE: will pay the difference between my above car value and what insurance pays me in case of total loss, for up to $60k max

    here are the quotes i got:

    - gap coverage up to 5years? fee is $1526

    - coverage up to 3years? $1138

    - coverage up to 2years? $977

    now, if i were driving this car very often, then this would be no brainer....but here's my situation: at this time, and for forseeable future, i ONLY use my car for pleasure, and it's about once per two weeks. however, this may change, depending on my living & working conditions in the mid/long term future. But not in the short term.

    my thoughts:

    - that $10,726 figure is honestly higher than i thought.... But checking my local Craiglist shows this is about right. not too high, not too low. So far, pretty fair.

    - here's what VMR canada & Canadian Black Book says:

    im split on this...what do you think? should i bite?

    Vancouver SNOWpocalypse !!!!1!11!one (....not really)

  2. #2
    Senior Member Azmodon's Avatar
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    Jan 2015
    Niagara Falls Canada
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    I'd have to know the estimated payout from insurance upon a total loss, and how much you still owe on the vehicle (and if your goal would be to make money off any unfortunate event) to actually run the numbers. It'd be no different than advising you on life insurance at that point.


        click to view fuel log View my fuel log 2015 Micra SV automatic: 7.1 L/100 km ... 39.9 mpg (Imp) ... 14.1 km/L ... 33.3 mpg (US) ...

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