As I'd promised myself, I would research and purchase gap insurance after trading the S2000. I lost a ton of money in equity on the trade (traded for a 4Runner since i'm buying a house and need something more usable). I found one company (http://www.gap-insurance.com/) that has what I'm looking for. $300 will cover the life of my loan up to 150% of the MSRP of the 4Runner should anything horrible happen. This fits my needs pretty well.

Has anyone had any experience with this company? It doesn't seem like a big market for this, yet, but I was reading in USA Today that it's a young industry that's evolved from the ever growing number of people who are upside down on their cars when they trade, like me...It almost seems like 'too good' of a deal - $300 is nothing compared to the serious chunk of money I'd be screwed out of if the 4Runner were totalled. I'm a little nervous about forking money over though, regardless of the BBB and other reviews. Looking for personal experiences.

 

hmm,
my insurance company will pay the loan off completely if my car is totalled, "upside down" or not. they made this explicitly clear to me and that because of this to not buy gap insurance.

of course, my insurance is USAA which is member-owned, so they are not out to screw you for the almightly buck. I get a cut of the profit every year, too. I do know that being upside down is a bad thing and growing. 0% loans and long terms are the main drivers.