THX723
Member
Due to the nature of an unsecured loan, GAP insurance does not apply. LightStream does not offer it nor do they require it.I am planning to try with PFCU Tomorrow. What is the eligibility criteria for SF FCU? If PFCU doesn't work, will try this route. If LightStream requires GAP insurance then I don't see a point with them though.
IMHO it is a good idea to protect yourself financially in the event of a total loss of vehicle due to Tesla's high average cost of repair or high depreciation (if you drive a ton like I plan to).
Even better than GAP insurance (which is only for secured loans and only covers the gap) is some type of new car replacement policy from your primary insurer, where you will be credited full value of your Tesla during the first 2 years of ownership (or 3, depending on insurer). The added cost is comparable to GAP insurance, which comes to ~$400 total for the 2 years. Not all insurers provide such coverage however. AAA, whom I was insured with, apparently does not. While AllState (whom I'm now insured under) does.
Food for thoughts.
Last edited: