Dillie Hwu

Question: Should I get insurance on a car loan?

It's been many years since I got a car loan, but we're in need of a replacement car. I started to get pre-approved, but during the process they asked about insurance on the loan. Things like death, DISM and UEMP . I've no idea what the last 2 are; or if I should or shouldn't get it. This may be what I've heard called GAP Insurance , although doing a web search on that term resulted in hits related to car leases, and I'm not looking to lease a car, but to buy one, so I don't know if that applies or not. Bottom line: do I need this or not? I'm sure the answer, in part, will be it depends ; well, until I know what it depends upon, I can't make any intelligent decision about this.

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