I'm refinancing my 2021-S. I bought GAP coverage at the time of purchase. I don't need GAP because the car currently has more value than I owe on it. But I've been offered Depreciation Protection coverage up to $10k for $859.00. I've never heard of it so I'm trying to figure out A.) What it is and B.) Is it worthwhile. Any advice? Thx
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Depreciation Protection Coverage
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Senator20
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In case of a total loss the DPC will pay the lien holder up 10k dollars to pay off the loan. That’s how I read it. Never heard of it before today. You can always call your insurance agent and ask them about it. They would know more than I do, if it was me i would decline it. Just like I declined GAP insurance.
DarkMossJustin
Well-known member
sounds like a scam to me.
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Sounds like a different way to say gap insurance imo.
iBJanky
New member
It's a money maker for the dealer. Kinda like nitrogen filled tires 
AustereSpoon
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It sounds like Gap insurance, but different.
Also, not sure how it factors in but a Telly is damn near an appreciating asset at this point. I drove my 2020 EX off the lot in Nov of 2019, it now has almost 28k miles on it, Carvana is offering about $600 less than I paid for it including taxes and fees currently (41+K offer from Carvana). Used market is insane right now, not sure how that would factor into any depreciation insurance.
Also, not sure how it factors in but a Telly is damn near an appreciating asset at this point. I drove my 2020 EX off the lot in Nov of 2019, it now has almost 28k miles on it, Carvana is offering about $600 less than I paid for it including taxes and fees currently (41+K offer from Carvana). Used market is insane right now, not sure how that would factor into any depreciation insurance.
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