To COBRA or not to COBRA?

We received the info about COBRA insurance coverage today. Our insurance from Jim's former employer lapsed on May 31. He should be getting insurance from his new job in 90 days. That leaves us without insurance for 3 months, a daunting thought when you have two young kids. COBRA will cost us over $1000 a month. That will take a serious chunk out of our savings. So should we elect to take the coverage or not? I think we have another month before we have to decide. We'll probably take the entire month to decide. It's a gamble if we don't take it. If we do, we could be spending $3K on money that we could instead use to pay down our debt.