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Gap Insurance

440 messages, Last post on Sep 24, 2009 at 1:20 PM

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What is this discussion about? Car Leasing, Buying Insurance

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#285 of 440 Gap may or may not by marsha7 Sep 28, 2007 (1:54 pm)
be related to the basic insurance or the lender, or totally independent as just a free standing insurance... I agree with the others, as I would send all necessary docs via Fedex to a street address, and the name of the one who signs will be on Fedex's website to verify delivery... Just thinking out loud on this, you might send a copy of everything that you send to Gap also to your Lender, along with a copy of your Gap policy, so they know you are doing your due diligence...after all, it is your Lender who is awaiting payment from Gap to close out the loan on your car... You might also contact the agent who sold you the Gap ins (car dealer, maybe?) and consider reporting them to the State Consumer Agency and/or the Attorney General for investigation, maybe also the Insurance Commissioner... What should be a simple "pay the claim" procedure gets drawn out due to ins companies that do not uphold their agreements...while certain claims are up for discussion, Gap, to me, seems pretty cut and dried...they pay whatever your main insurance does not pay to pay off your loan... Maybe a couple of million dollar fines from the Insurance Commisisoner would snap them in line...
#286 of 440 Does GAP cover deductible? by praz Oct 17, 2007 (2:44 pm)
If a car is totalled and value of the car is more than money owned to the finance at that time, will GAP cover for the deductible of $500? Thanks. Replies to this message: nkmonty1 (Oct 17, 2007 3:13 pm) praz (Oct 18, 2007 4:21 am) nkmonty1 (Oct 19, 2007 4:04 am) and 1 more... sky23213 (Oct 18, 2007 10:01 am) wlbrown9 (Oct 18, 2007 1:31 pm) kyfdx (Oct 17, 2007 3:32 pm) praz (Oct 18, 2007 4:04 pm) joel0622 (Oct 19, 2007 4:29 am) joel0622 (Oct 17, 2007 5:43 pm)
#287 of 440 Re: Does GAP cover deductible? [praz] by nkmonty1 Oct 17, 2007 (3:13 pm)
Replying to: praz (Oct 17, 2007 2:44 pm) Hi You know that is a good question. I dont think that it would I guess you have to call the GAP company and find out. But I do have a question for you. I am having so much trouble finding the right GAP company. Whats the name of yours and are they any good. I also in trying to get extended warranty coverage and cant find a right company for that. Any suggestions hmmm from anyone. Thanks Nan Replies to this message: praz (Oct 18, 2007 4:21 am) nkmonty1 (Oct 19, 2007 4:04 am) praz (Oct 19, 2007 5:01 am) sky23213 (Oct 18, 2007 10:01 am) wlbrown9 (Oct 18, 2007 1:31 pm)
#288 of 440 Re: Does GAP cover deductible? [praz] by kyfdx HOST Oct 17, 2007 (3:32 pm)
Replying to: praz (Oct 17, 2007 2:44 pm) I doubt that GAP would cover your deductible.. After all, deductibles can vary.. and are between you and your insurance company, not the GAP provider. Replies to this message: praz (Oct 18, 2007 4:04 pm) joel0622 (Oct 19, 2007 4:29 am)
#289 of 440 Re: Does GAP cover deductible? [praz] by joel0622 Oct 17, 2007 (5:43 pm)
Replying to: praz (Oct 17, 2007 2:44 pm) Yes, a normal GAP policy will cover a Deductible up to $1000 dollars. Some cap at $500 but I have never seen a policy that does not cover the deductible. That does not mean there is not one out there that does not which I am sure some one will now point out that in 1997 they bought a car with GAP, totaled it and it did not cover the deductible. Google "gap insurance deductible" you will see your answer
#290 of 440 Re: Does GAP cover deductible? [nkmonty1] by praz Oct 18, 2007 (4:21 am)
Replying to: nkmonty1 (Oct 17, 2007 3:13 pm) I purchased GAP from a third party through the dealer when I bought my car. But this third party is affiliated with the finance company/manufacturer and it costed me $600/5 years and I can cancel it anytime. The third party was United Auto. Replies to this message: nkmonty1 (Oct 19, 2007 4:04 am) praz (Oct 19, 2007 5:01 am)
#291 of 440 Re: GAP provider by sky23213 Oct 18, 2007 (10:01 am)
Replying to: nkmonty1 (Oct 17, 2007 3:13 pm) Check with your insurance company first. Some offer it, some don't, but if they do, it's MUCH cheaper. Also, you may cancel it at any time, when you're no longer upside down. In my case the premium was something like $14/6mo, billed along with the other stuff.
#292 of 440 Re: Does GAP cover deductible? [nkmonty1] by wlbrown9 Oct 18, 2007 (1:31 pm)
Replying to: nkmonty1 (Oct 17, 2007 3:13 pm) check with gmoutlet dot com I belive that is Black's Pontiac/GMC in Penn. Any GM still under warranty and may other domestic brand...call them if you need to. Black Pontiac Cadillac’s GM Outlet (877) 472-9550 Toll Free, (814) 472-9550 Local, (814) 472-4741 Fax
#293 of 440 Re: Does GAP cover deductible? [kyfdx] by praz Oct 18, 2007 (4:04 pm)
Replying to: kyfdx (Oct 17, 2007 3:32 pm) I should have asked my question in a different way, my fault. I was wondering, if GAP insurance is worthless if the car is worth more than the money owed to the finance company when the car is totalled. This might be the case when the car is 2-3 years old, at this time will the GAP pay for the deductible to my insurance company so that one gets 100% value of the car at the time of total loss instead of "Full book value - Deductible". Thanks Replies to this message: joel0622 (Oct 19, 2007 4:29 am)
#294 of 440 praz by marsha7 Oct 18, 2007 (6:53 pm)
GAP is designed to pay off the difference between what you owe and what the car is worth...if the car is totalled and paid at $8,000, but you owe $11,000, GAP will pay the $3K difference, so you do not make any money on it, but walk away OWING nothing... GAP was originally used for leases, since you owe for the full lease...then it was simply adapted to purchases... Let's face it...GAP exists because cars, esp American cars, depreciate like a rock, as they are overpriced from Day 1 and the depreciation is like reality catching up with the fantasy...further, if this was like 20 years ago, when folks put a down payment of 25%, GAP would not be necessary because the car would depreciate at the same rate as the 3 year loan was being paid down... But nobody puts anything down anymore, nobody gets 3 yaer loans anymore, and many folks roll over negative equity, so the average $25K car probably has a loan on it of $30-35K, much more than the car is worth...GAP will usually cover a reasonable amount of negative equity, and it is simply a risk reducing measure, since most cars that are wrecked are not totalled, and GAP only comes in when a car is totalled...if it is not toalled, then one argues for diminished value, but GAP does not apply... There will be a multiple choice test tomorrow at 10:00...please bring a Number 2 pencil and Photo ID... 50 questions, 60 minutes, no extra credit...no social promotion and no grade curve...... Replies to this message: care511 (Nov 26, 2007 1:04 pm)

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