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Gap Insurance

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

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#296 of 440 Re: Does GAP cover deductible? [praz] by joel0622 Oct 19, 2007 (4:29 am)
Replying to: praz (Oct 18, 2007 4:04 pm) Praz, if you have equity in your car then you have no need for GAP insurance. The only time it covers the deductible is if there is a negitive balance to start with.
#297 of 440 Re: Does GAP cover deductible? [nkmonty1] by praz Oct 19, 2007 (5:01 am)
Replying to: nkmonty1 (Oct 19, 2007 4:04 am) They are a group that own quite a few dealership across US. I am not sure if they have a program to sell GAP for cars not purchased through one of their dealers. But, I have a website you can go to http://www.unitedauto.com/
#298 of 440 Deductible by praz Oct 19, 2007 (5:02 am)
Thank you guys for the info, it was helpful to understand how GAP works.
#299 of 440 PASS IT ON by malostate Nov 15, 2007 (9:30 pm)
MOST OF THE TIME YOU CAN PURCHASE GAP AFTER THE FACT AND AT A DISCOUNT PRICE, SOMETIMES EVEN FOR ABOUT 100 DOLLARS, ALSO THE NATIONAL AVERAGE THAT GAP CLAIMS ARE PAID IS 40% BECAUSE PEOPLE DON'T EVEN KNOW WHO THERE GAP CARRIER IS. THERE IS ALSO SOME NEW PROGRAMS THAT BANKS ARE OFFERING CALLED TOTAL DEBT CANCELLATION. LONG WORD FOR FREE GAP INSURANCE, ITS A WAY THAT BANKS ARE COMPETING FOR THE DEALERSHIP BUSINESS Replies to this message: nkmonty1 (Nov 16, 2007 6:41 am) malostate (Nov 16, 2007 6:28 pm) tedebear (Nov 20, 2007 4:53 pm)
#300 of 440 Re: PASS IT ON [malostate] by nkmonty1 Nov 16, 2007 (6:41 am)
Replying to: malostate (Nov 15, 2007 9:30 pm) Hi   That is something to really pass on. Now I will ask the banks I deal with if they have something like that. I still cant find anyone that has the GAP insurance. I really would like to have that on my car just in case. I rather have that then not have it if something happens. Thanks for the great info. If you dont mind can you tell me what bank has it so I can check if they have it in my area? Have a great weekend and for everyone HAVE A GREAT TURKEY DAY!! Nan Replies to this message: malostate (Nov 16, 2007 6:28 pm) tedebear (Nov 20, 2007 4:53 pm)
#301 of 440 Re: PASS IT ON [nkmonty1] by malostate Nov 16, 2007 (6:28 pm)
Replying to: nkmonty1 (Nov 16, 2007 6:41 am) State Farm Bank offers it, goggle there name.
#302 of 440 Re: PASS IT ON [nkmonty1] by tedebear Nov 20, 2007 (4:53 pm)
Replying to: nkmonty1 (Nov 16, 2007 6:41 am) still cant find anyone that has the GAP insurance. I really would like to have that on my car just in case.   A message on this was posted last month but try your car insurance company. Their rates are generally MUCH lower than a company that just sells gap insurance.   For instance, when I financed my new car loan several months ago the loan officer included gap insurance for around $600 for the 5-year term. The next day I checked with my car insurance company (Safeco) and they offered basically the same thing for around $6 every 6 months. They call it new vehicle replacement. I canceled the gap insurance through the finance company.
#303 of 440 You seem knowlegable... by care511 Nov 26, 2007 (1:01 pm)
Replying to: joel0622 (Sep 07, 2007 7:33 am) We leased a Silverado and my brother totalled it. We have Gap insurance but they won't are trying to make us pay the OVER milage fee. We were going to purchase this vehicle after the lease but they say they don't care. What do you think? Replies to this message: joel0622 (Nov 26, 2007 1:40 pm) jforjames (Nov 26, 2007 2:12 pm) joel0622 (Nov 26, 2007 2:51 pm)
#304 of 440 Re: praz [marsha7] by care511 Nov 26, 2007 (1:04 pm)
Replying to: marsha7 (Oct 18, 2007 6:53 pm) What do you think of Gap insurance concerning this: We leased a Chevy Silverado and got the Gap insurance through GMAC. Our truck was totalled, they will cover that but they want us to cover the excess miles...We explained that we had every intention of buying the truck when the lease expired in a year. They say we have to pay miles. How is that?
#305 of 440 Re: You seem knowlegable... [care511] by joel0622 Nov 26, 2007 (1:40 pm)
Replying to: care511 (Nov 26, 2007 1:01 pm) Yes, you still have to pay the mileage charge. Your GAP policy on a lease is designed to cover the truck within the limits of the contract. If the contract allowed for 15K per year and you drove over that you pay the milage charge. Replies to this message: jforjames (Nov 26, 2007 2:12 pm) joel0622 (Nov 26, 2007 2:51 pm)

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