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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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#300 of 440
Re: PASS IT ON [malostate] by nkmonty1
Nov 16, 2007 (6:41 am)
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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
#301 of 440
Re: PASS IT ON [nkmonty1] by malostate
Nov 16, 2007 (6:28 pm)
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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)
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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)
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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?
#304 of 440
Re: praz [marsha7] by care511
Nov 26, 2007 (1:04 pm)
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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)
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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.
#306 of 440
Re: You seem knowlegable... [joel0622] by jforjames
Nov 26, 2007 (2:12 pm)
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Replying to: joel0622 (Nov 26, 2007 1:40 pm)

That seems crazy to me. The only reason to have an overmileage charge in the lease contract is to protect the lessor (GMAC in this case) from a losing money on the resale value of a leased vehicle that has been turned in by the lessee at the end of the contract. If the vehicle is totaled, and gap paid off the balance owed, the overmileage on the unit doesn't (or shouldn't) come into play at all. The only thing I can think of is that your primary carrier paid a little less ACV because of high mileage, and GMAC is self insuring the gap risk. So now they want to take that little less that primary paid out of your hide. But if the gap waiver agreement with GMAC says it pays the difference between what your primary auto carrier paid and the net lease balance owed to GMAC at the time of the loss, which is what it should say/do, then all that is owed GMAC should be paid off. Overmileage is meaningless.
#307 of 440
Re: You seem knowlegable... [jforjames] by joel0622
Nov 26, 2007 (2:51 pm)
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Replying to: jforjames (Nov 26, 2007 2:12 pm)

The high miles cause the truck to be worth less, in turn the insurance company is paying out less on the claim which causes the GAP claim to be higher which is money right of GMAC's pockets.
#308 of 440
eswan87 by eswan87
Nov 29, 2007 (12:05 pm)
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Just a word to the wise. Before you assume that a "cheaper" gap policy is better from your insurance company or bank or credit union, bear this in mind: Read the terms of the policy. I have seen that most policies offered by credit unions and insurance companies only cover a gap up to 100%-110% of NADA retail value of your car, which may not be near enough to cover if you have negative equity, so you may still be on the hook for thousands. Also, if you have a deductible on your auto insurance you will probably still have to pay it. Gap policies offered thru most dealers can cost a little more, but will often cover up to 150% of NADA retail and most will cover your deductible as well. Price is not everything.
Look at the coverage closely, there is a big difference.
#309 of 440
Re: eswan87 [eswan87] by jagar100
Nov 29, 2007 (1:16 pm)
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Replying to: eswan87 (Nov 29, 2007 12:05 pm)

Hypothetical Scenario:
I'm trading my car in for a brand new car. I'm upside down so they tack on $8000 to the new finance contract, in addition to the new car that I'm financing for $25,000. I purchase Gap. I drive off the lot and total it. Is the Gap going to pay $25,000 PLUS the $8000????

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