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Smart Shopper Gap Insurance
440 messages, Last post on Sep 24, 2009 at 1:20 PM
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good to know...I happen to buy all my Gap policies thru the dealer and roll it into the payment, but many posters on this topic have stated that they can get it much cheaper thru their own auto ins agent... wherever they get it, it will be cheaper than paying out the $7-10K if the car is totalled in the first year or two, when the depreciation is the max but the amortization on the loan is the min... 
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USAA charges $170 as a one time fee for GAP insurance. My dealer wanted $700, but they ended upmatching USAA when I told them - lol GAP was important to me, because I financed the whole value of the car. I used my trade to pay-off my other car loan (we have three cars), so rather then having two smaller loans, I have one bigger one. As a result, GAP seemed like a must have for me.
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Replying to: joel0622 (Nov 29, 2007 1:28 pm) Keep in mind, banks have rules about how much you can borrow on a car in the first place. Some banks limit loans to 80% of MSRP while others (like USAA) will loan up to 120% of MSRP. USAA charges $170 for gap insurance (at least that is what I was quotted) but the amount may vary for the borrower depending on the situation. US Banks gap insurance works the same way too.
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Replying to: waterdr (Jan 20, 2008 6:51 pm) Yes it is correct, I think you misunderstood the question the other posters asked. The question was: Is the Gap going to pay $25,000 PLUS the $8000???? The GAP does not pay $33K. It pays the difference after the insurance company settles, based on the coverage.
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Replying to: waterdr (Jan 19, 2008 8:17 pm) I have a question. Can you tell me what USAA stands for and if you can, can you please give me there phone number.? I have been looking high and low for a company to give me GAP and I am having a hard time trying to find one. Thanks for your help Nan
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Replying to: nkmonty1 (Jan 21, 2008 7:11 am)
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Replying to: joel0622 (Jan 21, 2008 7:26 am) Thanks so much for getting back to me so fast. I really appreciated it. I guess that leaves me out, because I do not have anyone in the military. My father was along time ago and I guess that doesnt mean that will help me. Have a great day Nan |
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Replying to: nkmonty1 (Jan 21, 2008 7:11 am) Did you try Safeco? I had GAP with them before I switched to another company.
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Replying to: tedebear (Jan 21, 2008 11:55 am) |
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