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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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#340 of 440 Re: USAA [nkmonty1] by tedebear Jan 22, 2008 (8:18 am)
Replying to: nkmonty1 (Jan 22, 2008 6:43 am) Do you have Safeco's phone number?   Safeco is a national insurance company, easily found by doing a Google search. Try their website for an office near you at www.safeco.com.   As far as their rates, they were less expensive for me than when I had State Farm but not quite as low as Geico. However, Geico doesn't offer GAP but now I don't need that coverage.
#341 of 440 Safeco by nkmonty1 Jan 22, 2008 (9:16 am)
Hi   I have GEICO and even though they are cheap they do not offer the GAP insurance for a vehicle that was preowned. So as much as I like them I do have to find a company that has GAP.   Right now I dont need GAP, but you never know what every day will be. Thanks for your information. Nan Replies to this message: tedebear (Jan 22, 2008 9:35 am)
#342 of 440 Re: Safeco [nkmonty1] by tedebear Jan 22, 2008 (9:35 am)
Replying to: nkmonty1 (Jan 22, 2008 9:16 am) Yes, I said that Geico doesn't offer GAP. That's why I mentioned Safeco and listed their website so you can find the phone number of a Safeco agent near you.   Safeco saved me over $600/yr from what I was paying with State Farm. Geico now saves me even more than Safeco. With my huge discount off the MSRP and trade-in, I'm easily below the point in my loan where GAP could be of any use.
#343 of 440 All GAP does is encourage Torching by andres3 Jan 22, 2008 (8:57 pm)
your own vehicle. Sometimes, financially, torching and burning your vehicle is the best option (at least financially) because you wasted money on GAP and perhaps purchased something that depreciates like a rock and paid too much for it in the first place. I think GAP encourages and tempts people to torch their own vehicles and commit insurance fraud. Replies to this message: joel0622 (Jan 23, 2008 8:29 am)
#344 of 440 Just because by marsha7 Jan 23, 2008 (7:38 am)
something CAN be abused does not mean it should not be available...for the majority of us who would not even think of torching the vehicle, GAP works for us...what is wrong with that???
#345 of 440 Re: All GAP does is encourage Torching [andres3] by joel0622 Jan 23, 2008 (8:29 am)
Replying to: andres3 (Jan 22, 2008 8:57 pm) Thats like saying all people who have disability insurance are planning on getting hurt on purpose.
#346 of 440 Or that all people by marsha7 Jan 23, 2008 (1:36 pm)
who have a glass of wine with dinner intend to drive drunk...
#347 of 440 Car Totaled: Gap cover car portion of lease payoff only? by artvanelayjr Feb 10, 2008 (8:39 am)
Hello,   4 Month old car just totaled. I'm not at fault but the "other guy" had no insurance/license etc.   I have GAP provided by BMWFS and I also pay for it to my insurance company. I will hear from the Total Loss department Monday I suppose.   The lease payoff amount as of today is $44,000   The actual cash value is probably $41,000   My concern is this: The $44,000 lease payoff amount includes nearly $2,000 in origination and MACO fees which I rolled into the lease instead of paying up front. The "car portion" of the payoff is only $42,000.   When settling, will GAP pay up to and only the $42,000 that is "car" and I will then have to come out of pocket to pay the remaining $2,000 of the payoff amount which is not "car"?   Also when settling should I be happy if they just pay off the lease payoff, or should I ask them to make me whole by giving me an additional amount to cover new drive-offs as well as the $700 more the lease will cost me given the money factor has gone up from the lease deal I wrote? Will insurance companies negotiate this with me and pay me if I ask/demand/threaten? Will they subrogate that amount on my behalf in the claim, or do I go after the guy who hit me for it in small claims?   Thanks Replies to this message: kyfdx (Feb 10, 2008 11:28 am) artvanelayjr (Feb 10, 2008 4:09 pm)
#348 of 440 Re: Car Totaled: Gap cover car portion of lease payoff only? [artvanelayjr] by kyfdx HOST Feb 10, 2008 (11:28 am)
Replying to: artvanelayjr (Feb 10, 2008 8:39 am) GAP insurance should make no distinction on what is involved in the payoff of the lease..   Plus, you didn't really pay MACO fees.. Your dealer might have itemized it that way, but MACO fees are paid by the dealer, on their invoice.. The only real fees, are those that are paid to someone else by the dealer on your behalf. This would include the acquisition fee (remitted to the lender), and any governmental fee required by your state or locality. Even a document fee is just a way for the dealer to add to your price (or to make your selling price seem lower).   Not that any of that last paragraph matters, in answering your question. No matter what goes into the CAP cost of the lease, the GAP insurance makes the lender/leasing company whole, so you don't have to. It doesn't matter how you got to that number.   If you wish to recover any other costs (such as start-up costs for your lease), I'd guess your only avenue would be to sue the person at-fault. I think that would take more effort and money, than you could possibly hope to recover, though.   regards, kyfdx visiting host not an attorney Replies to this message: artvanelayjr (Feb 10, 2008 4:09 pm)

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