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Gap Insurance

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

You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester

What is this discussion about? Car Leasing, Buying Insurance


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#365 of 440
Re: I have never run into this [marsha7] by volvomax
Apr 09, 2008 (7:38 am)
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Replying to: marsha7 (Apr 08, 2008 7:20 pm)

As long as the car has been physically returned to factory spec AND there are no warning/check engine/idiot lights on when the car is returned the lease co can't do anything.
They can't penalize you if you just have a glitchy car.
As long as you have made an effort to keep it up.
#366 of 440
Re: just in case... [kirstie_h] by jagar100
Apr 09, 2008 (10:04 am)
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Replying to: kirstie_h (Apr 09, 2008 5:22 am)

I would also LOVE to read people's response on their experience with buying car insurance online. I work for an insurance agency and would love to advise people on reasons NOT to buy their coverage on the internet.
#367 of 440
Any GAP insurance providers? by passat_mx
Apr 24, 2008 (8:54 pm)
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Hi,
I might need to get gap insurance since my current insurer doesn't offer it. I don't want to change my insurance company, just want to buy a third-party GAP insurance. Which one would you guys recommend besides the ubiquitous $399 online gap insurance ads? (those seem a little overpriced, and have no idea of their reputation)
Thanks.
#368 of 440
Question about used Gap Insurance by saints75
Sep 15, 2008 (6:47 pm)
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I sold my truck and I had Gap Insurance on it. The dealer told me to go back to the dealership where I bought the truck and get my money back because I only pay for what I use. I want to make sure this is true before I head to the dealership.
Thanks
#370 of 440
Re: Question about used Gap Insurance [saints75] by praz
Sep 19, 2008 (11:41 am)
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Replying to: saints75 (Sep 15, 2008 6:47 pm)

True
#371 of 440
Re: Question about used Gap Insurance [saints75] by jforjames
Sep 19, 2008 (4:12 pm)
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Replying to: saints75 (Sep 15, 2008 6:47 pm)

Some states require refunding (typically pro-rata) on Gap coverage...others do not. I would ask for the refund and, if denied, request that the dealer cite the state law or regulation that allows them to sell non-refundable coverage...
 
Dealer's hate to give refunds. If you look at your loan agreement, whatever price you paid for gap coverage, figure the dealer kept 60-80% of that amount.
#372 of 440
by saints75
Sep 19, 2008 (6:50 pm)
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Thanks for the info.
#373 of 440
Re: Question about used Gap Insurance [jforjames] by jagar100
Oct 02, 2008 (5:58 am)
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Replying to: jforjames (Sep 19, 2008 4:12 pm)

Is there any advantage to purchasing the dealer's loan gap coverage over the insurance company's? Insurance companys only charge a few dollars, compared to the hundreds of dollars the dealers charge!
 
I was told by a dealer once, that the ENTIRE loan balance would be paid for by loan gap, even if you were upside down on a vehicle. Meaning, if there was a balance from the other vehicle that was tacked on to your new loan, he is saying that loan gap would pay ALL of it. Is this true???? I know that insurance loan gap will not pay finance charges, overdue principals outstanding or penalties of leased vehicles, etc. I can't take his word for it, and he could not provide it in writing since I was not buying a car, I was only calling to inquire.
 
Also, when leasing vehicles, isn't lease gap included now?
#374 of 440
Re: Question about used Gap Insurance [jagar100] by fandiguy
Oct 02, 2008 (6:57 am)
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Replying to: jagar100 (Oct 02, 2008 5:58 am)

The dealer was correct. GAP purchased through the dealer will pay off the whole loan up to $60000 (depending on provider of course). That includes all finance charges, previous loan balance rolled in, etc. It pays off the WHOLE loan, and pays your deductible up to $1000. The insurance company gap may seem like its cheaper, but once your loan is paid off, they will still charge you. The policy seems cheaper because they just add it to your premium on a monthly basis, its usually the same if not more, than the dealerships. And also, it won't pay off 100% of the loan and will NOT pay your deductible. 99% of the time, its a better deal to use the dealerships GAP. As far as i know, GAP is built into pretty much every manufacturer lease.....well those that still actually offer leases!! Oh, and banks limit how much a dealership can charge for GAP, usually around $600, but like anything else its negotiable how much YOU want to pay.

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