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Smart Shopper Gap Insurance
440 messages, Last post on Sep 24, 2009 at 1:20 PM
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Replying to: player99 (Oct 15, 2008 9:48 pm) $10000 on your auto loan and your auto insurance company settled the ACV at $10000, but cut a check for just $9500 (ACV less $500 deductible), the Gap coverage should respond to that loss and pick up your $500 out of pocket loss. However if your insurance company said the ACV was $11,000 and cut a check for $10,500., you'd be out the $500 deductible. The gap waiver/insurance doesn't respond when you don't have to come out of pocket for anything, Hope this helps. FYI...read your waiver/insurance form, you may be entitled to a refund of the unearned portion of what you paid for the gap, even when a loss is paid...that might get back of little of that deductible loss your suffered.
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Replying to: jforjames (Oct 16, 2008 5:43 am) |
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Replying to: fandiguy (Oct 03, 2008 5:30 am) So the apparent savings with your own insurance company is none. Last do you really want your own insurance company to hold all the eggs in one basket? If there is an accident and it is on the line of being totalled or not being totaled do you think they are looking out for your best interest if the eggs in are in there basket? Something to think about! |
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Replying to: thefinanceman (Nov 17, 2008 7:13 pm) So this is a biased opinion. Buying GAP from your insurance company is the worst investment... It's not an investment, it's insurance. The money spent on it is exactly that - an expenditure. And tell me how paying $499.00 to $599.00, with interest added, is better than paying $10.00-15.00/6 mo. And you may cancel it at any time when your car is worth more than what you owe - usually within three years, unless some obscene amount of negative equity was rolled into the new loan. Last do you really want your own insurance company to hold all the eggs in one basket? I prefer to deal with my insurance company rather than an outfit I've never dealt with. |
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Replying to: sky23213 (Nov 17, 2008 11:35 pm) So this is a biased opinion. Buying GAP from your insurance company is the worst investment... It's not an investment, it's insurance. The money spent on it is exactly that - an expenditure. And tell me how paying $499.00 to $599.00, with interest added, is better than paying $10.00-15.00/6 mo. And you may cancel it at any time when your car is worth more than what you owe - usually within three years, unless some obscene amount of negative equity was rolled into the new loan. " Depends on the circumstances. I don't have a loan on my 2008 Saturn Outlook so GAP would be a waste. I took New Car Replacement coverage with my insurance. For less than $5 a month IF my vehicle is totaled, they will replace it with a new one. After 3 model years that drops off. Traditional GAP would not do me any good, but NCR would for the first 3 years actually do better than GAP, IMHO. I don't know exactly how this would work, but I would think Allstate would do the NCR and then try to recover whatever they could from the other party if the OP was at fault. |
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Replying to: sky23213 (Nov 17, 2008 11:35 pm) Everyone's opinion is biased, whether by experience, hearsay, or profession. Bias is only bad if it's not disclosed, and at least he didn't pose as a "satisfied customer" - he's been honest with everyone. It's good to get opinions from a variety of perspectives. All the better to help people make choices.
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Replying to: kirstie_h (Nov 18, 2008 10:20 am) I have 100% success rate with GAP claims that I have sold. Every claim has paid in full. On several occasions I can remember having to roll neg equity into a loan for the GAP the insurance companies plan did not cover. A word of advise, if you want GAP insurance and you plan on using your insurance company make sure the loan is in line with there plan. On 5 or 6 occasions I have had people tell me they would get there own GAP with there company and then find out the coverage was to much for them to write the plan, by the time they call me there contract is gone and they are SOL. |
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Replying to: sky23213 (Nov 17, 2008 11:35 pm)
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Replying to: thefinanceman (Nov 19, 2008 6:10 pm) Sorry if my initial response came out a little snappy. I guess what I meant was that (as someone else pointed out) we shouldn't totally dismiss one option or the other. Dealers' GAP may work better for some, InsCo GAP - for others. It depends on individual situations and needs. |
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| no problem I did not take it snappy! I just believe in the third party rule. This means get GAP from someone other than your insurance company, and it does not necessarily mean the dealer. You can buy GAP from a third party elsewhere but don't let the insurance hold all controls to your car's destiny | |
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