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Smart Shopper 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
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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 | |
I wrecked( totaled )my motorcycle, I have gap but, they tell me if I buy my motorcycle bak the gap will not pay off the balance. That just doesn't sound right to me
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Replying to: walstfc (May 13, 2009 3:44 am) |
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I bought a new Honda over the weekend and the dealership offered me GAP and I accepted. I'm having second thoughts about it. I'm financed thru. HONDA. Can I cancel it and have my monthly statement reduced. The GAP cost me $560.00. Thank you
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