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Gap Insurance

446 messages,  Last post on Dec 05, 2009 at 7:59 AM

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What is this discussion about? Car Leasing, Buying Insurance

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#394 of 446 Re: Question about used Gap Insurance [kirstie_h] by joel0622 Nov 18, 2008 (12:12 pm)
Replying to: kirstie_h (Nov 18, 2008 10:20 am) I agree with the point about letting your insurance company control your own destiny on your GAP claim. I have seen Fords GAP company argue with the Insurance Company for more money. It is in there best interest to get you as much as they can for your car.   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.
#395 of 446 Re: Question about used Gap Insurance [sky23213] by thefinanceman Nov 19, 2008 (6:10 pm)
Replying to: sky23213 (Nov 17, 2008 11:35 pm) Thanks for the reply. Buying Gap from your insurance company is like a couple using the same attorney when getting a divorce. There is a conflict of interest. As far as being bias, maybe but I practice what I preach. I worked for BMW for years, three years ago I went to a dealership to buy a Honda civic hybrid which I needed for my commute. I knew no one at this dealership yet I chose to buy their Gap protection. I did negotiate the price, but I knew I was better off getting a third party to cover my GAP. I believe in it I live it and I sincerly believe using your own insurance for Gap, leaves you with inadequate coverage and a real conflict of interest. You get what you paid for , is very true in this case. I have many testimonials from customers who say I am right and I have a few that went to me later admitting they wished they would have listened to me. Replies to this message: sky23213 (Nov 20, 2008 10:05 pm)
#396 of 446 Re: Question about used Gap Insurance [thefinanceman] by sky23213 Nov 20, 2008 (10:05 pm)
Replying to: thefinanceman (Nov 19, 2008 6:10 pm) Thanks for the input. 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.
#397 of 446 by thefinanceman Nov 22, 2008 (9:51 am)
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
#398 of 446 gap coverage by walstfc May 13, 2009 (3:44 am)
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 Replies to this message: joel0622 (May 15, 2009 5:23 am)
#399 of 446 Re: gap coverage [walstfc] by joel0622 May 15, 2009 (5:23 am)
Replying to: walstfc (May 13, 2009 3:44 am) Who tells you that? It is two totaly seperate transactions. If need be find out who they are going to sell the bike to and offer him $100 more then what he paid.
#400 of 446 GAP Ins. thru the Honda Dealership in Maryland by civic97 May 26, 2009 (9:39 am)
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 Replies to this message: marsha7 (May 26, 2009 3:26 pm) wlbrown9 (May 27, 2009 10:02 am) joel0622 (May 27, 2009 3:06 pm)
#401 of 446 Gap refund by jforjames May 26, 2009 (10:44 am)
Most Gap waiver contracts can be cancelled for full refund with 30/60 days. Should be stated in the waiver agreement itself. Full amount would then be credited to your loan balance due.
#403 of 446 Re: GAP Ins. thru the Honda Dealership in Maryland [civic97] by marsha7 May 26, 2009 (3:26 pm)
Replying to: civic97 (May 26, 2009 9:39 am) I would recommend keeping GAP insurance, altho you do not have to get it thru the dealer...assuming you made a low down payment (can I assume?) then GAP will be critical in making up the difference if the car is totalled and you owe much more than the car is worth...the operative word here is MUCH...if your down payment was sufficient to bring the loan balance down to about what the car is worth, then GAP is not needed...but if there is a substantial differecne between your loan balance and what you would get if totalled, then keep GAP, just shop around for a better price, maybe your own insurance agent can offer it cheaper... Replies to this message: wlbrown9 (May 27, 2009 10:02 am)

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