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Gap Insurance

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

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#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)
#404 of 446 Re: GAP Ins. thru the Honda Dealership in Maryland [marsha7] by wlbrown9 May 27, 2009 (10:02 am)
Replying to: marsha7 (May 26, 2009 3:26 pm) One other thing to check out... Allstate and some other insurance companies offer new car replacement coverage, I believe it is for the first 3 model years. I checked this out when I bought a new Saturn Outlook last August. It ended up costing about $6 a month IIRC. It will replace the vehicle with a new vehicle, better that GAP which covers the difference between totaled vehicel value and your payoff.   And yes, it really depends on the details of your purchase, load balance if any, etc.
#405 of 446 Re: GAP Ins. thru the Honda Dealership in Maryland [civic97] by joel0622 May 27, 2009 (3:06 pm)
Replying to: civic97 (May 26, 2009 9:39 am) No your payment will not go down, the $560 will be taken off the back of your loan.
#406 of 446 Gap through Toyota by fantesia28 Jun 24, 2009 (6:08 am)
I ended up purchasing Gap insurance through Toyota... They wanted to charge me $585, but I got them to lower the price to $485. I was way upside down in my Camry because it lost so much value over the past 2 years due to high mileage and the economy that I had to purchase some sort of gap coverage.   For those who are considering this coverage, most dealers will negotiate the rate of the coverage! Definetly worth at least asking! I basically just told them that my credit union offered gap for considerably less money and he moved on the price. Replies to this message: jagar100 (Jun 24, 2009 6:42 am) marsha7 (Jun 24, 2009 8:16 am) joel0622 (Jun 24, 2009 1:10 pm)

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