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Gap Insurance

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

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#41 of 446 I declined GAP insurance by steverisity Feb 15, 2001 (7:32 am)
kinley, Gap insurance seems wise for someone in your catagory, (not sure if you're for real) but I personally think insurance in most cases is a rip off.   Is the price that people are reffering to per year, per 6 months, one time only???   I was offered GAP insurance when buying a new MBZ SUV last year. It didn't sound like a good deal to me. It may have paid off if the car got wrecked or stolen in the first couple of years, but after that it's value greatly diminishes.
#42 of 446 steveristy... by rroyce10 Feb 15, 2001 (3:40 pm)
If you pay cash for a vehicle....there is no need for Gap insurance. But unfortunatly, 93% of the buying public is going to finance the vehicle of choice with little or no money down..and most of the time, with $2,000 to $4,000 of negative equity from the trade...that's pretty much S O P ..          So as this consumer travels down the highway and byways of this great land...if the vehicle is stolen, wrecked,flooded etc...the situation will arise - as it does in every city about 50 times a day...that this consumer will owe $20,000 on a $15,000 vehicle or for the more succesful consumer, they may owe $40,000 on a $25,000 vehicle..            So I would think, for the extra $250 to $300 for the entire policy....That is very in-expensive insurance considering the percentage is at a all time high of 85% of drivers with negative equity in their vehicle...MB's or not..!
#43 of 446 Regarding Gap Insurance. by teresam2 Mar 16, 2001 (4:48 am)
I just purchased a new SUV and my dealer offered me a Gap Insurance policy for $550.00. I didn't know exactly what this kind of insurance was and told him that I would have to think about it. Since I am a heavy internet user I decided to do some online searching for Gap Insurance. To my surprise I found a online site that was offering the same coverage for only $199.00. Which I purchased immediately.
#44 of 446 teresam2..... by rroyce10 Mar 16, 2001 (11:32 am)
.......Good for you...! There is many places to go to....Credit union's, Ins companies...internet sites.........and it is certainly worth the look...especially when you can save a couple of hundred bucks at least....          The great part about it is, a whole lot of needed ins....for just a few dollars...Congrat's        Terry.
#45 of 446 B4 buying GAP Insurance by kinley Mar 22, 2001 (5:37 am)
Ask your company/agent if the coverage can be endorsed onto your own auto policy. Because the underwriting has already been done on you, the rate/premium will be the lowest when added to your own auto policy.
#46 of 446 GAP Insurance OnLine by morgan58 Apr 06, 2001 (4:44 am)
My dealer offered me GAP insurance at the time of purchasing my new truck. I declined this insurance because of the high cost he was offering $525.00. After researching the internet I purchased from CarConsultant.net at a much much lower price and for the exact same coverage. I would recommend that anyone looking to purchase GAP insurance check this company out. Their customer service rep was very helpful and knowlegeable in making this a smooth transaction.
#47 of 446 Why is the 'gap' allowed at all? by sharonlpk Apr 08, 2001 (7:39 am)
We weren't offered gap insurance on our recent purchase, even tho I saw it on the contract and asked what it was... I'm hoping because we got the vehicle at a great price (under invoice due to retired worker, then cash incentives/rebates totalling $5500 plus 3.9% financing) maybe we didn't really need to consider it.   However, in reading these posts, I just don't understand why there is allowed to exist, in the auto dealer/auto insurance industries, such a large gap between purchase price and insurance pay-off price that it is prudent to consider that type of insurance...   By the way, how does a person who is insured find out what a pay-off would be for a vehicle if there is the unfortunate circumstance of it being considered 'totalled'? I'm curious if this information is ever made available to the public   Sharon
#48 of 446 GAP Insurance by badbuyer May 07, 2002 (7:41 am)
#49 of 446 GAP Experience? by badbuyer May 02, 2002 (8:14 am)
I have just leased a 2002 Jeep Grand Cherokee Ltd. Am in the process of search for GAP Insurance, and am finding very little on the subject other than "Gotta Have It"! Edmunds referral is CarConsultants.net, which is $100 less than the dealer offered. Anyone have other providers to suggest, or is there experience out there with CarConsultants.net?
#50 of 446 Many auto insurance policies will add GAP coverage . by kinley May 03, 2002 (10:47 am)
Check with your agent.

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