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Gap Insurance

440 messages,  Last post on Sep 24, 2009 at 1:20 PM

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#401 of 440 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 440 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 440 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 440 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 440 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)
#407 of 440 Re: Gap through Toyota [fantesia28] by jagar100 Jun 24, 2009 (6:42 am)
Replying to: fantesia28 (Jun 24, 2009 6:08 am) Why do people purchase GAP through the dealership in lieu of the insurance? Insurance carriers charge a fraction of the cost, and now some even offer "replacement" coverage. Replies to this message: marsha7 (Jun 24, 2009 8:16 am) joel0622 (Jun 24, 2009 1:10 pm)
#408 of 440 Re: Gap through Toyota [jagar100] by marsha7 Jun 24, 2009 (8:16 am)
Replying to: jagar100 (Jun 24, 2009 6:42 am) This is just a guess, but I think that GAP seemed to be issued by more dealers in the past, but it does SEEM now that more ins agents are getting involved in the process...and maybe my viewpoint is skewed...
#409 of 440 Re: Gap through Toyota [jagar100] by joel0622 Jun 24, 2009 (1:10 pm)
Replying to: jagar100 (Jun 24, 2009 6:42 am) Because allot of them sell waiver addendums and not insurance policies, about 80% of the policies I have seen written by insurance companies pay up to 110% where what a dealer sells covers 150%, plus do you really want your insurance company to be the one to decide if they should total your car and pay a big ass GAP claim or should they not total it and fix it for half that? Which way do you think they are going to lean? We sell cars to an agent for Farm Bureau, and he buys our GAP for that exact reason.
#410 of 440 Looking for GAP for yr old used car, int rate over 12% by kelliann Aug 28, 2009 (11:55 pm)
I am buying a 2008 Toyota, and need to reduce the amount I am financing so am looking on the internet for gap coverage. Almost everything I find says somewhere in the fine print that they are connected to Lee and Mason in some way, and that they will not write GAP insurance for any car loan with interest rate over 12%. My rate is higher than that. My car ins. company does not offer GAP for used cars (Nationwide/Allied).   Can someone tell me where I can get GAP insurance for a 1 year old used car, 72 month loan, interest rate over 12 percent. 60 months would be OK. If you have a web site address that would help. I have tried so many that say variations of gap auto insurance in the web site address and they all end up being connected to Lee and Mason somehow.   Thank you very much. Replies to this message: joel0622 (Aug 29, 2009 7:10 am) kelliann (Aug 29, 2009 1:32 pm) joel0622 (Aug 29, 2009 3:22 pm) and 5 more... wdhyte (Sep 13, 2009 6:44 am) and 6 more...

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