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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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#439 of 446 Re: wd and downtown [marsha7] by wlbrown9 Sep 23, 2009 (9:50 am)
Replying to: marsha7 (Sep 17, 2009 11:07 am) If you are able to pay off a new vehicle or even put a large portion of it on say a HELC, you can consider New Car Replacement. Kind of like GAP but you don't have to have a loan. I'm with Allstate and bought a Saturn Outlook August 2008. Put it on the HELC and several months later when we sold a lake-front cabin in Ark. I used the capitol gain on that to pay off that amount on the HELC. The new car replacement would replace the vehicle with a new one for the first 3 model years. IIRC it was about $5-8 per month. I increased deductible from $250 to $500, but they give you a $100 reduction each year you don't use the deductible so that dropped to $400 and this year will drop to $300.   Also, 15-20 years ago we added a $1M umbrella policy. It covers our house, lake behind the house, pool, vehicles, etc. liability. IIRC it is between $300-$350 each year. Just looked it up $336 a year. I hate paying insurance, but the alternatives if the worst happens are unplesant to worry about. Of course, before I accumulated some assets it there was not as much risk as there is now.   Bill
#440 of 446 Re: dtown [marsha7] by dtownfb Sep 24, 2009 (1:20 pm)
Replying to: marsha7 (Sep 17, 2009 5:45 pm) I'm actually pretty moderate myself. We need to start living within our means. That hurts businesses because we don't spend as much but in the long run it's better for this country. Just wish we had more than two choices.
#441 of 446 Should take Gap Insurance by checkercab Dec 03, 2009 (5:42 pm)
I'm going to lease a 2010 Base Rav4 4x4 first month and dmv down all taxes rolled into $279 a month payment for 36 months 0% financing   Dealer says Gap Insurance is $20 a month. My state doesn't offer outside insurance companies for Gap Insurance.   Given that everythng is rolled into the payment and the financing is 0% and that the resale Kelly Blue Book value of Rav4 4x4 is high... does is make sense get the GAP insurance or not? Obviously if I don't have to spend the extra money I'd rather not. Can't quite figure out how much I'd be at risk if any given the specifics listed above. Thanks for the advice in advance. Replies to this message: Mr_Shiftright (Dec 03, 2009 6:33 pm) british_rover (Dec 04, 2009 9:23 am) Mr_Shiftright (Dec 04, 2009 10:58 am) british_rover (Dec 04, 2009 11:09 am)
#442 of 446 Re: Should take Gap Insurance [checkercab] by Mr_Shiftright HOST Dec 03, 2009 (6:33 pm)
Replying to: checkercab (Dec 03, 2009 5:42 pm) All people on a lease should have gap insurance. If that car gets wrecked you are going to be totally screwed without it. Remember, as a "renter" you don't own this car, and your lease payments are nowhere near those of the person who buys this car outright----therefore, you KNOW you are upside down in this car from the get-go.   Whether the wrecked car was leased or purchased, it has the same value. Without a big down payment, you will find yourself responsible for the difference between what insurance pays off and what you owe on the balance of the lease. And that difference is not going to be pretty.
#443 of 446 Re: Should take Gap Insurance [checkercab] by british_rover Dec 04, 2009 (9:23 am)
Replying to: checkercab (Dec 03, 2009 5:42 pm) Every lease I have ever done has had GAP insurance included from the get go. Check with someone who has experience leasing Toyotas to make sure you aren't getting hosed over here. Replies to this message: Mr_Shiftright (Dec 04, 2009 10:58 am) british_rover (Dec 04, 2009 11:09 am)
#444 of 446 Re: Should take Gap Insurance [british_rover] by Mr_Shiftright HOST Dec 04, 2009 (10:58 am)
Replying to: british_rover (Dec 04, 2009 9:23 am) That's true...$20 bucks a month sounds pretty steep for gap. Replies to this message: british_rover (Dec 04, 2009 11:09 am)
#445 of 446 Re: Should take Gap Insurance [Mr_Shiftright] by british_rover Dec 04, 2009 (11:09 am)
Replying to: Mr_Shiftright (Dec 04, 2009 10:58 am) Yup very expensive for GAP. GAP is usually only a few dollars a month on a 60 month finance. I think the default charge for GAP on most of the cars we sell is 675 and of course cost is a couple of hundred less.
#446 of 446 Toyota by kyfdx HOST Dec 05, 2009 (7:59 am)
..doesn't include GAP on their leases...   I agree... $20/mo. is outrageous...   Offer him $7/mo., and threaten to go get a CR-V, if he can't do that... (Honda Finance includes GAP on all leases, at no extra charge)

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