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Last post on May 06, 2013 at 5:45 AM
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Car Leasing, Buying Insurance
#456 of 467 Credit Unions also offer GAP insurance
Jan 09, 2012 (9:52 pm)
My CU ( DCU) offered gap insurance for 1 time payment of $250 to $300. But I ended up taking GAP from the dealer as he did a price match to this price - $250. The initial quote he gave me was $750.
#459 of 467 Re: Where does one buy gap insurance? [imaginary]
Sep 07, 2012 (7:50 pm)
Progressive does. Saved me a lot of hassle when my first car was destroyed. I thought all insurances offered gap.
#461 of 467 Can't find anywhere to get Gap insurance
Mar 24, 2013 (4:12 am)
I think I'm stuck. I turned down Gap insurance at the dealer since it would have to be paid out of pocket and everything I read said the dealer would be overpriced. Now, the lender says it's too late one week later, the dealer says the lender won't let him add it for the same reason on his end. My insurance (Geico) doesn't offer it. I looked at switching but either the other companies don't offer it or it has to be done at the time of sale or be a year or two old at the most. I checked for standalone and one is not offered in NC and the other is not taking new customers. My credit union offers it only if you finance through them. I can refinance through them but not until 6 months after I establish on time auto payment history (first car loan) and clean up a few things on my credit.
I feel like I've exhausted my options. Any other ideas other then holding out and refinancing with them? The window for them opens up again then. I just don't want to feel paranoid driving all the time.
#462 of 467 Re: Can't find anywhere to get Gap insurance [spikael]
Mar 24, 2013 (5:33 am)
A question to ask is how long have you been driving and how many times have you totaled a car? GAP is very expensive insurance for a rare event. The shear amount of profit a dealer makes on GAP makes it poor way to spend money. Do you really need GAP or are you falling victim to the dealer's fear mongering?
Personally I have been driving for fifty years, my wife for forty fiver, and my children for up to fifteen. Never a single car totaled. We are not unusual.
#463 of 467 Re: Can't find anywhere to get Gap insurance [ken117]
Mar 24, 2013 (5:45 am)
Thank you Ken. That's a very good point. I think it's more the fear of someone else's stupidity that has me on edge. I've been driving for 15 years and have never totaled a car. Only had two accidents ever. Rear ended twice from people following too close that were very minor and not reported. I consider myself a good driver and very cautious. I had a coworker who ended up upside down not long ago so I think that had me.worried too but then again our driving styles are completely different.
Thank you for your much needed rationale.
#464 of 467 Re: Can't find anywhere to get Gap insurance [spikael]
Mar 24, 2013 (7:56 am)
I live in an urban area. Having gap for my first car saved me a few years of taking the bus to work when my car was taken out. 2nd car, I cancelled the coverage as soon as I was financially comfortable with paying off the car note.
If you don't have savings and don't live in a rural area, you should consider gap. In the meantime, the original poster should straighten out his or her credit situation ASAP so that when the opportunity to refinance comes, a lower interest rate can be offered with the gap insurance.
#465 of 467 Gap insurance
Mar 24, 2013 (6:18 pm)
is certainly useful if your outstanding balance is much higher than the car is worth, esp if you rolled over negative equity from a previous car loan...ken117 has a good point, but I have always bought Gap coverage simply because I usually put low down payments, so, driving off the lot I am already in negative equity...
To some, it is a ripoff...I will gladly pay $400.00 over the life of the loan to save the $4-6,000 I may owe in the event of a total...I have been driving for 45 years, and have never totalled a car, but I see clients who do, and totalling happens more often than you think...
It is like any other insurance...you can buy or gamble without it...if you need it and don't have it, you will kick yourself for not buying it...if you never need it, you have beat the system...
Same reason why some folks buy life insurance and some don't...one can argue that every year you don't die you have wasted your money, I just think it is prudent to buy it...same with extra liability insurance (high limits) and Gap insurance...
Folks lived w/o gap for years, as it used to be available only on leases...now it is available on leases and purchases, and I think it is worth it...but, like ken117, you may not...