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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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#51 of 446 badbuyer by lleroi May 04, 2002 (10:12 am)
I purchased a GAP policy on line for$199.I don't have it handy,but I can look it up for you if needed.
#52 of 446 Checked With Finance Company? by force98 May 06, 2002 (6:18 pm)
Every vehicle I have leased (GMAC, FMC, BMWFS) included gap insurance free with the lease contract. Did you check your contract?
#53 of 446 I agree with force by hungrywhale May 07, 2002 (7:41 am)
Check your contract first. Most contracts include it in the lease contract. It protects the lessor, too.
#54 of 446 gap insurance by paulsr Jun 20, 2002 (9:36 am)
#55 of 446 GAP INSURANCE by paulsr Jun 18, 2002 (2:30 pm)
I found out the hard way about gap insurance .I was not offered or informed about gap insurance . and then i totaled my carl. Untill then i never heard of gap insurance. My insurance paid what the car was worth and i end up owing $4000.00 to the bank who also never informed me or offered me gap insurance ,. A VERY HARD LESSON LEARNED
#56 of 446 when can you get Gap insurance by phkck Jun 18, 2002 (4:08 pm)
Do you have to buy it when you buy the car?
#57 of 446 Availability of GAP coverage can depend on the state. by kinley Jun 19, 2002 (2:02 pm)
Some allow it to be endorsed onto the car policy like Towing. Some allow it to be added to the lease agreement. Some the loan agreement. It's not that hard to get.
#58 of 446 well by dtwleungnyc Jun 20, 2002 (3:35 am)
Some leasing company includes the gap insurance into the leasing contract. If not, when you get your car insurance, your insurance agent should had asked you whether you are financing or leasing the vehicle. Then they will contact the leasing company or the dealership to get the car info. At that point, a responsible agent should/would advise you about gap insurance. BUT, the ultimate responsiblity lies in you, the car owner whether to get it or not. Sorry to hear what happened to you.
#59 of 446 Above post brings up a good point. by kinley Jun 20, 2002 (9:36 am)
The insurance company/agent/representative knows the vehicle is being leased because the lessor is named in the application and on the policy. As the agent/company rep failed to provide GAP as a reasonable coverage under the circumstances an Errors and Omission claim should be filed against the company/agent/representative. Because the deductible (retention) is more than the loss there will be a bit of negotiation expected. Hang tough and hard. Small Claims Court could be a venue for you.
#60 of 446 Gap Insurance by kirstie_h HOST Apr 20, 2005 (6:05 am)

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