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post #1 of 9 (permalink) Old 11-30-2007, 03:37 PM Thread Starter
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GAP Insurance???

Is it worth it??? Thoughts? Any of you guys have this on your Sky? How much does the Sky depreciate when I drive it off the lot? Most people say 20%? Should I get like a 2 year/4 year loan with GAP in case I get into a huge wreck or somebody hits me? Sounds like it might be a good deal? I have USAA and they said it would be like 4.2 percent interest (really low).

Info here if you don't know about GAP: http://ezinearticles.com/?Gap-Car-In...-It?&id=243430

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post #2 of 9 (permalink) Old 11-30-2007, 03:40 PM
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GAP insurance is usually worth it through your own insurance company. Not all of them do it though. Outside GAP insurance is sometimes really overpriced.

You're really paying insurance for the unlikely chance that your car is essentially totalled at a time when it is worth less than the loan amount. If you're putting down 20% and getting a 4-year loan, this will normally be a relatively short period of time. However, some people like the peace of mind.

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post #3 of 9 (permalink) Old 11-30-2007, 03:43 PM
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You never know. I have it and have always purchased GAP. I had a car flood and GAP paid the difference on my loan, 11k. So the what if was worth it.

And all i paid for GAP was 600 one time

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post #4 of 9 (permalink) Old 11-30-2007, 04:03 PM
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Do you need Gap Insurance?

Every day hundreds of people shell out thousands of dollars to pay off their personal vehicle that was deemed a total loss by accident or theft... even though they have a good auto insurance policy. Will you be next? Find out with our GAP quiz.

1) Are you financing your vehicle for longer than 24 months?

2) Was your down payment less than 30% of the purchase price of your vehicle?

3) Are you leasing your vehicle?

4) Do you own a high risk theft vehicle?

5) Do you use your vehicle to get to work or for work purposes?

6) If your vehicle was a total loss (wrecked beyond repair) or stolen would you need to replace it right away?

7) Do you currently owe more than your vehicle is worth?

If you answered "yes" to two or more of the above questions you, along with millions of other Americans, are in the high risk group.

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post #5 of 9 (permalink) Old 11-30-2007, 10:57 PM
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I always buy it - saved us twice! When my daughter wrecked her brand new POS, GAP would have helped avoid the extra payments she had to continue making on a car that was a total loss. Usually, the cost is pretty small so it seems worth it.
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post #6 of 9 (permalink) Old 11-30-2007, 11:45 PM
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We always get it.... and yes it is worth it. We took a truck to get an oil change and tire change/rotation..... this was a bit ago... anyway, I went next door to basically WASTE time in a store... and got a frantic phone call from the shop..... Please come back here right away, we need to talk to you... I am thinking... OMG.... A TIE ROD END.... OR..... something that would break when I was driving.... ! THEY DROPPED MY TRUCK OFF THE LIFT AND IT WENT SIDEWAYS IN THE OILCHANGE TUNNEL THINGIE UNDER.... WOW....

well, I think it pays well. no, the fix it shop wasnt supposedly at fault, that is a thing you voluntarily do... as far as the lawyers were concerned....... SkyBaby

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post #7 of 9 (permalink) Old 12-01-2007, 12:20 AM
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Check with your car insurance company to see if they offer gap coverage first. If you are leasing, some banks include this coverage at no additional cost to you. A fair price for this coverage should be about $300 from the dealer. Let us know what you decide to do.

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post #8 of 9 (permalink) Old 12-01-2007, 12:58 AM
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I too chose a GAP addendum. I paid 600 for it.

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post #9 of 9 (permalink) Old 12-01-2007, 10:46 AM
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Also worth it for cars financed out over a long period that you put high miles on.
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