Reply
Valued Member
Geo174
Posts: 36
Registered: ‎03-23-2010

What companies offer GAP Ins?

I'm currently insured through 21st Century but they don't offer GAP insurance. 

 

What companies offer GAP Ins and how much does it cost?

 

TIA

Valued Contributor
daisyduke
Posts: 1,320
Registered: ‎04-18-2009

Re: What companies offer GAP Ins?

Here's how I think it works

I think you get GAP through the dealer, when you buy your car. Call the dealer that you bought you car from and ask them. I bought a car in Nov and I think they wanted $495 a year for the coverage but I declined it because my car is worth more than the loan I have on it.  You should consider GAP if you are financing a car that is not worth the amount you owe on it (IE you are upside down), otherwise you don't need it. 

 


Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU


Take the FICO Fitness Challenge
Valued Member
Geo174
Posts: 36
Registered: ‎03-23-2010

Re: What companies offer GAP Ins?

Thanks for the reply daisyduke :smileyhappy:

 

I thought it was also needed because when you drive a car off the dealer lot it immediately starts depreciating.  Heaven forbid u get into an accident and it's totalled, GAP insurance protects u just in case ur (regular) insurance doesn't want to pay blue book value?

 

I guess I misunderstood the necessity of it lol, but then again.. I've never had to consider it b4 so don't hold that against me :smileywink:

 

I called my insurance company again and it turns out the last rep I spoke with either didn't know what she was talking about, or just didn't want to bother looking into it.  I was told they DO offer it, so I asked for a quote and guess what??!?!?!  I was told it would cost me an extra $40-60 per term!!!  I was ECSTATIC cuz when I'm finally ready to make a purchase I don't have to get jerked by the salesguy

 

Valued Contributor
daisyduke
Posts: 1,320
Registered: ‎04-18-2009

Re: What companies offer GAP Ins?

HI Geo174

My insurance company does not offer this product. Your peace of mind is worth something. It's good that you know that you got a quote. 

 

I once "totalled" a brand new maxima we paid about 30K for it (about three months old). I was hit by a landscape truck barreling down a hill. My insurance company fixed the car at a 28K cost and did not total it. We did not have gap and didn't worry about it b/c we had put 10K down on it and owed only 20K on the car, gap not needed at that point.  But my insurance company said our car was too new to total it. Too bad b/c I wanted to get a BMW 5 series!!

 

Good luck to your car shopping endeavors!!


Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU


Take the FICO Fitness Challenge
Valued Member
makingitbetter
Posts: 41
Registered: ‎02-10-2009

Re: What companies offer GAP Ins?

Progressive offers Gap Insurance, but I'm not sure of the price, as I rolled the cost into my car insurance. 

Regular Contributor
jahmal
Posts: 181
Registered: ‎08-13-2008

Re: What companies offer GAP Ins?

wow, that's strange they would spend $28K to fix a car  that's probably worth less even if it's 3 month old to you. As far as Gap goes, I got mine through the CU who financed me and I think it's about $249 for the life of the loan.


Starting Score: 8/2008 521
Current Score: 734
Highest Ever: 4/2009 759
Goal Score: 760+

Take the FICO Fitness Challenge
Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010

Re: What companies offer GAP Ins?

When I refinanced my last car NFCU provided Gap at $300.  The lump sum policies from dealers aren't the best way to go, there's probably a 50% commission to the dealer.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+