Anyone have GAP insurance? If so...where did you get it?

[DOC52]

gap insurance is a joke

if you have a small down payment, have decent credit and take a reasonable loan term you would never need it

if the car is ever totaled by insurance company that # is negotiable. gap insurance is only covering any difference

it's up there with payday advances................

Agree. This is how I financed my 3. No need for gap. I would have been paying 400 bucks more a year to give me 1k if I were to get in an accident. Spending a guaranteed $400 to save a potential $600 dollars on the chance I total a car is useless for me.

 

[C141medic]

I was asking if the insurance payment will get you back into a car similar to the one you had prior to accident; in this case one depreciated $10k.

GAP insurance is not replacement value insurance. It’s only to satisfy your loan in case you happen to be “upside down” on it during your loan term. I believe most auto insurance companies offer both GAP coverage and new car replacement value in case your car gets totaled.

 

[G78M3]

I did not take GAP insurance even as my bank suggested it simply because I put a large down payment (30%) and therefore if totaled I would never be “underwater”. Of course the bank representative asked me several times if I was sure, because they make a good profit on this product, but t was definitely not required.

Fast forward one year, unfortunately my car was totaled! And as expected, insurance payout was enough to cover the amount on the loan plus the down payment for another model 3. If I had taken the GAP insurance the benefit would have been zero as there was no “gap” to begin with.

 

[Lunares]

gap insurance is a joke

if you have a small down payment, have decent credit and take a reasonable loan term you would never need it

if the car is ever totaled by insurance company that # is negotiable. gap insurance is only covering any difference

it's up there with payday advances................

That is what I think as well...but here is a case where I wish I had it

My loan value of the car was 80k, original P3D pricing with FSD and when performance had the 5k package. Now Tesla gave me a 5k refund and I got the larger tax credit, so in the end my price paid and the current value arent that far apart

But my loan is still underwater (compared to book value of the car) even with a 12k down payment and a year of payments due to Tesla dropping the price so much! So if I did wreck, here's somewhere along insurance would actually help

 

[quikshifter]

from the auto insurance company for like $3

 

[SageBrush]

from the auto insurance company for like $3

Now tell us how much you paid for the policy. I'm willing to bet that the insurance company jacked up other prices to cover the 'freebie.'

 

[quikshifter]

ok $7 per 6 months.

 

[SageBrush]

ok $7 per 6 months.

That image looks formatted like my Progressive quote. For comparison:

 

[quikshifter]

yeah Loan/lease pay off is the GAP insurance, just add it.