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GAP Insurance Options

Discussion in 'Model S: Ordering, Production, Delivery' started by Cyclone, Jun 9, 2015.

  1. Cyclone

    Cyclone Cyclonic Member ((.oO))

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    Anyone have an idea on where I can get a GAP policy? I was not told this at the beginning of the process, but when they were processing my paperwork for the GAP coverage, they found this little tidbit...

     
  2. smilepak

    smilepak Active Member

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    Interesting, I was told the lease agreement come with GAP insurance for Tesla.
     
  3. Cyclone

    Cyclone Cyclonic Member ((.oO))

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    I purchased using outside financing. Though, generally speaking, leases are priced with GAP coverage built-in.
     
  4. smilepak

    smilepak Active Member

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    Ah, for outside financing...

    I had called my insurance company Ameriprise and they offer purchase of GAP insurance for $42.00 per year in addition to the car insurance rate.

    What insurance do you have?
     
  5. travwill

    travwill Active Member

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    Most financing places do offer it. But, most insurance companies do also, they just usually know the car type already and ask when purchased if you do want it. It is usually cheaper to go with your insurance company, then drop it when you don't need it. E.g. for ours it is like $10 or so for 6 months worth of GAP. If bought through financing it is like $399 for the duration of loan - works out to be more. Go with insurance approach (if you use a reputable insurance company).

    -T
     
  6. Cyclone

    Cyclone Cyclonic Member ((.oO))

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    I have Traveler's (of NC) through an independent agent. I will have to give them a call. I know when I bought the car, we tried a couple different "values" for the car and they all came back with the same price, so she went with the highest one - the valuation my lender used. Makes me wonder if she processed the Model S as a stated value policy.
     
  7. vvanders

    vvanders Member

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    Location:
    Portland, Or
    +1 for Traveler's we're using them. They have a new-car replacement policy which is much better than GAP coverage.

    With GAP you still eat the depreciation when you drive it off the lot.
     

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