Since used car prices are dropping fast and like most owe more than the car is worth, is it wise to get GAP insurance to cover the difference in case of an accident? Which company would you recommend?
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Same same. Easy decision and my cost was the same $350.Agreed as well, I got mine through my Credit Union when I took out the loan. Only $350 for the life of the loan to cover any differences in value? no brainer.
As a former insurance adjuster, I always get gap. I saw lots of people lose a lot in accidents without it. You can usually add it on fairly cheap with your insurance company.Since used car prices are dropping fast and like most owe more than the car is worth, is it wise to get GAP insurance to cover the difference in case of an accident? Which company would you recommend?
I didn't get it when I financed the car and my provider doesn't have it. What company do you recommend?As a former insurance adjuster, I always get gap. I saw lots of people lose a lot in accidents without it. You can usually add it on fairly cheap with your insurance company.
Most insurance companies should offer it, if yours doesn't, I'd say contact one of the other bigger ones and ask about it. I know geico offered it years ago, but not sure if they still do or not.I didn't get it when I financed the car and my provider doesn't have it. What company do you recommend?
Even if you put down 15-20% on the car when you took out the loan. A GAP policy is a good idea. Many leases will include GAP.
It's cheap insurance with many GAP policies costing between $400-$800. Could save some from thousands in negative equity.
Same situation with me. Took delivery late last year. $10k down. $55k loan owed with WF. If totaled car at today's prices I would be $10+ out.Anyone know of 3rd parties offering GAP insurance?
Bought my MY LR end of December and put 50% down.
My insurance company (State Farm) says they don't sell GAP, I have to contact the lender.
My lender (Wells Fargo) says they can't add GAP unless it was originated at the time of the loan, and I owe more on it than it's worth (which isn't the case since I put 50% down).
I told the rep at the time of the loan, the car was worth significantly more than it is today so it wasn't an issue at that time and I had no reason to add it.