Is it Possible to Purchase GAP Insurance from a 3rd Party?

[Jim Holder]

Hi All,

The bank that is financing our Tesla purchase (TD Bank) through Tesla doesn't offer a Gap add-on rider option like many financial institutions do. The insurance company (GEICO) doesn't either. My local insurance broker of 30 years doesn't sell them as stand-alone either (he said they are usually sold at the dealership or at the originating financing bank).

Did any of you finance though TD bank and what did you do for Gap (if anything)?
Does anyone here have experience buying a Gap rider form a 3rd party? Does such a possibility exist?

Why Gap makes sense? Because with a Tesla even a small accident that damages the battery or chassis can render the car totaled (value wise) and the insurance company pays only ACV (actual cash value) which can be way lower than the finance amount left owed.... (buying replacement value is not possible with GEICO and all the other decent companies (Amica, Nationwide, Progressive, Chubb) are 200%-400% higher price-wise (for me).

Thanks in advance.

 

[Krest]

Hi All,

The bank that is financing our Tesla purchase (TD Bank) through Tesla doesn't offer a Gap add-on rider option like many financial institutions do. The insurance company (GEICO) doesn't either. My local insurance broker of 30 years doesn't sell them as stand-alone either (he said they are usually sold at the dealership or at the originating financing bank).

Did any of you finance though TD bank and what did you do for Gap (if anything)?
Does anyone here have experience buying a Gap rider form a 3rd party? Does such a possibility exist?

Why Gap makes sense? Because with a Tesla even a small accident that damages the battery or chassis can render the car totaled (value wise) and the insurance company pays only ACV (actual cash value) which can be way lower than the finance amount left owed.... (buying replacement value is not possible with GEICO and all the other decent companies (Amica, Nationwide, Progressive, Chubb) are 200%-400% higher price-wise (for me).

Thanks in advance.

Check out Liberty Mutual and State Farm. They both have GAP, and for me (35,m,married), the insurance from liberty on my p85+ is only $100 more a year (with GAP) than it was for a Nissan Leaf (no GAP). Of course, ymmv.

 

[ev-now]

Hi All,

The bank that is financing our Tesla purchase (TD Bank) through Tesla doesn't offer a Gap add-on rider option like many financial institutions do. The insurance company (GEICO) doesn't either. My local insurance broker of 30 years doesn't sell them as stand-alone either (he said they are usually sold at the dealership or at the originating financing bank).

Did any of you finance though TD bank and what did you do for Gap (if anything)?
Does anyone here have experience buying a Gap rider form a 3rd party? Does such a possibility exist?

Why Gap makes sense? Because with a Tesla even a small accident that damages the battery or chassis can render the car totaled (value wise) and the insurance company pays only ACV (actual cash value) which can be way lower than the finance amount left owed.... (buying replacement value is not possible with GEICO and all the other decent companies (Amica, Nationwide, Progressive, Chubb) are 200%-400% higher price-wise (for me).

Thanks in advance.

Insurance company - less than $100 per year for much increased rental rate and cap, roadside assistance and gap on significant loan. AmFam.