Anyone have it? I put $6,500 down, financed about $12,000. Seems like if it gets totalled tomorrow I'll still get back from insurance what i owe (assuming I ONLY lost 30% of the value to depreciation the second I drove it off the lot). Or am I completely off the mark here? Wouldn't be the first time... Thanks.

 

Yeah, i got GAP also. Insurance will cover the value of the vehicle and GAP will cover the difference (what you fiananced - value of car)

 

Yeah, I got the gap also. For the $4 per month it cost me, I thought it well, well worth it.

Johncal

 

GAP Insurance is definately worth it. With all the obstacles on the roads now it's better to be safe than sorry. It should be very affordable for our cars.

 

I financed about $12,000, and I just looked up KBB, which said it's worth about that much (after 2 days!! OUCH!!) As I understand it, insurance pays KBB in case of a total wreck - is that true? Thanks!

 

Either that or NADA (http://www.nadaguides.com). Well insurance companies will normally have a representative inspect your vehicle to determine what it was worth at the time of the accident. If the inside is torn up and has cigarette burns all over it, don't expect book value. But for most new cars, those figures should be fairly accurate.

 

Does anyone elses insurance include a "payoff" option? Try progressive if yours dont. Thats what I got, And turned down the "gap" thing.

 

Got it along with 7yr warranty. It wasn't that much at all - was it $500 or less? Figured why not -had to buy the xA because someone totalled my last car =(

 

i've got payoff with mine. check with your insurance company first. a lot of times it's included in your coverage. which means you should keep your money and not get the gap insurance.

 

GAP is a good product for a lot of people....those that are not putting a lot of money down...or rolling negitive equilty into their new car.....if you were buying from me I would tell you about GAP (cause I have too) but with the money you put down I'm not sure you NEEDED it.... bottom line though if you are okay with the difference in your payment that's all that matters

 

My USAA financing includes "Total Loss Protection", which i'm told is their version of GAP, and specifically to turn down whatever the dealer offers as I already have it. Another nice benefit of going through USAA, besides the great rates for military members with little/no credit history.

From their website:

 

I guess I'm the only one in here that hates insurance.... didnt get it - lemmi knock on wood before i get hit...

 

yes get it very very important i had a 2002 ecotec cavalier all decke out then some selfish ____ing lady tried to beat a light and bam car no more the insurance only paid the rate for the car not the left over i got ____ed out of so then i had to pay my own money like 3 and a .5 g's to pay the car off sucks gap covers that ____ over sorry vented miss that car ciao