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Old 10-26-2011, 07:18 AM   #1
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GAP Insurance, thoughts?

About to close on my new Jeep and the dealer mentioned something about GAP Insurance. Not being familiar with it I did a little research.

There is an article on BankRate.com talking about it and they said you should buy it if you fall into one or more of these categories(Which I do):

Lease a vehicle.
Finance for 60 months or more.
Put less than 20 percent down.
Roll negative equity from a previous vehicle loan into a new vehicle loan.
Drive more than the average 15,000 miles annually.
Purchase a vehicle with a history of high depreciation rates.


Read more: Car gap insurance: Is it worth the cost? http://www.bankrate.com/finance/insu...#ixzz1btD1iKIq

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Old 10-26-2011, 07:22 AM   #2
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if you plan on keeping the jeep for 10 years or more, forget the gap ins, also if you plan on doing any mods, gap ins is a waist of money , jimo. never Finance anything longer than 36 months, you realize how much money the bank is making off of you. again jmo

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Old 10-26-2011, 07:25 AM   #3
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Originally Posted by GREEN-MACHINE View Post
if you plan on keeping the jeep for 10 years or more, forget the gap ins, also if you plan on doing any mods, gap ins is a waist of money , jimo. never Finance anything longer than 36 months, you realize how much money the bank is making off of you. again jmo
Normally I aggree, but I'm locked in at 1.99% APR for 72 months. Off a 37K loan they are only making $2700 off me.
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Old 10-26-2011, 07:25 AM   #4
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What insurance company do you have? Because they offer that as well. And if I was you, and this is what I did, get it from your insurance company. You will be happier if you do.

Why??? You will save a shit load of money for it. I pay like a dollar something a month extra just for gap. The dealer charges to much just for gap. I think the dealer I got mi jeep at want like 400-600 bucks more.

So call your insurance company & find out about it. If you have all state, get gap & new vehicle replacement. Which I think is cover under gap with them, but just say you want both!
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Old 10-26-2011, 07:30 AM   #5
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YEa I went 72 months this tims but got a really low 2% rate ..but I never get gsp as I usually have a trade in or down payment that brings my financed ammount down low enough that gap wouldnt be needed.
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Old 10-26-2011, 07:30 AM   #6
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Originally Posted by Raziel View Post
What insurance company do you have? Because they offer that as well. And if I was you, and this is what I did, get it from your insurance company. You will be happier if you do.

Why??? You will save a shit load of money for it. I pay like a dollar something a month extra just for gap. The dealer charges to much just for gap. I think the dealer I got mi jeep at want like 400-600 bucks more.

So call your insurance company & find out about it. If you have all state, get gap & new vehicle replacement. Which I think is cover under gap with them, but just say you want both!
Thanks I have Allstate, I just talked to my buddy at worked and he gave me the same advice. Thanks Guys!
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Old 10-26-2011, 07:32 AM   #7
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As stated check with insurance company, usually much better rate. Mine was great when I got tagged by a semi, and there was a several K difference in value vs the loan.
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Old 10-26-2011, 07:35 AM   #8
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Not everyone can afford 36 month loan. And if rate is low enough 36 month not always better deal.

GAP is generally a good deal but as stated cheaper ways to get it rather than via dealership.

Does not matter if you plan to own jeep 2 years or 20. No impact on decision to get GAP.

Gap covers difference in what you owe and what vehicle is worth if it is totaled. So I total 6 months into owning it the idea I planned to own for 10 years means nada.
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Old 10-26-2011, 07:46 AM   #9
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Think I paid around $600 through dealership ?? Have receipt at home.

Wasn't much IMO

Really did not know much about what it was for, figured dealer just trying to get more money.

Seems it was worth it, I dunno ?
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Old 10-26-2011, 08:24 AM   #10
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Thanks guys, I just checked with my agent at Allstate.

They just offered me Gap Insurance for a 3 year term for $108.
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Old 10-26-2011, 08:42 AM   #11
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I had two very different experiences with GAP. First time it worked in my advantage, the second time I was on the hook for the negative equity I rolled into my loan, approx $2500. Needless to say I was pretty pissed as I thought the whole idea of having GAP was to cover the difference between what you owe and what the vehicle is worth. Missed the small print! Cost me $$
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Old 10-26-2011, 08:48 AM   #12
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Some policies cover only up to a certain amount for the difference (for example $7,000). That's why it's in the small print.

I go with GAP insurance for one very simple reason, I don't trust any other drivers

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Old 10-26-2011, 09:57 AM   #13
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One time I don't have gap and I wish I did was when I totalled my 2002 Mustang. I wound up having to cover $3,000 out of pocket to pay off the loan.

On the Jeep I don't have it b/c between trade in and cash I put down $10,000.

The reason they say on loan terms longer then 60 months is b/c the vehicle will loose value faster then you pay it down. And in the event you wreck and the vehicle is a total loss, you will still owe what the insurance doesn't pay. So depending on your situation I would get GAP.
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Old 10-26-2011, 01:05 PM   #14
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I'm a loan officer for a Credit Union and I can tell you that if you have good equity going into the vehicle GAP is probably not needed. However, if you are financing a auto for 60 or 72 months is always a good bet because you vehicle is going to depreciate faster then you are paying it down. That being said, some insurance companies will add GAP to your current auto policy (not all sell GAP though) for a extra buck or two a month. The difference between the GAP I sell though and what your insurance company sells is that mine will cover your out of pocket deductable too. The GAP you might get from your insurance agent will make you pay your deductable first if you total the car. ALWAYS as the dealer though. AND...dealers will price match in most cases. For instance...I dont finance my autos where I work so when I finance through a dealer they normally might sell GAP for 600.00 or more but I tell them I can sell it for 349.00 and they always price match for me to get the extra sale if I'm looking for it.

Hope this helps
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Old 10-26-2011, 01:14 PM   #15
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Originally Posted by JBJeeping12 View Post
ALWAYS as the dealer though. AND...dealers will price match in most cases.
Dealer took $400 off my gap to match my ins. co... AND the dealer gap covers deductable (only $50, but why not?) I was going to go with insurance co. for it to keep it simple until the dealer showed me on the policy where the deductable is covered
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Old 10-26-2011, 01:14 PM   #16
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Thanks guys, I just checked with my agent at Allstate.

They just offered me Gap Insurance for a 3 year term for $108.

Ask him if you total out the Jeep or if its stolen though, will you have to pay your deductable first? If you do, you might be better off asking the dealer if his covers the deductable to and if it does, any price for GAP smaller then your out of pocket deductable is going to be a better deal.
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Old 10-26-2011, 03:53 PM   #17
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I got it, it's like 88 bucks a year no big deal.

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