What is gap insurance? is it insurance which covers the depreciation of my vehicle ? Is it mandatory ? what are the benefits of having it ?
Total Comments: 27
Posted: Tue Aug 26, 2008 10:06 am Post Subject:
And often you'll not get quality vehicle with these kind of dealers.
Generally the vehicle is over priced by atleast two times, and the interest rate is crazy high...most times payments are made weekly...as Juanita said they are generally salvaged or auction cars, and folks that cannot get financed other places can get financed at these lots...''they finance EVERYONE''..(right into the poor house :roll: )
Posted: Tue Aug 26, 2008 02:11 pm Post Subject:
Hi yeah, Gap insurance is meant to cover the excess of your loan to the finance co. beyond the ACV of your vehicle at the time of an accident.
Some of the important points to be remembered about Gap insurance could be summarized as follows-
* It won't be included in your car insurance coverage when you apply for one.
* It would help the car buyers but it is more meaningful for the leasers
* It is often a part of the lease cost & the right to choose the
provider is limited
* It would always cover for the new cars which have good finance-support & not for cars that deemed total losses.
Regards, ArindamSenIndies
Posted: Wed Aug 27, 2008 12:08 am Post Subject:
Gap insurance would always cover for the new cars which have good finance-support & not for cars that deemed total losses.
When would you think that GAP kicks in then if not when a vehicle is deemed a total? :? That is precisely what it's intent is...
Posted: Wed Aug 27, 2008 06:15 am Post Subject:
When would you think that GAP kicks in then if not when a vehicle is deemed a total?
Opsss..I only meant that it signs up for new cars to cover them under circumstances when they're deemed total & does not sign cars which are already reused. Hope now its the right verbiage dear.. :)
ArindamSenIndies
Posted: Wed Aug 27, 2008 09:37 am Post Subject:
Yes, I understand what you meant now, but in truth you can get GAP on any car that has a loan...atleast in my state. A loan not the vehicle is the requirement for GAP.
Posted: Sat Aug 30, 2008 09:45 am Post Subject:
Dear friends,
Gap insurance would surely have some benefits-
* Gap insurance benefits are often included by a majority of carriers within their regular comprehensive auto policies.
* Gap insurance could be a good experience for people who finance cars since it is not costly at all.
Thanx..
Fatman
Posted: Wed Jan 21, 2009 07:24 pm Post Subject:
Gap insurance is available in New Hampshire. Thankfully.
Posted: Sat Jan 24, 2009 01:05 am Post Subject:
I bought a car in FL because I was living there for a couple of months and brought it back to NY where I see GAP isnt available. Will I be able to use the GAP coverage I purchased in FL?
Posted: Sat Jan 24, 2009 01:44 am Post Subject:
Will I be able to use the GAP coverage I purchased in FL?
No GAP offered in NY? I think that is not correct Crazed, maybe not at the agency or company you have talked to but I'm just sure you can purchase GAP coverage in NY
Posted: Tue Aug 26, 2008 10:06 am Post Subject:
And often you'll not get quality vehicle with these kind of dealers.
Generally the vehicle is over priced by atleast two times, and the interest rate is crazy high...most times payments are made weekly...as Juanita said they are generally salvaged or auction cars, and folks that cannot get financed other places can get financed at these lots...''they finance EVERYONE''..(right into the poor house :roll: )Posted: Tue Aug 26, 2008 02:11 pm Post Subject:
Hi yeah, Gap insurance is meant to cover the excess of your loan to the finance co. beyond the ACV of your vehicle at the time of an accident.
Some of the important points to be remembered about Gap insurance could be summarized as follows-
* It won't be included in your car insurance coverage when you apply for one.
* It would help the car buyers but it is more meaningful for the leasers
* It is often a part of the lease cost & the right to choose the
provider is limited
* It would always cover for the new cars which have good finance-support & not for cars that deemed total losses.
Regards, ArindamSenIndies
Posted: Wed Aug 27, 2008 12:08 am Post Subject:
Gap insurance would always cover for the new cars which have good finance-support & not for cars that deemed total losses.
When would you think that GAP kicks in then if not when a vehicle is deemed a total? :? That is precisely what it's intent is...Posted: Wed Aug 27, 2008 06:15 am Post Subject:
When would you think that GAP kicks in then if not when a vehicle is deemed a total?
Opsss..I only meant that it signs up for new cars to cover them under circumstances when they're deemed total & does not sign cars which are already reused. Hope now its the right verbiage dear.. :)
ArindamSenIndies
Posted: Wed Aug 27, 2008 09:37 am Post Subject:
Yes, I understand what you meant now, but in truth you can get GAP on any car that has a loan...atleast in my state. A loan not the vehicle is the requirement for GAP.
Posted: Sat Aug 30, 2008 09:45 am Post Subject:
Dear friends,
Gap insurance would surely have some benefits-
* Gap insurance benefits are often included by a majority of carriers within their regular comprehensive auto policies.
* Gap insurance could be a good experience for people who finance cars since it is not costly at all.
Thanx..
Fatman
Posted: Wed Jan 21, 2009 07:24 pm Post Subject:
Gap insurance is available in New Hampshire. Thankfully.
Posted: Sat Jan 24, 2009 01:05 am Post Subject:
I bought a car in FL because I was living there for a couple of months and brought it back to NY where I see GAP isnt available. Will I be able to use the GAP coverage I purchased in FL?
Posted: Sat Jan 24, 2009 01:44 am Post Subject:
Will I be able to use the GAP coverage I purchased in FL?
No GAP offered in NY? I think that is not correct Crazed, maybe not at the agency or company you have talked to but I'm just sure you can purchase GAP coverage in NYPosted: Sat Jan 24, 2009 03:25 pm Post Subject:
Thats what Juanita said in the sixth post.
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