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06-18-2009, 06:29 PM
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#1 |
 
Drives: 99 blazer/2010 2ss/rs iom now Join Date: Oct 2008
Location: buffalo
Posts: 472
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GAP INSURANCE
can someone please explain this to me? i have heard it mentioned on threads just wondered exactly what it is?
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Ordered IOM 2SS/RS automatic with interior accent package and custom painted rally stripes.Order Detail # NJWH9M
1100 (4/30/09) 2000 (5/5/09) 3000 (5/5/09) 3100 (6/2/09) 3300 (6/2/09) 3400 (6/04/09) 3800 Order produced (6/16/09)2G1FK1EJ3A9117972 4000 Available to ship (6/16/09) 4200 Shipped (6/19/09) 4300 Intermediate Delivery(6/20/09) 5000 Delivered to the dealer(6/22/09) 6000 Delivered to the customer (6/27/09) |
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06-18-2009, 06:32 PM
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#2 |
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Guest
Join Date: Jun 2009
Location: PA
Posts: 4,812
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If your car ends up worth less than you owe on it and something was to happen to it. Gap insurance would make up the diff.
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06-18-2009, 06:33 PM
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#3 |
   
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Typically there is a "gap" between purchase price and the cars value once you pull off the lot because of depreciation. So if you totaled your car you would get as much as you owe on it thus we have gap insurance. You should be ok on this ride
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Loving this car!
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06-18-2009, 06:34 PM
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#4 |
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Drives: 99 blazer/2010 2ss/rs iom now Join Date: Oct 2008
Location: buffalo
Posts: 472
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ok so it covers the loss of value once you drive it off the lot
__________________
Ordered IOM 2SS/RS automatic with interior accent package and custom painted rally stripes.Order Detail # NJWH9M
1100 (4/30/09) 2000 (5/5/09) 3000 (5/5/09) 3100 (6/2/09) 3300 (6/2/09) 3400 (6/04/09) 3800 Order produced (6/16/09)2G1FK1EJ3A9117972 4000 Available to ship (6/16/09) 4200 Shipped (6/19/09) 4300 Intermediate Delivery(6/20/09) 5000 Delivered to the dealer(6/22/09) 6000 Delivered to the customer (6/27/09) |
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06-18-2009, 06:42 PM
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#5 |
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Guest
Join Date: Jun 2009
Location: PA
Posts: 4,812
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It was mainly put into place because to many people take out loans for long terms. So the car isn't getting paid down quicker than the car is depreciating.
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06-18-2009, 06:51 PM
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#6 |
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Drives: 99 blazer/2010 2ss/rs iom now Join Date: Oct 2008
Location: buffalo
Posts: 472
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yeah i can understand that concept. i am taking mine 6 years with every intention of paying it off in 4
__________________
Ordered IOM 2SS/RS automatic with interior accent package and custom painted rally stripes.Order Detail # NJWH9M
1100 (4/30/09) 2000 (5/5/09) 3000 (5/5/09) 3100 (6/2/09) 3300 (6/2/09) 3400 (6/04/09) 3800 Order produced (6/16/09)2G1FK1EJ3A9117972 4000 Available to ship (6/16/09) 4200 Shipped (6/19/09) 4300 Intermediate Delivery(6/20/09) 5000 Delivered to the dealer(6/22/09) 6000 Delivered to the customer (6/27/09) |
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06-18-2009, 06:58 PM
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#7 | |
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VIN #2G1FT1EW6A9100074
Drives: 2010 CAMARO 2SS/RS RJT VIN 00074 Join Date: Oct 2008
Location: Buffalo,NY 'burbs
Posts: 4,216
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Quote:
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06-18-2009, 06:59 PM
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#8 |
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Guest
Join Date: Jun 2009
Location: PA
Posts: 4,812
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It doesn't cost that much to add it to your policy for added protection.
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06-18-2009, 07:00 PM
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#9 | |
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VIN #2G1FT1EW6A9100074
Drives: 2010 CAMARO 2SS/RS RJT VIN 00074 Join Date: Oct 2008
Location: Buffalo,NY 'burbs
Posts: 4,216
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Quote:
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06-18-2009, 07:00 PM
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#10 | |
 
Drives: 2007 G6 GT Join Date: Mar 2009
Location: Auburn Hills, MI
Posts: 42
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Quote:
 That's the best name for a Camaro I've ever heard
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06-18-2009, 07:04 PM
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#11 | |
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Guest
Join Date: Jun 2009
Location: PA
Posts: 4,812
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Quote:
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06-18-2009, 07:17 PM
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#12 |
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Waiting For My 1SS/RS SIM
Drives: Sold My Lancer, now carless :/ Join Date: Apr 2009
Location: louisiana
Posts: 950
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I think a good rule to follow is if you put less the 5% down and have leased for more then 4 years then get gap!
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Order# NJPW8K
1SS/RS SIM Black Interior 1100 (original order date): 04/16/09 2000 (dealer received allocation): 2500 (order preferenced): 3000 (accepted to production): 3300 (scheduled for prod): 3400 (broadcast): 3800 (produced): 4000/4B00 (available to ship/bayed): 4200 (shipped): 4300 (intermediate, may be multiple): |
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06-18-2009, 07:28 PM
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#13 |
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TBoy
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GAP insurance is good on a Lease or a loan, but not a purchase. You need a special policy on your car insurance to cover the a buy. (FULL replacement coverage)
Not many companies have these policies available in New York State. GAP meaning the difference between what you owe and what is worth. Last edited by td2222; 06-20-2009 at 08:14 AM. |
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06-18-2009, 07:31 PM
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#14 |
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Drives: 99 blazer/2010 2ss/rs iom now Join Date: Oct 2008
Location: buffalo
Posts: 472
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gap insurance is only good on a lease? why did people say they got it on this car when they are all buying them?
__________________
Ordered IOM 2SS/RS automatic with interior accent package and custom painted rally stripes.Order Detail # NJWH9M
1100 (4/30/09) 2000 (5/5/09) 3000 (5/5/09) 3100 (6/2/09) 3300 (6/2/09) 3400 (6/04/09) 3800 Order produced (6/16/09)2G1FK1EJ3A9117972 4000 Available to ship (6/16/09) 4200 Shipped (6/19/09) 4300 Intermediate Delivery(6/20/09) 5000 Delivered to the dealer(6/22/09) 6000 Delivered to the customer (6/27/09) |
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