GAP INSURANCE

[coolman]

NO, thats not true. It's for anytime your car ends up worth less than you owe on it and something happens to it. Doesn't matter if a lease or purchase.

I have on both my new cars, and the were both purchased not leased. My brother owns the insurance company.

[td2222]

It's different here in NEW YORK only two companies can write a full replacement policy here, on purchases.

[mbauer14085RS/SS2010]

what 2 companies are they?

[coolman]

Forgive me I'm new to this. I didn't think about the differant states. I live in Pa.

[td2222]

You can find them at this link
http://www.ins.state.ny.us/cauto.htm
If you have an Internet based insurance you might be able to get GAP. The bank you borrow from may have it available, if they are out of state.
I know if you pay cash you have very little choices for Full replacement coverage.

I have not had any fun hunting it down, may have to change all my coverages to another company, what a pain.

[td2222]

No problem COOLMAN my wife always says I'm wrong, no sweat.
Keep living the Camaro dream.

[Sean_W]

If my car cost $38,000, and I put down $14,000 and finance the rest, should I get GAP insurance? I'm buying it tommorow, and I'm still not sure about this part of it.

[kdoske]

Originally Posted by Sean_W

If my car cost $38,000, and I put down $14,000 and finance the rest, should I get GAP insurance? I'm buying it tommorow, and I'm still not sure about this part of it.

you should be fine, but it really would depend on your length of your loan.

[mbauer14085RS/SS2010]

i am close to that mine will be about 40 and am putting down 15

[td2222]

If possible I would get GAP insurance no matter what, the cost is minimal.
I lost two cars in the last ten years, and without GAP each one would have cost me $2500 plus the deductible.
Will never be without it, again.
Even though both accidents were the other persons fault. Was rear ended and the blame was on them still was paid by my insurance.
I would get the GAP, look at some of the threads on Camaro5, those poor people didn't have their cars long.

[MidlifeZ28]

Gap insurance is a must, especially for a high end vehicle like this one. I got burned many years ago when my truck flipped over. I owed 9k on it and it sold at action for parts for 2k. I had to pay off the difference while trying to pay for a replacement at the same time. It sucked. Never again! Gap it too cheap not to have the piece of mind hat comes with it. Good luck o your decision.

[td2222]

I would recommend it to my worst enemy, not that I have one.
Your right never get burned again, insurance companies don't have you back. You need to lookout for yourself, get the GAP!

[td2222]

I also recommend FULL replacement value coverage for people buying the car outright. Having a hard time getting it in New York State, because only two companies can write it. I'll look into the names today.


I think, I worded one of my posts wrong, you maybe able to get GAP on your long term loans, though your dealer and the banks.
You do need to buy Full value replacement coverage for purchases. Sorry Guys, check with your agent.

[SRVFAN]

Originally Posted by td2222

GAP insurance is only good on a Lease. You need a umbrella policy on your regular car insurance to cover the difference on a buy. (FULL replacement coverage)
Not many companies have these policies available.

In Texas GAP insurance was offered to me from my CU. My loan officer knows all the ins & outs of my loan & it is an option for my loan ... not lease. $240, one time fee.