Gap Insurance - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

dr1ven · 12-21-2009, 12:14 PM

Get it or is it just another dealer money maker ?

haulass350 · 12-21-2009, 01:29 PM

yes and no

its a moneymaker for them in the fact that they charge i think it was almost 800 bucks to cover the difference in the loan value vs car value whereas my bank charged 125 for the same service with the same coverage.

so unless you made a hefty down payment i would get it, but i wouldn't get it through the dealership.

brandotron · 12-21-2009, 01:31 PM

Get it through your insurance. My gap insurance for the Z is something like $60/year. Very worth it.

67MellowYellow · 12-21-2009, 01:31 PM

Depends on your financial situation if you should get it our not. Can you affort to pay the difference between insurance payoff and amount owed if it's totalled? Not an issue if you have a substantial down payment. If I was to buy it, I would get it direct from my insurance company though. Normally everything the dealer touches has profit added.

dr1ven · 12-21-2009, 03:25 PM

My insurance is through Nationwide and my agents says that they don't offer GAP.

Angrybird 12 · 12-21-2009, 03:33 PM

pay cash, you won't need gap insurance then...

lee · 12-21-2009, 03:38 PM

several insurance companys are getting away from offering gap , also if you were to sell the car before the loan is up you get back a portion of it

socalicrusin · 12-30-2009, 02:33 PM

Get it if your insurance company doesn't offer it....haggle with the cost though seems arbitrary from the dealer...they first asked something like $1500 - I said no I paid $400 on a previuos car and they matched that- I'm calling my insurance company today to see if they offer it cheaper- if they do I will cancel it with the dealer- they give a refund- I'm getting a refund from my previous car as we speak...

ajp · 12-30-2009, 03:23 PM

Mine was $299 from First Tech Credit Union.

firestone_ss · 12-30-2009, 05:32 PM

i have it on my ss through progressive very reasonable

hawkfe · 12-30-2009, 05:59 PM

I have my loan through State Farm Bank and they include the Gap insurance (Total Loss Debt Cancellation).

mydreamcar · 12-30-2009, 06:02 PM

get it, price should be between 300-600$ a year. so shop around, well worth it unless you put at least 30% down on the car. Basically you are on the hook to the bank if the car is totaled and their FMV is less than what you owe,

BOOTZILLA · 12-30-2009, 06:04 PM

Quote:

Originally Posted by Skyman 08

pay cash, you won't need gap insurance then...

C'mon dude...

Only people like you and me keep an extra $50k on hand ;-)

FLYNNZL1 · 12-30-2009, 09:55 PM

I paid $299.00 through Pedfed

12-21-2009, 12:14 PM	#1
dr1ven Drives: '10 CGM Join Date: Sep 2009 Location: Raleigh, NC Posts: 174	Gap Insurance Get it or is it just another dealer money maker ? __________________ 2SS/RS CGM. Black Int. Black Stripes. Grnd Effects. 1100: 09/1/09 3800: 12/18/09 Picked Up at the Dealership: 1/4/10

12-21-2009, 01:31 PM	#3
brandotron I am the internets. Drives: dangerously Join Date: May 2009 Location: Redondo Beach, CA Posts: 12,571 View My Garage	Get it through your insurance. My gap insurance for the Z is something like $60/year. Very worth it. __________________

12-21-2009, 03:25 PM	#5
dr1ven Drives: '10 CGM Join Date: Sep 2009 Location: Raleigh, NC Posts: 174	My insurance is through Nationwide and my agents says that they don't offer GAP. __________________ 2SS/RS CGM. Black Int. Black Stripes. Grnd Effects. 1100: 09/1/09 3800: 12/18/09 Picked Up at the Dealership: 1/4/10

12-21-2009, 03:33 PM	#6
Angrybird 12 7 year Cancer Survivor! Drives: 17 Cruze RS, 07 G6 GT, 99 Astro Join Date: Dec 2007 Location: East Tennessee Posts: 21,547	pay cash, you won't need gap insurance then... __________________ Cancer's a bitch! Enjoy life while you can! LIVE, LOVE, DRIVE... The Bird is the word!

12-30-2009, 03:23 PM	#9
ajp 50th Anniversary Vert Drives: Camaro 2017 50th Anniversary Join Date: Jul 2009 Location: AZ Posts: 2,315 View My Garage	Mine was $299 from First Tech Credit Union. __________________

12-21-2009, 01:29 PM	#2
haulass350 Drives: 97 silverado Join Date: Aug 2008 Location: Savannah, GA Posts: 138	yes and no its a moneymaker for them in the fact that they charge i think it was almost 800 bucks to cover the difference in the loan value vs car value whereas my bank charged 125 for the same service with the same coverage. so unless you made a hefty down payment i would get it, but i wouldn't get it through the dealership.

12-21-2009, 01:31 PM	#4
67MellowYellow Drives: 2010 SS/RS ABM M6 Join Date: Sep 2009 Location: East of Seattle Posts: 85	Depends on your financial situation if you should get it our not. Can you affort to pay the difference between insurance payoff and amount owed if it's totalled? Not an issue if you have a substantial down payment. If I was to buy it, I would get it direct from my insurance company though. Normally everything the dealer touches has profit added.

12-21-2009, 03:38 PM	#7
lee Drives: 2010 2ss/rs Join Date: Sep 2009 Location: Austin Posts: 1,016	several insurance companys are getting away from offering gap , also if you were to sell the car before the loan is up you get back a portion of it

12-30-2009, 02:33 PM	#8
socalicrusin Drives: 2010 Camaro2SS/RS Summit White A6 Join Date: Jun 2009 Location: Los Angeles Posts: 359 View My Garage	Get it if your insurance company doesn't offer it....haggle with the cost though seems arbitrary from the dealer...they first asked something like $1500 - I said no I paid $400 on a previuos car and they matched that- I'm calling my insurance company today to see if they offer it cheaper- if they do I will cancel it with the dealer- they give a refund- I'm getting a refund from my previous car as we speak...

12-30-2009, 05:32 PM	#10
firestone_ss Drives: 2010 camaro ss Join Date: May 2009 Location: Tacoma WA Posts: 779	i have it on my ss through progressive very reasonable

12-30-2009, 05:59 PM	#11
hawkfe Drives: 2014 Stingray 3LT Join Date: Nov 2009 Location: TX Posts: 738 View My Garage	I have my loan through State Farm Bank and they include the Gap insurance (Total Loss Debt Cancellation).

12-30-2009, 06:02 PM	#12
mydreamcar My Dream Car Drives: 2011 SIM LS3 1SS Join Date: Jul 2009 Location: staten island Posts: 1,534	get it, price should be between 300-600$ a year. so shop around, well worth it unless you put at least 30% down on the car. Basically you are on the hook to the bank if the car is totaled and their FMV is less than what you owe,

12-30-2009, 09:55 PM	#14
FLYNNZL1 Wicked ZL1 Drives: 2017 ZL1 A10 HBM Join Date: Apr 2009 Location: Tucson, AZ Posts: 3,175 View My Garage	I paid $299.00 through Pedfed __________________ 2017 Hyper Blue Metallic ZL1 A10/CF Hood Insert/PDR/NAV MODS: Rotofab CAI/V-MAX CNC Ported Throttle Body/Clear Bra/LED Reverse Light/Rock Guards/Lift Pads/Darkened Tail Lights/Ghost-Tinted LED Side Markers/Darkened 3rd Brake Light

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