GAP insurance?

[fiascoes1]

How many of you will get gap insurance for the ZL1? Do you guys think its even worth getting? IMHO I dont think you will need it, I dont see the value of this car dropping soon What do you guys think?

[coolman]

If you finance the full price and take it out five years or longer than you should get gap insurance.

[hognutz]

any time you pay msrp for 40k+ car gap is not a bad Idea. if you get a great deal proabably not nessary but I think these will be MSRP cars for a wile. if you don't need the gap and somehting happens they will prorate the money back to you.

I had it on a 08 C6 and did not need it. got $475 of the $550 I paid back.

now on my Z06 I have now I paid 46 KBB was 65k at the time it would have been stupid to buy gap.

[fiascoes1]

Originally Posted by coolman

If you finance the full price and take it out five years or longer than you should get gap insurance.

what if you are planning to put down about 16k? do you think its still worth it?

[fiascoes1]

Originally Posted by hognutz

any time you pay msrp for 40k+ car gap is not a bad Idea. if you get a great deal proabably not nessary but I think these will be MSRP cars for a wile. if you don't need the gap and somehting happens they will prorate the money back to you.

I had it on a 08 C6 and did not need it. got $475 of the $550 I paid back.

now on my Z06 I have now I paid 46 KBB was 65k at the time it would have been stupid to buy gap.

I had it on my SS for a year and a half, cancelled it and got back about $400

[Rice Killer]

Originally Posted by fiascoes1

what if you are planning to put down about 16k? do you think its still worth it?

No. The way I understand it, if you owe more than your car is worth, it would be beneficial. If you put 16k down, you are likely to never be in that scenario.

[coolman]

Originally Posted by fiascoes1

what if you are planning to put down about 16k? do you think its still worth it?

No, if you're putting down a large sum of money than it isn't worth it.

[fiascoes1]

good to know thanks guys, better to go in prepared, i bet some salesman will still try to sell me on gap ins.

[hunt]

Originally Posted by fiascoes1

what if you are planning to put down about 16k? do you think its still worth it?

The way gap insurance works is that if you buy a vehicle, brand new or used, for let's say 20k, with all financing and nothing down, and you wreck it a week later but it's only worth 18k at the time of the wreck then gap insurance will cover the remaining 2k that you owe.

If you put 3k down on that same 20k car, and wreck it a week later, then gap insurance would cover nothing because because you only owed 17k and it's worth 18k. There is no "gap" between the worth and what you owe.

So, if you put a good amount of money down on ANY car and you owe less than it's worth off the bat, then gap insurance is a waste. It's really good for buying brand new cars with little money down and even then you should cancel it for a partial refund after you have the depreciation beat.

[hognutz]

Originally Posted by fiascoes1

good to know thanks guys, better to go in prepared, i bet some salesman will still try to sell me on gap ins.

ohh they will but yeah if you are putting more than 5-7k down it would be a waste. with the gas guzzler tax and all that bs on these some of the down payment won't go towards the value of the car so a small down gap would still be worth it.

the gap insurace is really related to the resale vale of the car as well. if you bought an sl65 or something. you could put 50k down and still need gap they depriciate so bad. I looked at an 06 in 09 and window sticker $202,000 1 owner car with 12k on the clock. selling price 65k ha ha.

[alex33x]

Originally Posted by fiascoes1

I had it on my SS for a year and a half, cancelled it and got back about $400

I got $1,300 back for my gap, after 3 years.

[gmgdave]

I do not have loan but I got full replacement value for $2.00 a month. It is for the first two years of the policy.

[b_williams_82]

Yea I'm not going to be buying GAP! I'll just get replacement cost thru my insurance company for next to nothing! I have it on my 07 Silverado, and if anything happens to it, in the first 6 or 7 years, I get back what it cost for a new one with the same options! So I'll be going that route with this car as well! GAP only pays it off if you total it....... With replacement cost I can buy a new one to put me back in the same situation I was in before the accident!

[SS King]

Always get gap! cover your ass.