Gap Insurance

We added GAP insurance ot ours, it was about 3$ more a month on the payments.

katiescaliber said:

How many of got Gap insurance when you got your Caliber or how many of you will buy Gap insurance when you buy your Caliber?

I never bought a new car before so I don't know much about it.

How much does it cost?

Thanks!

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GAP insurance covers the difference between actual value of the car and the actual amount you still owe on it. let's say you total your Caliber 3 months after you get it. You owe 18,000.00 on it, but the insurance company says they will pay 16,500.00 replacement cost. The GAP will pay that difference. I think I paid a flat 99.00 fee on mine.

katiescaliber said:

How many of got Gap insurance when you got your Caliber or how many of you will buy Gap insurance when you buy your Caliber?

I never bought a new car before so I don't know much about it.

How much does it cost?

Thanks!

Click to expand...

I saw an add for Allstate Insurance offering a new car replacement for a wrecked new car. I don't know the details, but maybe it's worth calling an agent to discover if it is cheaper than gap insurance.

Hi Katie! OrangeRT here!

We recvd. gap insurance automatically with our lease. We leased with Chrysler Financial, it is part of their program as I understand. I know there is some cost involved I never broke it down. We have a 2 year lease and I was going to get it anyway, regardless of cost. I want no problems!!!

It is to cover the difference, just as stated above!

Yeah, No problems is right! GAP insurance will be a must for me..

I will get it when I get a Caliber, I got it for my Neon and only cost me a one time fee of $90 for the life of the loan.

Any time you finance a vehicle, you'd best get GAP insurence. It will save your rear should something happen to the car. Most leases, especially through Chrysler, will require GAP insurence. Bear that in mind when you price the lease.

If you don't get GAP, you'll still be responsible for the remainder of the loan if the car's totaled and you don't get enough back to pay it off. You'll be paying on a car you can't drive to a company that doesn't care. Always keep that in mind.

katiescaliber said:

How many of got Gap insurance when you got your Caliber or how many of you will buy Gap insurance when you buy your Caliber?

I never bought a new car before so I don't know much about it.

How much does it cost?

Thanks!

Click to expand...

Gap insurance is one of the deals I hate getting. I've only had it once on a Vehicle as I didn't put a large down on it. Gap insurance, and the need for it, just proves that once you lay your hard earned dollar down for a car and actually drive away the value of the car will depreciate about 10% as soon as you hit the street. It'll be worth 20% less by the time you make your first payment. Don't believe me?, just try and sell your car. This "difference" is what gap covers in the event you loose the car. If you have $15,000.00 borrowed and KBB comes to $13,900.00 on your 1 month old Caliper then the Gap Insurance will cover the $1,100.00 your Insurance Company won't. My credit union charges a flat rate of $250.00 per loan to purchase Gap. Bob

I would never buy a car without Gap protection. Nothing sucks worse than paying on a car you no longer have if it's stolen or totalled.

quadrajet said:

I would never buy a car without Gap protection. Nothing sucks worse than paying on a car you no longer have if it's stolen or totalled.

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Definitely SECOND that edict.

Tyke

Never insured my gap before. Sounds like a good idea. Especially since I was in an accident 6 days after taking delivery of my Caliber. Luckily my damage is repairable and minor. Had I totalled it I would be even more pissed.

Does any one knows and recomends a good online gap insurance company?

Does state farm offer this? Im slightly confused, I had never even heard of gap insurance until now. I bought my neon used and paid it off fairly quickly, and now it is insured very well, so I didnt know about this on a brand new car?

Just be careful about getting it from the dealer... they try and get you in the numbers game which can easily make you pay more for GAP than you need to. I ended up saying no no and NO to the dealer financing guys for GAP. Try calling up your current provider and see what they can offer.

I wouldn't purchase a new or used auto without gap insurance. Just to be on the safe side, because you never know what could happen.

I am getting gap insurance. I just wanted to know more about it. Thank you for your replies!

We have Government No Fault Insurance in Manitoba, Canada and the cost for what you folks are calling "Gap" insurance is $75 CAD for TWO years.

I think someone would be foolish not to buy such cheap insurance.

IMHO.

Greg

GregoriusM said:

We have Government No Fault Insurance in Manitoba, Canada and the cost for what you folks are calling "Gap" insurance is $75 CAD for TWO years.

I think someone would be foolish not to buy such cheap insurance.

IMHO.

Greg

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My kid just bought a new Dakota pickup. He was severely upsidedown on his trade in so the amount finanaced was considerably more than the cost of the new truck. His Gap ins was only a one time fee of $250.00 which was a bargain IMHO. But I've never had it myself. As far as I'm concerned if you either have a lot of cash for a down payment or you have a really good trade-in and the amount you finance is well below what Kelly Blue Book you will never use the Gap. My bank won't sell gap unless the amount financed is close to the BlueBook value of the car or they know you drive 30,000 miles a year and have 84 mo payments or something like that. If the car is worth more or at about Blue Book, Gap makes no sense regardless of the cost. Bob

As far as I know, the "GAP" insurance here in Manitoba has nothing to do with the Blue Book, or any other book, and also has nothing to do with your down payment. It gives you back the entire price you paid for the car, NOT the amount financed.

So, I still say it is foolish, even if you paid cash in full for the car, not to get this type of insurance, at least when it works the way it does with our Manitoba Public Insurance Corporation AUTOPAC insurance.

I can see your point if it doesn't work that way for private insurance companies in other areas.