We added GAP insurance ot ours, it was about 3$ more a month on the payments.
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!
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.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!
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.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!
Definitely SECOND that edict.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.
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. BobGregoriusM 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