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Started By
Message
Gap insurance,waste or smart move?
Posted on 6/3/15 at 8:34 pm
Posted on 6/3/15 at 8:34 pm
Just bought an 05 Nissan pathfinder with 58k miles. Nada was $12,100. I paid 11,800 before taxes. Trade in value is something like $8,500. So if I total it,I get 8500 from ins basically if I don't have Gap. Is Gap ins a waste?it cost me $895.
12
Posted on 6/3/15 at 8:36 pm to CatsGoneWild
I would assume yes if it was a brand new vehicle.
Posted on 6/3/15 at 8:36 pm to CatsGoneWild
Waste, unless you can't cash flow a few grand to buy another vehicle if you get totaled.
Posted on 6/3/15 at 8:38 pm to CatsGoneWild
so, you are asking if it is worth paying $900 for around $3000 worth of coverage?....doesn't sound like too damn good of a deal to me....
Posted on 6/3/15 at 8:39 pm to CatsGoneWild
Depends on whether you are a careful driver or not.
Posted on 6/3/15 at 8:44 pm to CatsGoneWild
Get caught without it, and you'll never ask this question again. By get caught I mean total the car obviously
Posted on 6/3/15 at 8:45 pm to PrivatePublic
Never been in a wreck in 18 years. I heard insurance can offer the same thing at a fraction of the cost? Is that true? I have til tomorrow to cancel the gap
Posted on 6/3/15 at 8:48 pm to CatsGoneWild
quote:
Never been in a wreck in 18 years
Total waste of money, IMO. Insurance is a numbers game, and your numbers are too good for that.
Posted on 6/3/15 at 8:50 pm to CatsGoneWild
quote:
I heard insurance can offer the same thing at a fraction of the cost?
Oh, I absolutely wouldn't buy it through the dealership...you surely need to talk to your insurance agent, if you are even remotely interested...
Posted on 6/3/15 at 8:53 pm to CatsGoneWild
That doesn't make sense. They aren't going to give you trade in value for the vehicle. They are going to give you the actual value of vehicle.
Posted on 6/3/15 at 8:56 pm to mtcheral
That some expensive GAP ... My credit union sells it for $310
Posted on 6/3/15 at 9:01 pm to CatsGoneWild
shite some banks include coverage at no cost. Statefarm bank auto loans include free gap insurance.
Posted on 6/3/15 at 9:05 pm to Hoyt
Just what I was going to say. But, I think some credit unions maybe only do gap on new cars?
$900 to cover $3k sounds ridiculous. Better to put that towards car loan, and try to pay a little more than the note each month. Get it paid off faster and you aren't in a lurch if it does get totaled.
$900 to cover $3k sounds ridiculous. Better to put that towards car loan, and try to pay a little more than the note each month. Get it paid off faster and you aren't in a lurch if it does get totaled.
Posted on 6/3/15 at 9:07 pm to CatsGoneWild
Time out....
Trade in value does NOT equal the actual cash value!
Trade in value does NOT equal the actual cash value!
Posted on 6/3/15 at 9:08 pm to Tshiz
quote:
Get caught without it, and you'll never ask this question again. By get caught I mean total the car obviously
Yes, and the land of hindsight is literally the only place in time and space that $900 for $3000 of coverage is worth it.
Posted on 6/3/15 at 9:09 pm to CatsGoneWild
I never get insurance on jeans I buy.
Posted on 6/3/15 at 9:36 pm to The Boat
quote:
I never get insurance on jeans I buy.
You really should have counted to 10 before posting that. Dumb
Posted on 6/3/15 at 9:41 pm to CatsGoneWild
I have always heard it you made a deal and need Gap you made a bad deal. Take it for what it's worth.
Posted on 6/3/15 at 9:55 pm to PANTHER
It's a waste.
Trade-in is not vehicle value.
Trade-in is not vehicle value.
Posted on 6/3/15 at 10:03 pm to CatsGoneWild
You got fricked on that deal
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