Quote:
Originally Posted by wings516
1. GAP insurance is used to cover whatever your insurance doesn't pay the lender in the event of a total loss.
This was a huge deal when I was buying, as the dealer, the bank AND my insurance company wanted to sell me this since I was financing for such a large period.
I recommend getting it through your insurance company. It was cheaper for me, and here is the thing, if you just bought it and it is brand new, chances are if you wreck it the first month, GAP will cover your bum, but you did say you put 20% down. Now, 2-3 years down the road? Probably won't need it, depending on your financing method; Call the insurance company up and have them remove it.
I financed mine (CPO) for 84 months at 2.8% 0% down. I am going to skip GAP coverage until my market value dips $2,000 below what I owe, which I don't expect to happen for at least another 2-3 years since I bought mine $5,000 under market value.
Food for thought. Look at market value of used 2015's and see if they are around what you owe on it. GAP can be removed or added at any given time from what my insurance agent says, but after 6-8 months of owning the car, the cost for it goes up.
My insurance was going to charge me $199/year for GAP on $32,000. At the end of the day, its really inconsequential, and probably worth it even if you don't total it within 10 years. If you refinance your car down the road, GAP will be a good thing to have too if market value drops.
3. I would take it after the 50k. From whatever my research has come up with for the 2011's, shit starts hitting the fan around 90k. I drive 23,000 miles a year though... so use your own judgement there. If you know you are going to need brake pads or rotors, etc during the extended period, probably worth it.
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Tried Geico, they said they don't do GAP for my state, will check with other companies
Thanks
