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post #1 of 15 (permalink) Old 02-15-2008, 09:08 AM Thread Starter
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Gap Insurance

Reading a thread on the engine damage and the carrier not wanting to pay replacement cost for a new engine, started me 'a thinkin...which is often dangerous.

Do you have GAP insurance? If you buy a new Commander and it is totaled, the policy typically pays book value of your vehicle. We have read about the cost of the Commanders taking a hit with low resale value...which means your loan could be for more than you get for your vehicle.

GAP insurance covers this gap. You can get it for a lease or purchase. Many carriers are different, different limits and different coverages are available.

It usually cost less to buy it from your insurance agent than the dealership.

But ask you agent. What if......read the forms.

Again, your typical policy will not cover betterment after a loss. So if your vehcile with 10,000 miles has damage, they dont have to replace everything with new parts. This is usually a different endorsement.
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post #2 of 15 (permalink) Old 02-15-2008, 09:56 AM
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Allstate also offers the new gold pkg which will replace your vehicle within the first 3 yrs of model year if it is totaled. Gap insurance saved my butt on my Grand Prix. I have gap insurance on all my vehicles with loans...it works....
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post #3 of 15 (permalink) Old 02-15-2008, 10:26 AM
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I have 10 yrs of auto claims experience and now I'm an agent.

Both of the above statements are true. Buy gap if your financing a large percentage of the MSRP. When you drive off the lot, esp with most domestic cars, you take a huge hit. Most insurance companies do not even offer the blue book, they go with the NADA. The NADA typically has slightly lower values than the blue book.

It's better to buy gap with your auto policy vs from your finance manager. You can drop it when you are no longer upside down and you do not have to finance the cost.

Finally some insurance companies offer special programs/endorsements for replacement value for so long or OEM parts if the veh is not totalled.

Last edited by shredX; 02-15-2008 at 10:29 AM.
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post #4 of 15 (permalink) Old 02-15-2008, 11:18 AM
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i've been considering adding it to my policy. i don't think it costs very much. i've never had an accident, so my insurance is very cheap. i have the commander and my 300zx, and it only costs me $100/mo. i think when i turn 30 i get a bigger discount as well.
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post #5 of 15 (permalink) Old 02-15-2008, 11:27 AM
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Just remember it's only if you're upside down on your loan. Usually it does not cover late payments and is capped at 25% of the value.

If you were to pay cash for your brand new veh, then have a total loss, gap would not do you any good.

(not necessarily directed at 4.7commander)
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post #6 of 15 (permalink) Old 02-15-2008, 11:34 AM
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i'm not sure if i'm upside down. i bought mine used so i got a good deal.

its my business vehicle. very small business but its my tax write off. so i should pay most of it off this year. and then i would be in really good shape as far as its value.
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post #7 of 15 (permalink) Old 02-15-2008, 12:13 PM
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I got the GAP insurance with my financing company. They just added the cost into the loan. Glad that I got it after the drop in value. However, I do plan on keeping the XK for a long time.
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post #8 of 15 (permalink) Old 02-15-2008, 12:24 PM Thread Starter
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Ok guys and gals, think about this.
You pay $40,000 for your new Commander. Then you mod it.
Lift, wheels, tires, radios, subwoofers, lights, and on and on....now your vehicle is gone. Stolen, fire, collision...whatever.....how much will your insurance company pay? (not considering gap)

Side note....if you go thru a pothole in the street and it destroys a tire and wheel, how much does your insurance pay, after the deductible? Probably not going to pay to put a new tire and wheel back on, unless have the endorsement that pays for replacement...not ACV. ..

Stated value policies do not necessarily pay the amount stated in the policy, but the ACV or Stated Amount whichever is less....if it isnt in the policy, you dont have it....ask your agent and read your forms.....
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post #9 of 15 (permalink) Old 02-15-2008, 09:40 PM
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Interesting thought! I paid cash for mine so GAP will do me no good. I have a couple thousand in MODS so I stand to lose a lot of out-of-pocket expense if my vehicle were to be totaled today.





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2006 XK, Steel Armadillo Front Bumper w/Warn Powermate winch, Rear Bumper w/tire carrier & Super Sliders, Rhino Rack Roof Rack and Foxwing Awning, KC Lights on Steel Armadillo Light Bar, 4xGuard Rear Differential Cover, Steel Armadillo Plates.
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post #10 of 15 (permalink) Old 02-15-2008, 10:50 PM
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I'm a finance manager at a dealership.

Most Gap policies cap out a 150% of retail value. Broad form Gap policies often offer an additional $1000 towards replacement as well as deductible reimbursement.

We offer something called Equity Protection. This is a $5000 policy for a replacement vehicle if you sustain a total loss within the 1st 5 years. works very well for cash customers who still take that big drop in equity when their new car becomes a used one.

Gap usually costs between $130 and $200 depending on the term of the loan. ....most dealers will sell it for between $495 and $750. get it....but get a good deal on it. it's all negotiable.
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