Just wondering how this exactlly works, i know it covers what your insurance does not cover when your car is claimed totalled. Just wondering if anyone out there had to use this on any of their cars and if insurance companys and the Gap insurance people are picky about this and what theyll cover...reason i ask is becuase i see alot of post of people wrecking their Z..also if your found speeding or driving wreckless would they cover it? im paying for it so figure id ask more about it from someone else other then the person who sold me the service. all these no vdc/crash/new to rear wheel drive post got me paranoid haa

 

GAP pays the difference amount that you owe on the car and the price insurance willing to give for your totalled car. Let's say you owe 30K and insurance is only paying 25K because they think that is the market value of the vehicle. Than, GAP pay 5K to even out the money that you owe to the bank.

 

yeah I also bought it, I had understood it really well but forget how it works now.

 

thanks for the info but are they strict on what kind of accidents/totals theyll cover?? or as long as its claimed totalled

 

I got it

 

didn't need it, as I put half down!

 

Didn't get it for the Z. Thats paid off, but I got it on my truck.

 

got it too

 

i got it, if i remember correctly, the fast talking man stated you couldn't get the extended warranty package unless you upgraded to GAP insurance. It was on the pyramid diagram.

 

Get if for brand new cars and bad resale vehicles.

 

Hi, you got scammed.

But, GAP is good to have anyway. For like $190, it is worth it. Unless... you paid more. Then....


You got scammed twice

Yz

 

true! i bought a gap insurance on my Z and its worth it! and i got 5 years 100,000 mile warranty on my car

 

Gap insurance is only a good idea if you are upside down on your car loan. Unless you can get the dealer to throw it in for free, I would not buy from them (usually more expensive). In most cases, there are cheaper alternatives than the dealer offered one.

Also, if any dealer or bank says gap is required, find a new place.

Also remember, gap insurance puts no money in your pocket in case of claim, it all goes to the bank.

 

gap is worth it, my last car got totalled and ins. covered what the car was worth...and after that i still owed 2k that i had to pay out of pocket for. If i had gap that would have covered and saved me that 2k.

 

And in some cases if you pay off your car before the contract term you might be entitled to a refund. I paid off my Z and an 05 Altima at the same time but only could get the refund for the Altima because it was financed thru Nissan. The Z was financed by a local bank and they refused to refund the $$. Just my .02

 

Depends on your situation. If you just bought your Z and your DP wasn't that high (read Zand02max) then GET IT. I don't give a **** what anyone else says. Read the contract and if it suits you, just get it. I paid 200 beans for mine (through my bank), just a few weeks before my Z was totaled by the floods. My ins. paid 27k and the bank about 3-4k.

 

GAP is very situational. If you don't put a down payment (or low one) it can be a nice piece of mind insurance but otherwise its a waste.

 

GAP is for suckers. If you can't put 20% down on a car, you can't afford it.

 

Not necessarily... Not putting 20% down means you can't afford a vehicle. You need to know how to play with the $$, the salesman and the stealership. If you are smart enough you can trick them good and is a win win situation. I purchased 2 vehicles on the same day and paid them off in 1yr 10 months, and got $$ back, ha, ha!!

 

And how did you do that?