Comments on: Save by Dropping Your GAP Automobile Insurance

By: Sam P

Sam P — Tue, 12 Apr 2011 20:15:40 +0000

I’m really glad you suggested increasing your deductible as a method to save on auto insurance. I feel like a lot of people overlook that fact.

By: 50 Articles To Help You Save On Car Insurance | CarLoans.net

50 Articles To Help You Save On Car Insurance | CarLoans.net — Thu, 29 Jul 2010 03:03:57 +0000

[...] Fiscal Geek: Find out if you really need GAP insurance for your car. [...]

By: Belmont Thornton

Belmont Thornton — Wed, 26 May 2010 04:27:57 +0000

A really informative and well researched article. The area of GAP insurance though important, is not very discussed subject. Knowing GAP insurance rules before going for it is important to maximize benefits. Thanks for this interesting topic

By: Gina

Gina — Fri, 07 May 2010 23:19:46 +0000

I had an accident recently which is nit my fault.. The insurance paid market value of my car for 17,000 2008 Hyundai.. I still owed 19,400 and i do have GAP insurance coverage, I thought that for having that extra insurance I will be relieve from a finanacial responsibility to paying off the rest of the money owed from the bank… Well, NO!!! GAP insurance have lots of rules they made, it doesn’t really mean that they will pay the difference… Lotsvof people have money difficulties and troubles sometimes especially a single mother like me but I take care of my bills!!! If you fince your vehicle with no down or finance it more than the vehicle worth they only cover 120% of the original value of your car that u purchased so durin accindent if you purchased a vehicle that worth MSRP 15,000 and your loan is 20,000. They only calculate 120% of the 15,000 the rest you have to pay… Not only that if you deferred payment they will not include that you have to pay it also…if you have late payments you have to pay that.. Just terrible… Now because I did some maintenance in my vehicle before it got into an accident… I ate that bill too… 900 dollars worth of new tires battery and so on… Insurance never paid me… Right now owed 3,000 n whole because of somebody decided to back up on me while I am driving 20 miles an hour…GAP insuranse carriers.. Pleaes explain your what you selling not just use the phrase that you will pay the freaking difference if insurance only pays market value of a vehicle… Misleading and misrepresentation…

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Mon, 25 Jan 2010 22:01:22 +0000

That sounds just like private mortgage insurance (PMI). They’re required to permit you to drop the coverage in as little as two years with certain conditions met, but they won’t call to tell you as much.

Guess we need to stay on top of EVERYTHING!!!
.-= Kevin@OutOfYourRut´s last blog ..Buying vs Renting a Home ““ Its Not All About Money =-.

By: paul

paul — Mon, 25 Jan 2010 21:52:00 +0000

Nope they are not going to call you, this is all on your own and is completely useless once your loan drops below your value. Throwing good money after bad.

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Mon, 25 Jan 2010 21:18:07 +0000

I’m thinking that it’s a good thing that I never knew what GAP insurance was. That means I’ve never been upside down on a car.

Not to be outdone, I have other financial sins in my life that are thankfully beyond the scope of this post

How do you know when you can drop the coverage? Does the lender call you when the loan balance drops below the book value, or are you on your own???
.-= Kevin@OutOfYourRut´s last blog ..Buying vs Renting a Home ““ Its Not All About Money =-.