This is why you buy gap insurance

[fourrayg]

http://img138.imagevenue.com/loc24/th_50df6_RDQP.jpg (http://img138.imagevenue.com/img.php?loc=loc24&image=50df6_RDQP.jpg)http://img142.imagevenue.com/loc24/th_004e6_RPQP.jpg (http://img142.imagevenue.com/img.php?loc=loc24&image=004e6_RPQP.jpg)http://img136.imagevenue.com/loc24/th_69496_Rear.jpg (http://img136.imagevenue.com/img.php?loc=loc24&image=69496_Rear.jpg)http://img141.imagevenue.com/loc24/th_e35b7_Front.jpg (http://img141.imagevenue.com/img.php?loc=loc24&image=e35b7_Front.jpg)

I wasn't even aware of what it was. Now I'm assed out $4000.

[ALTRNTV]

Care to give an explanation of what happened?

[i8yourfwd]

So what's GAP insurance and what the hell happened to your car?

[matic 240sx]

yea explain.. from the back QTR looks like you had way to big and wide rims and tires on?

[kuramaya]

Gap Insurance is great to have...if you have a loan out for a car and you get Gap insurance, and the car is totalled...then the insurance company will cover your loan entirely...at least thats what I think it is...deals more with paying off your loan for the car then just replacing the car

[matic 240sx]

well i have always had full coverage when i bought my 97 in 99 and still do since i paid it off in 03. i thought thats what full coverage was for... or maybe full includes gap? idk.. im 22 and always have let my mom worry about my paperwork... hell she could be just cashing my checks and i really have no insurance! lol

[kuramaya]

well i have always had full coverage when i bought my 97 in 99 and still do since i paid it off in 03. i thought thats what full coverage was for... or maybe full includes gap? idk.. im 22 and always have let my mom worry about my paperwork... hell she could be just cashing my checks and i really have no insurance! lol

full coverage does not include gap

[andrewmp6]

whats gap never heard of it

[SlowCoupe]

gap insurace is only offerd if you bought a brand new car. it covers what the ins. doesn't cover when the car totalled.

[orion::S14]

Bascially...if you bought a car for $7500 with a bank loan with high interest, then the car was totaled a year later when you still owed $6500 on the principal...BUT the insurance only gave you $4000...you'd still owe the $2500 tot he bank.

Gap insurance would cover that "gap" between the actual value and amount owed...it's used when you're upside down in a loan...and mainly applies to new car purchases.

...at least that how I understand it.

- Brian

[projectRDM]

You're correct Brian, that's exactly how it works.

[exitspeed]

If you buy a new car gap insurance is a MUST. Though your never told about it. It can save your ASS. It did mine!

[ThatGuy]

Hey look I'm going to post a random comment about insurance and some pics of my car. No need to post details since everyone is psychic and should automatically know what happened.

In other words, explain what happened or the Thread gets locked.

[HyperTek]

ic.. unlike my friend who had a 01 integra gsr when he was 16 or so and crashed it while on his learners permit without any licensed elders in the car, he woulda got away with it in the accident since people werent gonna call the cops, until his lil sister bitched and made a scene... his dad woulda filled in for him as a driver, but wasnt availible.. car was totalled.. hes still paying for it this day.. =(

[Wei240]

and is it true that certain states won't allow for gap insurance?
i thought that was the case...

[CleanS14]

gap insurace is only offerd if you bought a brand new car. it covers what the ins. doesn't cover when the car totalled.

You are incorrect sir... you can purchase gap insurance on any car as long is it is not salvaged. Esurance.com does gap on my friend's used S4.

[calebxmartyr]

for the record, its called a "Gap Addendum"

[KOUKI KA-T]

Gap is automatic on all vehicle loans in New York, you just have to pay a deductible.
It's not for brand new cars only, most dealerships and banks offer it on certain loans.
I've worked in auto loans for the last 5 years, Gap is well worth the money as it usually only costs either $250 or 500$ at the time the loan is taken out. Nowadays new and used cars depreciate in value more per year than the payments you make pay down on the principle balance.
The worst is KIA's, people take out 5 year loans on those things and after only 3 years are already upside down a couple grand on them. I handle charge-offs and reposessions for TD Banknorth and the amount of people upside down on KIA's and similar lower quality cars is amazing.
Cars are great, but one of the worst investments ever.

But back to the original poster, I also don;t quite get what you are trying to "show" us with those pics, I only see a dented rear quarter....

[AutoRnD]

Gap insurance will insure one for the difference between what one would owe on a vehicle and what an insurance company says it's worth. This insurance is a must for someone who is considering purchasing a new vehicle since a new vehicle depreciates right after it is driven off the dealer's lot.

Now to take this into consideration.
A used 240 is useless to cover cause you own the car
only when you do a loan do you really need gap.

But in certain cases such as when you buy a car that is worth 30k
and you put down 20k
you owe 15+ interest
so if the car were to get totaled gap insurance would be useless cause insurance will pay out remainder of balance with ease.

[fourrayg]

You guys explained gap insurance well... I'm just pissed that the dealer didn't tell me about it when I first bought it (This is the first car I bought on my own)

I bought the car back in August, and exactly one month ago, I got rear ended by a damn SR5 AE86 (Who knew you were supposed to STOP at a red light?). Car is totalled due to frame damage, but amazingly drives straight. But basically, I owe the bank more than what insurance is giving me. I'm either gonna part out the car or sell it to try to recoup my losses a bit.

[MEisGQ]

errr... his fault? his insurance is supposed to cover everything - not yours.

[Ghettokracker71]

I didnt see any mention of gap insurance on a used car. I got it on my acura for dirt cheap,and I'm happy I did. The dealer told me about it,and basically gave it to me.

Sorry for the loos bro,you live and learn.

Just think,15 years from now you'll be laughing thinking "damn"

[Pank]

you paid 4k for a base model 95? i'm in NC, i'll buy stuff off your car to help recoup the losses if need be.

[tripleb]

gap totally saved my buddy and his wife when she rolled their focus. they paid off the car and got a refund for the payments they made. they had forgot they got it and kept making payments till they got a refund in the mail :-)

[spdfreek0o]

Car may be totalled but its fixable.

[tripleb]

or a nice parts car if its not salvagable

[fliprayzin240sx]

Well I got a co worker whos assed got saved by GAP insurance last wk. You all heard of how hard it rained in norcali a couple of wks ago. Well her apartment got flooded up to 6 ft. Between her and her mom, they owed 3 car, 2 of them brand new. All of them totaled with flood damage *water came up pass the dash on their Nissan X-terra.* This will make you cry, her moms other car was a less than a yr old 350Z 6-spd w/ less than 7k on the odometer....Such a waste of a car...Anyways, just on the Z they owe more than the blue book so gap will cover it. She said the only thing that sucks is that they put down like $5k for down payment on the 2 cars and they wont get that money back.

[fourrayg]

Honestly, if I can, I'll just buy some after-market quarter panels, straighten out the frame, and rattle-can the whole car. But right now I'm fighting with my bank and adjuster about keeping the car.

[tripleb]

yeah they can be bitches when it comes to keeping it. its like what ru going to do with it.

[SimpleS14]

Care to edit your first post to explain what happened? Just think its odd for you to post and pics with no story or explaination.


Thanks for those explaining what gap insurance is. I will definately get that on my next car.