Gap Insurance

[RAMREB]

Does anyone know of an insurance company which will sell just a gap policy without purchasing their automotive coverage? Google search does not come up with very good hits.

 

[Socks]

When I worked at a couple auto insurance companies back 6 years ago, we did not provide gap without coverage (though GAP was a really inexpensive option, much cheaper than the dealers). Then again you may have to hunt down a specific one that does GAP only. I imagine it can vary from company to company.
Note: most insurance companies do offer GAP, though it's not always called GAP.
I worked in California which is overseen by the DOI (Department of Insurance) so it could be different in your state.

 

[RenoRam]

Does anyone know of an insurance company which will sell just a gap policy without purchasing their automotive coverage? Google search does not come up with very good hits.

Maybe the best way is to call around for possibilities and quotes. Good luck

 

[jamesfg]

Working for corporate, one of my positions was heading the insurance department handling total loss claims. You are abos nuts not to have your GAP and primary insurance company be the same company.

I've seen hundreds of claims where the GAP companies (mostly the ones the dealership sells you) fight tooth and nail and drag their feet in paying out that GAP claim. On GAP claims the GAP company wants your payment history from your finance company (if your late on a payment, get a payment extension they deduct that amount from the claim amount) then they want all the claim info from your primary insurance company including but not limited to the amount they paid out, the appraisal, condition report and how the primary insurance company came to the amount they paid out. It's a simplified process if the insurance company and GAP are the same as they aren't/won't be fighting for the amount that was paid out leading to the deficiency balance.

 

[ForTehNguyen]

some insurance companies dont offer GAP. Geico which I have doesnt. You can get usually get GAP insurance if you financed 3rd party also. GAP is stupid overpriced from the dealer finance dept like usual

 

[19RamLimited]

Some companies call it new car assistance. USAA does 20% additional to the declared totaled value. I know its not a traditional gap insurance but Ive heard several companies do this type of coverage at little addition to your policy

 

[RAMREB]

some insurance companies dont offer GAP. Geico which I have doesnt. You can get usually get GAP insurance if you financed 3rd party also. GAP is stupid overpriced from the dealer finance dept like usual

Same boat I am in. I did buy the plan through the dealership which I assume I overpaid on but could not find any other options at the time. According to my sales paperwork I have 30 days to cancel the GAP coverage and am going to contact my finance company directly to get a quote.

 

[meltedcheez]

Your finance company should have it but if not esruance has gap coverage available to purchase with your auto coverage.

 

[LaRamie]

We got gap coverage along with our insurance for $42 a year to give you an idea of how much cheaper it is.

 

[ForTehNguyen]

yea GAP is suppose to be stupid cheap a few dollars a month. Ive seen dealers try to charge $800 or so which is ridiculous

Same boat I am in. I did buy the plan through the dealership which I assume I overpaid on but could not find any other options at the time. According to my sales paperwork I have 30 days to cancel the GAP coverage and am going to contact my finance company directly to get a quote.

I believe its 30 days to get a full refund but after that its usually pro rated. So when your loan is equal to the value you should cancel gap to get the remainder.

 

[Lonestar21]

Yeah I purchase gap insurance thru my credit union for $300. Dealers in my area charge $800 dollars for gap but yeah you get your money back no matter what the sooner you do it the better as you get the full amount

 

[jamesfg]

I got Liberty Mutual as our ins company and GAP coverage. I don't have GAP on the Ram 'cos I'm right side up but on the Daytona it's running me $7.50 per month.