First of all, please no lectures on the evils of leasing. I've already heard it before, but thanks anyway.
I just leased a new vehicle and it didn't include gap coverage. My insurance is through State Farm and my agent doesn't provide gap coverage, so I'm trying to find some fairly cheap. I've seen lots of places online that sell it for $299, but I don't know which ones are reliable. Does anyone have any good or bad things to say about any of them in particular? Also, will some of the other big insurers like Allstate or Geico sell me gap coverage without switching my regular policy to them?
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I know this probably does not help you, but when we refinanced our vehicle through a credit union, we were able to purchase gap insurance for up to 110% of the value for $12. Gap insurance is not always a rip off through the lender. When they told me it was $12, I didn't bother to shop around, we just went with it.
berlinsmommy said:I know this probably does not help you, but when we refinanced our vehicle through a credit union, we were able to purchase gap insurance for up to 110% of the value for $12. Gap insurance is not always a rip off through the lender. When they told me it was $12, I didn't bother to shop around, we just went with it.
Collven said:First of all, please no lectures on the evils of leasing. I've already heard it before, but thanks anyway.
I just leased a new vehicle and it didn't include gap coverage. My insurance is through State Farm and my agent doesn't provide gap coverage, so I'm trying to find some fairly cheap. I've seen lots of places online that sell it for $299, but I don't know which ones are reliable. Does anyone have any good or bad things to say about any of them in particular? Also, will some of the other big insurers like Allstate or Geico sell me gap coverage without switching my regular policy to them?
Collven said:First of all, please no lectures on the evils of leasing. I've already heard it before, but thanks anyway. How about a lecture on the evils of making major financial decisions without planning out the details
If I could give yellow I would...Green for bringing up the question about gap insurance but yet red because if you went out and spent 10 mins on google and researched this topic I would not have to spent the 10 mins researching this issue but yet I now wasted 2 mins typing a response and I still have to research this issue.
My wife has a 99 Ford Explorer that we bought 2 years ago (Pre Fatwallet) and got a loan for the car.
The other day I was thinking we should perhaps sell the 99 Ford Explorer and buy another newer but used car. (Cash - Fatwallet style)
During my research we found out that she is actually 3k upside down on the car. We do not have gap insurance and have made the choice we will keep the 99 Ford Explorer. I really want Gap insurance and buying Gap insurance after the fact is not that easy.
WhiteGuy said:If I could give yellow I would...Green for bringing up the question about gap insurance but yet red because if you went out and spent 10 mins on google and researched this topic I would not have to spent the 10 mins researching this issue but yet I now wasted 2 mins typing a response and I still have to research this issue.
My wife has a 99 Ford Explorer that we bought 2 years ago (Pre Fatwallet) and got a loan for the car.
The other day I was thinking we should perhaps sell the 99 Ford Explorer and buy another newer but used car. (Cash - Fatwallet style)
During my research we found out that she is actually 3k upside down on the car. We do not have gap insurance and have made the choice we will keep the 99 Ford Explorer. I really want Gap insurance and buying Gap insurance after the fact is not that easy.
Maybe instead of buying a new car "Cash-Fatwallet style", you should just pay off your upside down '99 and get rid of interest and comp/collision insurance payments. What do you owe at what rate? What do you think it's worth?
ellory said:How about a lecture on the evils of making major financial decisions without planning out the details
I did plan it out. This isn't my first lease. The only thing I did wrong was assume that gap insurance would be included like every other lease I had done before this one. Once they told me it wasn't included, I was sure that State Farm offered it, but that's only on cars financed through them.
WhiteGuy said:If I could give yellow I would...Green for bringing up the question about gap insurance but yet red because if you went out and spent 10 mins on google and researched this topic I would not have to spent the 10 mins researching this issue but yet I now wasted 2 mins typing a response and I still have to research this issue.
Trust me, I spent more than 10 minutes on Google researching this. I wasn't asking about details on gap insurance or whether I should get it. I was asking if any of the dozens of sites who offer gap insurance were trustworthy and which ones offer the best deal.
Im not even sure if auto insurers offer it, but if they do, perhaps switch insurers. You might even find one with better pricing than state farm.
otherwise for those not in a lease, but rather who are finaning, the suggestion is the same - refinance the auto loan to another lender that offers GAP (and hopefully also offers a better rate than what you have currently).
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