Just curious how much AZ members paid for their GAP insurance, if they opted for it ?

 

Correct me if im wrong, but I believe if you're talking about lease gap insurance, Acura provides it already if you lease through Acura Financial.

 

Not the lease GAP, I am talking about GAP coverage for loan

 

I got the GAP insurance from the dealership originally for $699. When I refinanced my car I realized I could get GAP from my credit union for $375. So I cancelled my GAP through my dealership and went with my credit union!

 

That's what I am talking about, dealers just ridiculously overcharge their customers especially with GAP coverage. I have seen many people buying GAP from dealers for $750 or so. In reality we could get it for as low as around $350 from the same dealers.
I do understand the importance of GAP insurance for newer cars.
Generally the GAP coverage from the dealers cover up to 50% of the ACV (Actual Cash Value) of the car + any deductible you pay to the insurance. From what I read/ found is that some insurance companies are offering GAP protection ranging from $0.50 to $1.50 per month and they cover 25% of the ACV of the car.
IMO, after 3 years of owning the car, GAP coverage doesn't really get into the picture. That too I doubt that Acura cars value drop to as low as 50% of the original value just after 3 years of ownership.
Well, what I am trying to say is, its better to go with the insurance company if they offer GAP and don't forget that GAP coverage is generally over-inflated by the dealers which are/should be negotiable!!
I really have no clue about GAP with respect to lease, but all these observations I made are merely on basis of loan.

 

I paid 300

 

I didn't get GAP. That 500-800 that some charge could be put towards the down payment and could help reduce the necessity for GAP insurance to begin with.

 

I declined this also for the same reasons and the finance guy at Hall Acura got butt-hurt about it and started giving me a bad attitude.

 

i declined. my down payment was high enough that i didn't need it.

 

I declined as well.

 

Ah, Hall Acura, eh? Same here. lol! But my guy didn't push anything which was a nice change.

 

I am not surprised with his reaction. He just missed out on making a profit margin of over 200%.

 

One minute he was kissing my ass and being my best friend. He was very complementary of my financial situation at my age et al. After I declined he asked why and I said it was much cheaper through navy federal and if I changed my mind I could re fi. He told me he couldn't understand my logic and why would I pay more interest, etc... At that point I told him that I didn't need to explain myself.

This was as annoying as the finance guy at beach ford that called my insurance company and tried to add my newly purchased car to my policy for me. I was livid!

 

my car was a lease and the finance guy said that they automatically include GAP insurance for all leased Acuras.

i wouldnt get GAP at all if i financed it. isnt that what full insurance is for?

 

Two interesting, informative, reads:
http://www.e-wisdom.com/articles/aut...explained.html

http://www.carinsurance.com/kb/content10049.aspx

I am in the insurance biz, and while my biz is real estate, I tend to be cautious. Never know when you might need it. Insurance is always a "gamble" for a lack of better terms.

 

My dealer wanted to sell GAP for $699 I said no. Initially, I was upside down by $2k from MSRP, the dealer begged me to take the GAP, he lowered the price to $499 even. I took it, but canceled it within 30 days and got a full refund. I then refinanced the vehicle anyway and I haven't purchased GAP yet (the car is still worth more than I owe according to KBB).