CTyler

I've never had it in the past, but saw an advertisment for it and was wondering if any of you had it or ever used it.

neuronbob

I've always had it. Do you want to be stuck paying the difference between what the insurance co. says your car is worth and what's left on your loan/lease? It's a good precaution to take, I believe.

majormojo

I got the gap coverage. (In Canada, it's called a "limited waiver of depreciation" or 43R endorsement). It was a one-time $25 fee for 36 months coverage. Seemed like a no-brainer to me.

dom

Hmmm, I thought the max was 24 months. I'll have to re-read my insurance renewal when I go home. Really came in handy after I wrecked my 1 1/2 year old Integra. Its nice not losing a cent.

fdl

I've got the waiver of depreciation. Its for 24 months.

CTyler

I did a search online and it seems that (in the US) the rates (online) are around $300...I'm not sure how long that is for though.

madlaw

I leased thru Honda Lease Trust which has GAP insurance as a standard provision on all leases. Is everybody not getting a lease thru Honda?

Count Blah

GAP insurance doesn't only apply to leases.

I have a loan, and I put several thousand $ down. I should never owe more than it's worth, so GAP insurance seemed like a waste.

majormojo

Even if you're never upside-down on the loan, I think the gap coverage is worthwhile. Otherwise, the depreciation will eat up all your equity.

Regarding the term, my agent told me it was 36 mo. I read something online that stated a std 43R was 30 mo. I'll have to look it up on my policy.

CoasterGeorge

I bought GAP insurance for my 2003 TL-S lease - first time I've ever done so and I'll continue to do it in my future car purchases.

Cost about $200 but the peace of mind knowing that if the car is totalled and you don't owe a cent is just great.

My lease wasn't thru Honda and the leasing company did not automatically provide GAP (in fact they wanted about $400 extra) so I found an independent GAP insurer, investigated them to make sure they were legit, and then bought the policy.

George

majormojo

Oh. I did a bit of googling around, and it seems there is a significant difference between the "gap insurance" in the US, and the "waiver of depreciation" in Canada. US gap insurance only covers the difference between the write-off value of a vehicle and an amount owing on a loan. So Count Blah's statement makes perfect sense, it probably is a waste if you'll never be upside-down on the loan. The Canadian version is more like a "replacement value" policy, where the insured receives a reimbursement equivalent to the full replacement cost of the their car if it's written off.

dom

Exactly, I paid my 98 GS-R $31,000 and got back $31,000 a year and a half later when it was written off. The only thing i lost was the $90.00 I spent I the rear sway bar which I did'nt have a receipt for. I got back the cost of my springs, alarm, intake and throttle body.

2k4tl

I bought gap insurance for a flat rate of $288 for the life of the car loan. I wasn't going to but seeing those pics of the totalled TL made me reconsider.