Now, is there a huge difference between GAP through your auto insurance company or the financing company? The dealer is trying to tell me to get it through my financing because they are more apt to total the vehicle and just pay the difference vs. and insurance company trying to pay $10k to repair it instead of just totaling it out.
The price difference is fairly significant from what they offered through financing and what it costs to add to my insurance policy per month (Hanover Group/Citizens Insurance Company of the Midwest).
dont forget that if you get gap insurance and dont keep the vehicle the term of the load, example if you trade it in before it's paid off, you can request a refund for the amount of gap insurance that you didnt use.
if you financed a vehicle for 5 years and trade it in after 2.5 years you should receive half your gap insurance premium back if you request it in writing to the insurer.
any one who finances a car and dose not get GAP is a moron. I pay a few extra bucks a month on my insurance for "loan payoff" which is the same thing. Its totally worth the extra bucks, especially with the way people drive
Hell, I always thought that anyone that owed more on a vehicle than it was worth was a moron.
I paid for GAP insurance through my regular insurance company on my '11 Ram, but dropped it after a year because the amount I owed was less than what the truck was worth. I do believe that it was a "Loan payoff" option and not called GAP, but same difference.