My insurance company Farmer's doesn't provide it, but since I have terrible credit I'm paying 29 percent interest. If something happened and the car got totaled in the first year I'm screwed. I have called around and can't find any companies that will help. Does anyone know anything about purchasing gap insurance somewhere? If you don't know what gap insurance is, just go on to the next question, ok?! lol
2007-01-04 06:06:55 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
I have already purchased the vehicle and it was through a small car lot and they did not have gap insurance available. To the poster who asked what finance company I was with, I'm not with that one. It's called Credit Concepts. They were the only ones who would finance me due to my poor credit, and I need the car for work, so I pretty much have to pay for the error of my ways. I don't think there's any hope for me in getting gap insurance now, I think it's too late. I'm taking delivery of the car today. Any other ideas or are there companies that sell gap insurance privately, and separate from your auto insurance policy?
2007-01-04 06:37:33 · update #1
Try shopping different insurance companies....Like geico or progressive.
2007-01-04 06:08:26 · answer #1 · answered by zebj25 6 · 0⤊ 1⤋
GAP insurance is only offered when you first purchase a car, new or used. It's provided by the dealerships insurance company. Call the dealership and ask them about GAP insurance and if you can add it to your loan as an addendum.
If you have to finance a car at 29.95% most likely the value of the car is well under what your total owed on it is!
Good Luck!
2007-01-04 06:18:20 · answer #2 · answered by Jen G 3 · 0⤊ 1⤋
You didn't state how much you owe on your car versus how much it's worth. If you put a large amount down and have a shorter term for the loan, you probably don't need gap. Gap insurance works well for someone who trades their car in and is upside down on their new loan etc.
2016-03-29 07:38:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
try going to a car dealership, not the small car lot type. look for the finace manager, he knows a lot of people from insurance companies. first thing he will probably say is trade your car in for another one. hey what do you have to lose, you're at 29%. i guess you also paid $1000 to have your car financed. are you with Nicholas financial?
2007-01-04 06:23:03 · answer #4 · answered by Ruby 2 · 0⤊ 0⤋
State Farm Bank actually INCLUDES Total Loss Debt Cancellation coverage (GAP coverage) for FREE with ALL vehicle loans, regarless of the age of vehicle or term of the loan.
2007-01-04 08:39:16 · answer #5 · answered by mymoon 2 · 0⤊ 0⤋
UK here: http://www.click4gap.co.uk/?tracker=affiliatefuture
US here: http://info.insure.com/auto/gap.html
2007-01-04 06:57:24 · answer #6 · answered by oklatom 7 · 0⤊ 0⤋