jwolfrom

The best deal, if you are into insurance, is to get agreed value added to your insurance policy. $42 a year for $56K ageed value. If my C6 is totaled I get $56k from the insurance, regardless of vehicle's age or mileage.

PeteTheGreek

Better read your policy. They likely will pay you the agreed value of 56k or the actual cash value of the car, whichever is less. Or the agreed value amount is adjusted down each year. No way a carrier would pay you 56k 5 years from now for a car that will be worth say 20k. If they would, everyone with this kind of coverage would "accidentally" drive their car into a pond to collect. Not a risk the insurance company is willing to take. They owe you the value of the car and nothing more. Now most policies will pay you original cost if a new car is totaled, but there is usually anywhere from a a 90 day to a 1 year time limit.

Dogue

Progressive offers Loan/Lease Payoff, which for about $10/yr pays up to an additional 25% of your cars value to cover what you owe. I like that better than GAP unless you are way upside down.
To those that prefer to pay cash...why. With some of the interest rates available, including 0% at times, there is no reason to not to use the banks money. Basic mutual funds are making over 10% (if you're conservative) and unless your credit is terrible you can get a loan much cheaper than that.

Brewz

Amen!!!

Stinger !!

In response to your ridiculous post...

In addition to the 'glutten' of vettes sitting on dealers lots, I wonder how much this # would increase if only those who wanted one were those who pay cash and don't finance!!

I think I understand your point, but you do not make friends with the way you worded your post...you compromise your point by your poor choice of words...expect heat!

I can afford to pay cash for any (1) new Vette sitting on a dealers lot but I chose to finance mine and keep my money while using GM's...I bought GAP just for peace of mind...and my $60,000 is in my bank account...right were it belongs!!

As far as your comment about living paycheck to paycheck...what point are you trying to make...the majority of Americans have to live that way...as far as I am concerned, you owe this board an explanation and an apology...if not, get lost!

phileaglesfan

Be aware that GAP insurance will usually only pay up to 125% of the car's value. This happens if you buy a car that depreciates quick with little to no money down. You might say I will never have 25% in negative equity. Look at the housing market these days. Cadillacs lose around 40-50% within 1-2 years. Vettes are not much better from what I have seen. In order for you to not have any negative equity on a $50k car you will have to be around $1500 a month or put down at least $20k.

GAP insurance does not cover what you already paid (down payment) only what you owe. Paying cash is great if you don't total your car (your fault or not) and are not sacrificing real neccessities or expecting the government to pay for those for you. And I would take a 0% deal in a minute since it is basically free money. I can make my money earn at least 6% and that is being ultra conservative.

Too the idiot that pays cash for his cars. Great for you! Who really cares? If your car is totaled tomorrow, enjoy whatever the insurance company's blue book says your car is worth. Hey, after 1-2 years you will only have paid around $20k for owning a Vette. But don't worry you probably have enough cash to buy a new one right?

not08crmanymore

you are responsible for your deductible-and no-you don't get the down payment back.

0Rage@AutoBuffs

My story...
Bought 07 Z06, Financed thru credit union, NO gap insurance $70,100
Totaled car, 188 miles
Insurance payed $79,995...minus $500.00 for deductible
Bought another Z06, with gap this time, didn't like the dice roll!

Hogvette

...while on this topic of insurance, was anyone else surprised at how cheap their insurance was relative to identical coverage on other vehicles?

I was pleasantly surprised to get my quote on recently purchased vette convertible... much cheaper than my other vehicles which are worth considerably less $$. I even called the insurance company back to ensure I had the correct coverage and vehicle specs.

Is this due to safety record? repair expenses? experience rate?

cajanddj

We too were (pleasantly?) surprised at the cost to insure our 07 vette. We got a quote over the phone from our insurance co. and than went in inperson to verify that the quote was indeed the correct price.

RobVette

Go ARMY! I served for 25 years.

trivette

When my wife's 2005 SRX was totaled this Spring, a GMAC lease with about 10 months remaining, I purchased a 'leftover' 2006 to replace it that had a $10 grand discount and 0% financing. I did that deal rather than another lease and bought the gap insurance through the dealer. My GMAC lease on my CTS's have always included gap insurance and the peace of mind was worth it to me. I purchased my '03 'Vette with the 0% also but didn't opt for gap insurance on that one.

CHASLS2

I think the guy is just trying to get you guys all boiled up.

Hogvette

I think it's working!!

jwolfrom

Regarding Agreed Value Coverage:
Policy reads as follows:
For each occurance involving a total loss to a vehicle covered by this endorsement, we'll pay the larger of the Agreed Value or the actual cash value of the vehicle.
Note:
I've already collected under an agreed value endorsement 4 years ago - got paid full agreed value ($18K) for a Honda Del Sol that was 4 years old with 60K miles on it.

Duallyvette

This sure is an old thread. I wonder if the origional poster got his car totaled by the insurance co ?

I may have been too hasty. I havent been in an auto accident in many years. I DO see close calls every day, so I don't know why I feel so secure. I realize that its dangerous out there in traffic, and for the $600 I pay a year for full vette coverage, I wouldn't INSURE (pay for any damage) that any driver, would make it around the block without incident.

Most of my vehicles are dually pickups. I believe that they hold their value pretty good. I've usually felt like they were worth more than I owed on them. I also keep my vehicles 5 or more years. and feel preety satisfied with their value after so many days of use. They're all low mileage ( I can only drive one at a time) If I put 30,000 miles a year on one automobile, I would be MORE aware of depreciation. I spread the 30,000 miles on 3 trucks, two cars, and a motorcycle.

I bought a 2007 3lt mn6 coupe in June. MSRP $ 57,750, paid $ 49,500 + $ 1485 use tax. I didn't realize that 6 months later that the "trade-in price would be $35k or less based on what I've read here. I can live with that since I don't plan to sell until 2012 or 2013 when I have 45,000 miles on it. If someone hits it, I'll sure wish I had a 0 downpayment w/gap ins.:o

PeteTheGreek

There must be some kind of underwriting guideline which would reduce or eliminate the agreed value amount after a certain amount of time. Let's assume for arguments sake that you keep the car for 10 years and the carrier continues to provide 56k in coverage for agreed value. I doubt that 10 years from now, if your car is totaled in an accident, they will pay you 56k for a car which will probably be worth in the mid teens by then. You should double check with your agent and get back to us because if they do, I'm switching carriers. 10 years from now, when my car is worth nothing, I'll get a cool 56k for accidentally leaving the car in neutral before it falls off a cliff.

Ampcass

Yeah, until you get totaled and the insurance company pays an amount based on used blue book and you owe more than that, could be $thousands. Guess I must be really dumb because I can afford the car plus.....

Ampcass

I have a son in Special Forces and he is in harms way again for about the 6th time that I know of. Thanks for serving our country.

PhotoLad

Thanks moolys if this was directed at us. If orange goes away it's OK, wife is sure looking at the Jet Stream Blue