Help Please
Thread Starter
Instructor
Joined: Aug 2007
Posts: 219
Likes: 1
From: houston texas
Help Please
Hey people i have purchased a corvette after the my 1st vette got flooded..
when i purchased this z51 2009 corvette
the dealership gave me a gap insurance..
on the contract he says 60 month and premium 202.00$
what is this ?
am i suppose to pay 202 dollar every month or is this just one time thing ?
i am so confused....
Gap Insurance Policy Coverage
its under optional insureance coverage section .. !!! !
help me out guys one time pay or is this monthly pay thing for 60 month ?
when i purchased this z51 2009 corvette
the dealership gave me a gap insurance..
on the contract he says 60 month and premium 202.00$
what is this ?
am i suppose to pay 202 dollar every month or is this just one time thing ?
i am so confused....
Gap Insurance Policy Coverage
its under optional insureance coverage section .. !!! !
help me out guys one time pay or is this monthly pay thing for 60 month ?
Le Mans Master
Joined: Dec 2005
Posts: 7,753
Likes: 210
From: North Western Connecticut
Two things come to mind!! First you ought not to be signing anything you don't fully understand! Second it had better be a ONE TIME payment... I do not believe you'd be charged 12k for GAP insurance. Go back and read the fine print because it will be on your contract....
Good luck with the new vette....
Good luck with the new vette....
Thread Starter
Instructor
Joined: Aug 2007
Posts: 219
Likes: 1
From: houston texas
Two things come to mind!! First you ought not to be signing anything you don't fully understand! Second it had better be a ONE TIME payment... I do not believe you'd be charged 12k for GAP insurance. Go back and read the fine print because it will be on your contract....
Good luck with the new vette....
Good luck with the new vette....
on the Gap insurance form but
on the motor veheical retail installment sales contract ( under optional insuracne coverage it says
coverage: Gap
Term in months 60
premium :202.02
and i read the contract and its confusing ...
Pro
Joined: Aug 2008
Posts: 523
Likes: 0
From: Oak Harbor (Whidbey Island) WA
I would be sure to go out and get my own insurance and cancel the Gap. It does sound like it is for 60 months. You have the option to purchase your own coverage. You really should have walked in with those arangements taken care of prior.
Le Mans Master
Joined: Apr 2006
Posts: 5,933
Likes: 13
From: The Beautiful Inland Empire WA.
Gap insurance is only used by the people loaning you the money for your car when you have no other proof of personal insurance..........it IS very expensive. The sooner you get your own insurance the better and have your insurance company notify the dealership or their insurance company holding the GAP insurance to cancel it..........you can do that tomorrow, I am sure...........best of luck, but if you had no proof of insurance when you bought the car, the only way for the dealership to protect themselves if you wrecked the car on the way home was to put this insurance on you and the car.............
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Safety Car
Joined: Dec 2007
Posts: 4,974
Likes: 148
From: Magnolia Texas
looks like you can cancel within 10 days per the instructions on the form - correct person looks to be the lender. plenty of other insurance coverages out there with new car replacement options as well. much less expensive to say the least. not sure why this was required as in most states you have to show insurance coverage before they will complete the sale. good luck!
Racer
Joined: Aug 2008
Posts: 497
Likes: 21
From: Garner NC
Agreed, get your own insurance on it pronto. I knew some friends that got the dealership insurance, and after a year the dealership cancelled it and didn't tell them, so they were left without coverage. Plus, your insurance is almost certainly cheaper.
Thread Starter
Instructor
Joined: Aug 2007
Posts: 219
Likes: 1
From: houston texas
i mean its been more than 10 days since i purchased the car i belive
plus dealer ship is bastard
Former Vendor
Joined: Dec 2007
Posts: 22,135
Likes: 2
From: Ft Worth TX
St. Jude Donor '12-'13
Guys, GAP insurance is not Auto Liability insurance. It simply covers the "gap" between what you owe and what its worth if the car is ever totaled. If you paid cash for the car you don't need it, if you took a loan out at full MSRP prob a good idea to keep it. Its a one time charge that is amortized over the course of 60 months. So, yes you are technically paying interest on it too. 
Pro
Joined: Jul 2004
Posts: 581
Likes: 55
From: Farmington Hills MI
2017 C5 of Year Finalist
Hey people i have purchased a corvette after the my 1st vette got flooded..
when i purchased this z51 2009 corvette
the dealership gave me a gap insurance..
on the contract he says 60 month and premium 202.00$
what is this ?
am i suppose to pay 202 dollar every month or is this just one time thing ?
i am so confused....
Gap Insurance Policy Coverage
its under optional insureance coverage section .. !!! !
help me out guys one time pay or is this monthly pay thing for 60 month ?
when i purchased this z51 2009 corvette
the dealership gave me a gap insurance..
on the contract he says 60 month and premium 202.00$
what is this ?
am i suppose to pay 202 dollar every month or is this just one time thing ?
i am so confused....
Gap Insurance Policy Coverage
its under optional insureance coverage section .. !!! !
help me out guys one time pay or is this monthly pay thing for 60 month ?
Race Director
Joined: Oct 2004
Posts: 13,576
Likes: 1,352
From: Home of the VOLS ! Knoxville, TN. Tennessee
St. Jude Donor '11-'12-'13, '15, '16-'17-'18-'19
first your paperwork clearly says the cost is a one time charge.
Second it also says you can cancel it within 10 days from signing your contract.Usually the GAP coverage applies when you buy a car with a trade that you are upside down in , so you finance more than the new car is worth.
Check with your insurance company, if they cover 100% of your loss and not the actual value of the vehicle then you do not need GAP. you can cancel it.
If they don't, then for the $202.00 you are paying now is a good peace of mind to have , so if you should total your car , the GAP insurance will pay off the balance owed on the car if your insurance does not value the car for what is owed on it.
Call the dealer tomorrow and make sure it is a one time charge, which I am pretty sure it is.
Gap insurance is not that expensive for it to be a monthly payment.
Second it also says you can cancel it within 10 days from signing your contract.Usually the GAP coverage applies when you buy a car with a trade that you are upside down in , so you finance more than the new car is worth.
Check with your insurance company, if they cover 100% of your loss and not the actual value of the vehicle then you do not need GAP. you can cancel it.
If they don't, then for the $202.00 you are paying now is a good peace of mind to have , so if you should total your car , the GAP insurance will pay off the balance owed on the car if your insurance does not value the car for what is owed on it.
Call the dealer tomorrow and make sure it is a one time charge, which I am pretty sure it is.
Gap insurance is not that expensive for it to be a monthly payment.
Thread Starter
Instructor
Joined: Aug 2007
Posts: 219
Likes: 1
From: houston texas
It's just a one-time charge and it insures that your loan will be paid off if you should have another catastrophic incident. If you have sufficient equity in the car you may not need to spend the extra $$ An example would be if you only borrowed 20,000 then you would not need it. The insurance company will not factor in the interest charges when paying off a total claim.
i am not charged no more than 202.02 $
right
which mean idont have to call the insuracne and notified them correct?
or cancel the gap insrucane company right ??
Race Director
Joined: Oct 2004
Posts: 13,576
Likes: 1,352
From: Home of the VOLS ! Knoxville, TN. Tennessee
St. Jude Donor '11-'12-'13, '15, '16-'17-'18-'19
Gap insurance is only used by the people loaning you the money for your car when you have no other proof of personal insurance..........it IS very expensive. The sooner you get your own insurance the better and have your insurance company notify the dealership or their insurance company holding the GAP insurance to cancel it..........you can do that tomorrow, I am sure...........best of luck, but if you had no proof of insurance when you bought the car, the only way for the dealership to protect themselves if you wrecked the car on the way home was to put this insurance on you and the car.............
GAP only covers what your own insurance does not. it is not an actual auto insurance policy, it is a supplemental policy thay covers up and above of what your actual policy covers.
Thread Starter
Instructor
Joined: Aug 2007
Posts: 219
Likes: 1
From: houston texas
all i want is " not paying extra money other than One TIme Charge 202.02" ... cuz if you pay 202.02 for 60 months thats a crap haha
lol
thanks
