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Where to buy GAP insurance
I am about to take a delivery to Subaru Forester. My lender (local credit union) did not offer GAP insurance with the auto loan. I took a loan of $20000 and paying $8200 from my pocket. I do not want to pay $595 for GAP insurance from the dealership. What are my other options to buy GAP insurance?
(My auto insurance company, State Farm, offers GAP insurance only if I finance through them.)
A quick google search led me to https://gapdirect.com Edmunds has cited this company in their articles. What other options do I have?
Any caveats I should be aware of?
Thanks for all helpful answers.
P.S. - This is in NY.
(Until I get answers, I will be reading the old thread.)
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I would get a quote from GapDirect, then take it to your dealer and ask him to match it or come darn close.
I don't think you need GAP insurance. If your loan balance is only 75% of the purchase price, there won't be anything for the insurance to cover. It only covers loan balances that exceed the insurance payoff.
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You may want to get a quote for New Car Replacement coverage, but that would only kick in if the car is totalled. Chances are the insurance company would go to great lengths to keep from totaling your Subaru in that case.
Replacement coverage is expensive, too.
Another reason to buy used eh?
Or to put a healthy down on the deal. But let's face it, it is a most unfortunate thing for the buyer or leasee to have a nearly new car totaled. One rarely comes out 'right' without gap insurance.