GAP insurance on a Stinger?

[Stingerfan1]

I bought GAP insurance two weeks ago from KIA when I bought my 2019 GT2. They told me they sold it to me at just over cost $575.

 

[MisterMac]

GAP insurance can only be purchased two ways. First is at the time the loan is originated either through your dealer or the lender. GAP insurance is a huge money maker for the dealership.

The other option is to call your insurance company to see if they sell GAP as an option on your auto policy. Most do and it will cost you a small amount monthly.

Cost to benefit wise, paying for GAP within your auto insurance policy is the best way to buy GAP coverage. At $30 - $50 per year, how many years does it take to spend $650? 11-20 years. How long will your loan balance exceed your cars value? NOT 11-20 years.....

or $575.00/$50= 11.5 years.

For those of you who now realize you made a bad decision to buy GAP from your dealer, that GAP policy is cancellable by you at any time and pro-rated refundable.

 

[Stingerfan1]

I will only be carrying the gap insurance for a about two years. its like $7 a month ($168 for two years). I will cancel it and have the pro rated refund then taken off my loan. $168 is a great insurance for me for two years to make sure I'm not out thousands due to a total in the first few years. The dealer gap insurance also covers my private insurance deductible. Well worth for me!!!!

 

[Travis Wills]

GAP insurance can only be purchased two ways. First is at the time the loan is originated either through your dealer or the lender. GAP insurance is a huge money maker for the dealership.

The other option is to call your insurance company to see if they sell GAP as an option on your auto policy. Most do and it will cost you a small amount monthly.

Cost to benefit wise, paying for GAP within your auto insurance policy is the best way to buy GAP coverage. At $30 - $50 per year, how many years does it take to spend $650? 11-20 years. How long will your loan balance exceed your cars value? NOT 11-20 years.....

or $575.00/$50= 11.5 years.

For those of you who now realize you made a bad decision to buy GAP from your dealer, that GAP policy is cancellable by you at any time and pro-rated refundable.

If you roll money into a zero down zero interest loan then GAP insurance is almost always a good idea.

If the car gets totaled your negative equity disappears.

 

[MisterMac]

If you roll money into a zero down zero interest loan then GAP insurance is almost always a good idea.

If the car gets totaled your negative equity disappears.

Yes, correct. Just buy it through your auto insurance.