Gap Insurance

[montgom626]

So, when does one need gap insurance?

http://cars.about.com/od/buyingadvic..._insurance.htm

[DonC]

I'm thinking it's included in the Ally lease. Anyone with a lease or definitive information?

The answer has to be "It Depends". If you put a pile of cash down then you don't need it. Zero down and you may need it, but if the price is too high maybe not.

[kns]

The "new car replacement" rider on my Allstate auto policy puts me in a new Volt if my Volt is totaled during the first three years of ownership. I believe that the cost of this rider is about $15 / year.

While I don't have a car loan (one of those guys), without this rider I would still have to fork out the difference between replacement cost and depreciated value if the car were totaled and I wanted to replace it.

KNS

[DonC]

Thanks Da55id for confirming that the Ally lease contains GAP insurance, and thanks John for the tip about insurance. I wouldn't have thought of that.

[montgom626]

I just finished reading the fine print of my ALLY lease, and it explicitly states that it includes gap insurance ...as long as your personal insurance limits are equal to their coverage requirements and the car has not been modified. Fine print...gotta love it.

Thanks for the help. Very good to know that Ally includes it in the lease!

[USe-car]

I'm thinking it's included in the Ally lease. Anyone with a lease or definitive information?

The answer has to be "It Depends". If you put a pile of cash down then you don't need it. Zero down and you may need it, but if the price is too high maybe not.

It was automatically included in my lease deal from Ally. I think it's important. You never know what will happen. If you total your leased car and don't have gap insurance, you might have to pay a few thousand dollars.

[astrand1]

I got Gap from my credit union. Navy fed added it for a one time fee of $265. Well worth it. I can't see not having Gap for the small price you pay can save your rear if the car gets stolen/totaled. Etc.

[patrick40363]

It is included on US Bank leases too.

I just finished reading the fine print of my ALLY lease, and it explicitly states that it includes gap insurance ...as long as your personal insurance limits are equal to their coverage requirements and the car has not been modified. Fine print...gotta love it.