6527 Shares

Add Gap Insurance - 3rd party?

Add Gap Insurance - 3rd party? Topic: Pilot case small
June 17, 2019 / By Meredith
Question: A week ago, we purchased our first-ever new vehicle (2013 Honda Pilot) with no money down and Honda's 0.9% loan. The dealer was selling some pretty expensive extras ($1k+ resistall and $2k+ 60k warranty), so we passed on all of them including Gap Insurance. I figured that since we use USAA (which is generally considered the best) that we'd be in good shape or could be added later, but unfortunately, USAA doesn't offer it. What do you guys recommend? Calling Honda and see if it can be added with them? I really don't want to go back to the dealer (my wife co-signed so we'd have to take the kids) and am quite sure it'd be marked up to $500-$1,000 which is a questionable deal given that we are good drivers and live in a safe area. What about 3rd party providers? Are there any? I saw there are sites that want you to fill out your information and they'll get you "quotes" from 100 providers, but I really don't want my phone ringing off the hook with unrelated calls to change my insurance provider or other scam attempts. Worst case, I guess, we could just risk it as we could come up with either the money (or a loan) if we had an accident like that, but the probability is small and the value of the Gap drops significantly after one year and even more after 2 years especially since the Pilot has such low depreciation. Thoughts? [In reply to Hunch's comment] - Why the negativity? USAA is generally considered the "best", although that really wasn't my point. My point is that I have them for coverage and they don't offer it. I also wouldn't call not having GAP coverage "foolish" - statistically there isn't a huge probability of having a total loss accident (again, we're pretty good drivers) within the first 2 years of owning the vehicle (with the insurance coverage being most valuable in first year). I certainly would consider paying $1,000+ for GAP to be foolish. Most experts recommend getting it cheaper through insurance, so I attempted to go down that path. In terms of whether or not I got a "good deal", I think I did. It was a dealer that offered no-haggle pricing (the route we were going to go down) and we got an EXTRA $750 off just by using the 0.9% financing. USAA's best deal was 3.25% financing. In terms of the extended warranty, I've alrea
Best Answer

Best Answers: Add Gap Insurance - 3rd party?

Leona Leona | 1 day ago
I have a Pilot. I like it. Seriously - I'd suggest paying down the Pilot super fast, and skipping the gap coverage. You can't get that interest rate without a great credit score - you probably have $5K in the bank you can throw at this loan. That's what I'd do. If you're hell bent on staying "under water" on this loan, I'd get the coverage from the dealer. I would AVOID third party vendors - you'll could have a BRUTAL time trying to collect from them, come claims time. **I disagree - there's no way your Pilot dropped 20% driving it off the lot. Those babies hold their value. And while I also disagree with buying gap coverage, that's because I'm very much "anti debt" and believe you should buy whatever car you can afford to pay CASH for. I'm very, VERY much "anti car loan". It's effectively slavery, locking you into your job to pay the debt for the next 5 years or so.
👍 150 | 👎 1
Did you like the answer? Add Gap Insurance - 3rd party? Share with your friends

We found more questions related to the topic: Pilot case small


Leona Originally Answered: Insurance on a party planning business?
OK, does your homeowners insurance company know you're doing this? Because they're likely to cancel you. The workers compensation is probably going to START at $1500, if they do any traveling to sites, setting up, tearing down, etc. You can probably get the general liability for around $1,000.

Jordana Jordana
Your Honda Pilot is already worth about 20% less than when you drove it off the lot 7 days ago. - my guess is you did not get a great deal on the car, since your financing you selected disallowed much negotiation on price... so right now you are probably more than 20% in the whole. It's foolish to not carry gap insurance - your option now is to hope the dealer still allows the financing. Personally, I'd go with the maintenance package too. As an Acura owner since 1995 = new Acruas are not made was well as older Acruas.... USAA is an insurance company. They are not considered "the best" - there is not one company that is considered the best at anything... ADD'L INFO: ALL insurance is for risk mitigation. The cost of the coverage is directly proportionate to the amount of outlay by the insurance company. I don't work in the auto insurance industry but I know multiple people who have used their gap insurance or wished they had it. - paying a car loan for a car I no longer have is not in my future. I hope it's not in yours either.
👍 60 | 👎 -1

Genny Genny
generally gap insurance isn't a good idea. but if you are planning to pay the car really slow and have no plans of prepaying and principal then it might be a good idea to get gap insurance. let's say your car is totaled and you are not at fault. you can expect to get a higher bluebook quote from the other insurance, because they don't want you to sue. my brother actually was sold gap insurance. but the beauty of the gap insurance he bought is that the principal is returned after the car has been paid off. i didn't believe it to be true, and have only recently heard of it. so really up to you if you want to pay 1000 extra for the piece of mind. what you might consider is looking for savings on other areas and applying the saving as an extra payment to your car. contact your insurance company and ask if they offer discounts for taking drivers ed. did my traffic school online with gototrafficschool.com and used a discount code: X2K-7CF-4F5 and saved their course. for the finals, i searched traffic school answers 2012 and found a reviewer and studied it, before taking the test.
👍 60 | 👎 -3

Delila Delila
I recommend you to visit this web site where onel can compare quotes from the best companies: http://insuranceforcheap.info/index.html... RE :Add Gap Insurance - 3rd party? A week ago, we purchased our first-ever new vehicle (2013 Honda Pilot) with no money down and Honda's 0.9% loan. The dealer was selling some pretty expensive extras ($1k+ resistall and $2k+ 60k warranty), so we passed on all of them including Gap Insurance. I figured that since we use USAA (which is generally considered the best) that we'd be in good shape or could be added later, but unfortunately, USAA doesn't offer it. What do you guys recommend? Calling Honda and see if it can be added with them? I really don't want to go back to the dealer (my wife co-signed so we'd have to take the kids) and am quite sure it'd be marked up to $500-$1,000 which is a questionable deal given that we are good drivers and live in a safe area. What about 3rd party providers? Are there any? I saw there are sites that want you to fill out your information and they'll get you "quotes" from 100 providers, but I really don't want my phone ringing off the hook with unrelated calls to change my insurance provider or other scam attempts. Worst case, I guess, we could just risk it as we could come up with either the money (or a loan) if we had an accident like that, but the probability is small and the value of the Gap drops significantly after one year and even more after 2 years especially since the Pilot has such low depreciation. Thoughts? Update: [In reply to Hunch's comment] - Why the negativity? USAA is generally considered the "best", although that really wasn't my point. My point is that I have them for coverage and they don't offer it. I also wouldn't call not having GAP coverage "foolish" - statistically there isn't a huge probability of having a total loss accident (again, we're pretty good drivers) within the first 2 years of owning the vehicle (with the insurance coverage being most valuable in first year). I certainly would consider paying $1,000+ for GAP to be foolish. Most experts recommend getting it cheaper through insurance, so I attempted to go down that path. In terms of whether or not I got a "good deal", I think I did. It was a dealer that offered no-haggle pricing (the route we were going to go down) and we got an EXTRA $750 off just by using the 0.9% financing. USAA's best deal was 3.25% financing. In terms of the extended warranty, I've alrea Follow 3 answers
👍 60 | 👎 -5

Delila Originally Answered: Which party is the party of pork and which congressmen is the king of the pork party?
Alaska doesn't have basic infrastructure like the rest of the US so it makes sense that it would get more funding. 1/2 of the households have no sewer system or running water. Most Alaska communities are not connected by road systems (you can't even drive to the State's capital). Most towns don't have basic services like medical care. Many areas don't have electricity or telephone service. 99% of the state is like an undeveloped third-world country. The only way to get fresh meat is to shoot it or pull it out of the water. Alaska exports all it's raw materials to the rest of the country and has to buy finished products from the other states. Alaska also has virtually no representation in congress. The only reason why anybody knows we exist is because you want our oil. Alaska is one of the most expensive places on the planet to live. Without federal subsidies nobody would live here and more money would go to the middle east. THAT is why so many federal dollars go to Alaska.

If you have your own answer to the question pilot case small, then you can write your own version, using the form below for an extended answer.