Okay, I purchased a 2003 G35C w/slightly over 7K miles last month. I took the GAP insurance option. Now I am thinking that was a bad idea.

I realize what it does, but is it necessary considering the type of car this is? I mean, I bought the car below wholesale and only financed the purchase price (so, no, I wasn't upside down).

It's only $200, but still, it's $200 and I can buy some springs or go-fast parts with that. Or should I just keep it. I have until Friday to make up my mind.

Anyone who has insight or experience with GAP insurance, please chime in.

Thanks,
Larry

 

if it only cost you $200 for gap insurance you might as well keep it, just in case......i was under the impression that it cost way more than that.

 

It depends what the car is worth vs how much you owe. If you are upside down be glad you have it. I bought it because I financed 100% plus fees et cetera and then the second I drove off the lot it was suddenly worth about 4K less...and I was 45 days from making the 1st payment. Don't sweat it. Buying a used coupe at a great price mean's that it's probably not neccessary but for 2 bucks a month - it sure can't hurt.

 

Ditto. The $200 isn't going to go far in mods, so you might as well leave the GAP insurance in place.

 

Yeah, maybe I'l keep it. I guess when I saw the price of the plenum spacer I thought, "crap, I can get a refund on my GAP insurance and essentially get it FREE!"

But I guess maybe it's better to be safer than sorry. On the other hand, what's the odds that my car is going to be a complete loss? Need to ponder this for the next 24hrs.

 

IMO, you do not need the GAP insurance since you bought a used '03.

Private party sales are in a good price range, so since you can "prove" to insurance what you car is worth, if you have a total loss, you shouldn't be taking a huge hit on the value.

 

Can you reveal what you owe currently? Curious.

 

No need for gap insurance if you pay cash.

 

I paid $27K for the G w/all options, so I owe $27 since I just bought it.

Madchef,
I was also thinking that since I bought it used, the biggest hit to its value was already over. So maybe I am alright now.

Thanks eveyone for your input/insight.

Larry

 

I would think you're ok without it, since you won't be upside down...

BTW, looking forward to my green belt class. (I work for GE)

 

You can check that # against the current payout you would hypothetically recieve if totaled. Just call you insurance co. My gut says you won't need it at $27 but for payouts at $26,800 or less, it's worth it.

 

This is a good question. I was wondering the same thing. I bought my G about a month or so ago and the first payment is due in a week. I owe 29K and mine is a 03 with low miles and is in new condition. The only catch is I paid $500 for my gap ins. Should I cancel it and get my money back? I don't think I should have gotten it.

 

You have to comapre what you owe to what the insurance co would give you if you wreck it today. Only way to tell..