SCLakes.com

When I bought the new truck Monday they offered me GAP insurance. I had never heard of this before so I thought you might be interested in knowing about it too.

What this covers is when you buy a new vehicle for say $20000 and you do like I did and give them ZERO down for 72 months and 4 months later a big truck totals your new car.. Well the insurance company is going to pay you the Kelly Blue Book value which is now $15000 or something. You now still owe a little less than $20000 but the insurance is only going to give you $15000 and you have to come up with the missing $5000.. Got it!!!!!!!! ??? There is a problem here..

Their policy cost about $90 from the dealer --supplied by Allstate--// However I bought it today from Farm Bureau for $40. I guess there is a point out there 3 years or so when the depreciated value and your payments come together and you can drop it.

_________________
Release the fighter! Gators rule the SEC!!!!! Seminoles ruled the ACC!!!!! (now past tense)

Yes it is worth it.

Dont want to get stuck with the balance..lol

Mike

_________________
One tequila, two tequila, three tequila, floor.....

Yes MIKE it sure could be. Its not an issue with a boat as I understand it... When you get one .. new or used... you insure the boat for say $15000 and two years later the insurance company will give you that amount if its totaled... even though the value is 1/2 of what you paid.

_________________
Release the fighter! Gators rule the SEC!!!!! Seminoles ruled the ACC!!!!! (now past tense)

They {boat sales people} just ain't thought about GAP yet.....

Something is wrong when the VALUE drops faster than the payments, but what are you going to do...LOL Money ain't no 'count unless you spend it...you dang sure can't take it with you when you go...

I owe, I owe, So off to work I go....CYA

_________________
Jojo-SC Team One Lake Wonder Make'n Hawgs look like Keepers..it's Just what we do.