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March 2010
From a SmartMoney.com post entitled, “10 Things Car-Leasaing Companies Won’t Say“,
“It’s silly not to have gap insurance in a world of carjacks and accidents,” says James Bragg, CEO of Fighting Chance, a national information service for new vehicle shoppers. “It’s a pretty expensive mistake to make.” It’s especially important for an expensive car; otherwise the gap is usually around $2,000, says Simmonds, and that’s when consumers should ask if paying $300 a year for the life of the lease is worth it.
Even though our UK friends drive on the wrong side of the road 
, they, too, see the value in purchasing automobile gap insurance in certain situations. Check out this well-written article by Sally Darby entitled, “Should I Take Out GAP Insurance When I Buy a New Car“, from the Money.co.uk web site.
May 2009
From the Daily Press, the leading newspaper in the Newport News, VA area:
Barb Cathcart just can’t help herself. She’s a natural bargain-hunter. Her mind is in a constant whirl considering ways to save a buck, whether by adapting drapes bought at a yard sale, canning her own salsa, clipping coupons or hitting the sales. She’s the ultimate On the Cheap find, a “how-to-make-do” maven.
What she pays full fare for: Health care is No. 1. If you’re sick, go to the doctor or, she jokes, find a friend who’s a doctor and make him brownies. Her two Bichons, Bubbles and Tug, are also treated to special diets and groomers who come to the house. Car insurance, gap insurance, and the upkeep of your home also aren’t worth skimping on, she believes. “Leisure is important and we travel a lot,” says Cathcart, though she’s likely to have gas coupons and hotel discounts.
If the “Queen of Thrift” believes that buying gap insurance isn’t worth skimping on, shouldn’t you protect the investment you’ve made in your car, too?
October 2008
Deer season is rapidly approaching. From a press release issued by the Connecticut Better Business Bureau.
Anyone whose vehicle has collided with a deer knows that the threat, which is greatest between October and December is a real one that, aside from being potentially fatal, may put a strain on drivers’ wallets for repairs. Connecticut Better Business Bureau has found that many people don’t even know how their insurance coverage can help them.
According to an insurance survey published by State Farm in late 2005, the top 10 states for auto-deer collisions are Pennsylvania, Michigan, Illinois, Ohio, Georgia, Minnesota, Virginia, Indiana, Texas and Wisconsin.
Here’s a good description of why people who live in deer country should look into buying gap insurance.
Vehicle insurance policy holders should also check if they have what is known as “Gap Coverage.” With this coverage, in the event a car is totaled, drivers may not have to continue making payments on the balance owed on the vehicle.
Gap Coverage pays the difference between the amount the insurer pays for the totaled car and the amount the insured owes on his or her lease or loan.
Read the entire press release here.
So, the bottom line is this: If you live in deer country AND you’ve purchased a new car recently, you definitely want to look into buying gap insurance.
September 2008
Smart Money discusses the pros and cons (mostly cons) of seven-year car loans in an article entitled, “Think Twice About the Seven-Year Auto Loan“. Most disturbing to me was the following statistic (from J.D. Power and Associates), 43% of all auto loans taken out were six or seven-years in duration, up from 32% in 2004. That’s right, almost half of all auto loans were for terms longer than six year.
At the end of the story, the author does make the point that new car purchasers should consider buying gap insurance. The author writes:
Consider gap insurance
Since there’s still a chance a driver could end up “upside-down” if he gets into an accident, purchasing gap insurance is a good idea. For about $400 a year a consumer can purchase an insurance policy that protects against the risk of owing considerably more to a finance company than a car’s replacement value if the vehicle is totaled. While this is typically a product that’s sold to lease customers, it makes sense for long-term borrowers too, says Ebersole.
Check out the article.
September 2008
George Angus, the Alaska Transporation Examiner for the Examiner.com, explains what gap insurance is and why new car purchasers (and leasers) need to purchase it.