Gap Insurance for a Honda

collven · 04-24-07, 09:39 AM

I just leased a Honda Accord and didn't want to take the dealer's inflated gap insurance. I was surprised they didn't include it since all the other cars that I have leased had it (Ford and Volkswagen). My insurance is through State Farm and they don't offer gap insurance. Are there any good deals for gap coverage out there? I see a lot of places online that carry it for a flat $299, but I don't know how reliable they are.

al_bundy · 04-24-07, 09:42 AM

it's a honda, not a GM

it should drop in value very gently

ANDREMIKE · 04-24-07, 10:20 AM

did you lease through american honda finance corp? I never paid extra for gap insurance..

SoSpacey · 04-24-07, 10:29 AM

gap insurance? isn't this something dealers would try and get you on 15 years ago when people didn't know much about leasing?

jadasion · 04-24-07, 10:32 AM

what is gap insurance?

dvd-4-life · 04-24-07, 10:37 AM

Lets say you owe 14 grand on your car and the blue book value is 10 grand and you total the car -the gap insurance covers the difference.

taa455 · 04-24-07, 10:39 AM

Stop leasing and stop looking for gap insurance. You're getting ripped off.

SoSpacey · 04-24-07, 11:09 AM

did you put like $3500 out of pocket at inception?

ANDREMIKE · 04-24-07, 11:35 AM

I would like to hear details of the lease.... money down, payment, type of car... You may be getting screwed... I am on my 4th lease through Honda....

Ginwen · 04-24-07, 11:41 AM

Quote:

Originally Posted by collven

I just leased a Honda Accord and didn't want to take the dealer's inflated gap insurance. I was surprised they didn't include it since all the other cars that I have leased had it (Ford and Volkswagen). My insurance is through State Farm and they don't offer gap insurance. Are there any good deals for gap coverage out there? I see a lot of places online that carry it for a flat $299, but I don't know how reliable they are.

I have State Farm and I had gap insurance when I first got my Camry (purchase not lease) 2 years ago, so they definitely had it then.

I did have to get it within like a week of getting the car though. I did as I've known a couple of people who totaled new cars within the first month of ownership, and ended up sorta screwed.

collven · 04-24-07, 11:44 AM

Quote:

Originally Posted by ANDREMIKE

I would like to hear details of the lease.... money down, payment, type of car... You may be getting screwed... I am on my 4th lease through Honda....

I had to put TT&L down plus $1200 to pay off my old car. The monthly payment is $254, 36 months, 12,000 miles a year. It's an '07 Accord SE V6. I'm sure it's through American Honda, but I'm at work and the paperwork is at home. I was surprised it wasn't included.

kenbuzz · 04-24-07, 11:47 AM

I like to lease them carrrrs.

ANDREMIKE · 04-24-07, 12:00 PM

Quote:

Originally Posted by collven

I had to put TT&L down plus $1200 to pay off my old car. The monthly payment is $254, 36 months, 12,000 miles a year. It's an '07 Accord SE V6. I'm sure it's through American Honda, but I'm at work and the paperwork is at home. I was surprised it wasn't included.

did you trade in you car? How much tax did you pay on the new car?

look here. DO you have excellent credit?
http://automobiles.honda.com/tools/s...ase_calculator

My thoughts. List is 22200, which mean invoice is around 19,600. I bought mine for 1K under invoice. So I would hope you paid around 19K for your car.
did you pay tax plus the $1200.00.

I calc your payment to be(from 19K)
LEASE SPECIAL

2007 Accord Sedan Special Edition
36 Months Term
12,000 Annual Mileage
Terms Certificate

$243.33

collven · 04-24-07, 01:10 PM

Actually, list on my car is 23,350, but otherwise, your numbers are about right.

Judge Smails · 04-24-07, 03:47 PM

If you leased through American Honda the gap insurance should be included, unless they've changed it since '04. Look on the back of the lease paperwork.

collven · 04-24-07, 04:16 PM

Thanks, I will when I get home. The dealer told me specifically that it wasn't included though. I told him I was surprised since all my other cars had it.

Pistol Pete · 04-24-07, 05:14 PM

I bought my car through my credit union and gap insurance was included in the loan.

ANDREMIKE · 04-24-07, 05:16 PM

they were probably just trying to make extra money....

Vibiana · 04-24-07, 05:23 PM

I have gap insurance with the same company that insures my car to begin with. It's not that expensive, maybe a few bucks a month extra.

I would not be upside down on my car if I weren't so damned stupid sometimes, but that's another post.

The Bus · 04-24-07, 06:00 PM

If you can't afford Gap Insurance, just get Old Navy insurance. It's basically the same thing.

Shazam · 04-24-07, 06:15 PM

But Banana Republic insurance is the best of all.

Jadzia · 04-24-07, 06:24 PM

Quote:

Originally Posted by The Bus

If you can't afford Gap Insurance, just get Old Navy insurance. It's basically the same thing.

collven · 04-25-07, 01:37 AM

Quote:

Originally Posted by ANDREMIKE

they were probably just trying to make extra money....

Looks like you were right. According to American Honda's website, all of their leases include gap coverage. I'm going to call them sometime today to verify. This is the first car I've bought from this dealer and will probably be the last.

Heat · 04-25-07, 02:10 AM

Skip the gap insurance. Just don't wreck your car and you'll be fine.

04-24-07, 09:39 AM	#1
collven Senior Member Join Date: Jun 2000 Location: TX USA Posts: 988	Gap Insurance for a Honda I just leased a Honda Accord and didn't want to take the dealer's inflated gap insurance. I was surprised they didn't include it since all the other cars that I have leased had it (Ford and Volkswagen). My insurance is through State Farm and they don't offer gap insurance. Are there any good deals for gap coverage out there? I see a lot of places online that carry it for a flat $299, but I don't know how reliable they are.

04-24-07, 10:20 AM	#3
ANDREMIKE DVD Talk Platinum Edition Join Date: Jan 2000 Location: Chicago Posts: 3,865	did you lease through american honda finance corp? I never paid extra for gap insurance.. __________________ Mike

04-24-07, 10:29 AM	#4
SoSpacey DVD Talk Platinum Edition Join Date: Feb 2000 Location: Jersey Posts: 3,964	gap insurance? isn't this something dealers would try and get you on 15 years ago when people didn't know much about leasing? __________________ Panasonic 50PX60U Plasma l Tivo Series 3 Paradigm Millenia 200s/20cc/Atom v.6 l HSU VTF-3 MK3 Yamaha RX-v1700 l PS3 l Toshiba HD-A3 l Denon CD Player l Wii l Onkyo TT PSN: cosmokid12 My Countdown Counting down to: Until The Beatles Remasters and Rock Band is released Please Please Me

04-24-07, 10:32 AM	#5
jadasion DVD Talk Ultimate Edition Join Date: Jul 2001 Location: Lawrence, KS Posts: 4,198	what is gap insurance? __________________ Water is for cows. Drink your hooch, bitch. -kvrdave

04-24-07, 11:09 AM	#8
SoSpacey DVD Talk Platinum Edition Join Date: Feb 2000 Location: Jersey Posts: 3,964	did you put like $3500 out of pocket at inception? __________________ Panasonic 50PX60U Plasma l Tivo Series 3 Paradigm Millenia 200s/20cc/Atom v.6 l HSU VTF-3 MK3 Yamaha RX-v1700 l PS3 l Toshiba HD-A3 l Denon CD Player l Wii l Onkyo TT PSN: cosmokid12 My Countdown Counting down to: Until The Beatles Remasters and Rock Band is released Please Please Me

04-24-07, 09:42 AM	#2
al_bundy DVD Talk Legend Join Date: Aug 2001 Location: Transfatfreeville Posts: 22,165	it's a honda, not a GM it should drop in value very gently

04-24-07, 10:37 AM	#6
dvd-4-life DVD Talk Platinum Edition Join Date: Jul 2001 Posts: 3,282	Lets say you owe 14 grand on your car and the blue book value is 10 grand and you total the car -the gap insurance covers the difference.

04-24-07, 10:39 AM	#7
taa455 DVD Talk Platinum Edition Join Date: Jan 2003 Location: Tennessee, USA Posts: 3,416	Stop leasing and stop looking for gap insurance. You're getting ripped off.

04-24-07, 11:35 AM	#9
ANDREMIKE DVD Talk Platinum Edition Join Date: Jan 2000 Location: Chicago Posts: 3,865	I would like to hear details of the lease.... money down, payment, type of car... You may be getting screwed... I am on my 4th lease through Honda.... __________________ Mike

04-24-07, 11:47 AM	#12
kenbuzz DVD Talk Legend Join Date: Jun 2000 Location: Bloomington, IN Who Dey! Posts: 10,253	I like to lease them carrrrs. __________________ Keep your head down and mind your own business. As long as it's not hurting you, who cares what anybody else does? - Nazgul 8-10-08 Obviously some people understand college football and others don't. Those who want playoffs belong in the latter. - namja, 12-03-08

04-24-07, 01:10 PM	#14
collven Senior Member Join Date: Jun 2000 Location: TX USA Posts: 988	Actually, list on my car is 23,350, but otherwise, your numbers are about right.

04-24-07, 03:47 PM	#15
Judge Smails Senior Member Join Date: Jan 2002 Location: livin' large in the six one four Posts: 598	If you leased through American Honda the gap insurance should be included, unless they've changed it since '04. Look on the back of the lease paperwork. __________________ "Every time you eat a steak, a hippie's hackysack goes into the sewer. Always remember that." --Patton Oswalt My Photos Page

04-24-07, 04:16 PM	#16
collven Senior Member Join Date: Jun 2000 Location: TX USA Posts: 988	Thanks, I will when I get home. The dealer told me specifically that it wasn't included though. I told him I was surprised since all my other cars had it.

04-24-07, 05:14 PM	#17
Pistol Pete DVD Talk Gold Edition Join Date: Jan 2002 Posts: 2,781	I bought my car through my credit union and gap insurance was included in the loan. __________________ My sig was depricated!

04-24-07, 05:16 PM	#18
ANDREMIKE DVD Talk Platinum Edition Join Date: Jan 2000 Location: Chicago Posts: 3,865	they were probably just trying to make extra money.... __________________ Mike

04-24-07, 05:23 PM	#19
Vibiana DVD Talk Limited Edition Join Date: Jan 2006 Location: In the land of ex-Bando-chasing lezzbos Posts: 7,236	I have gap insurance with the same company that insures my car to begin with. It's not that expensive, maybe a few bucks a month extra. I would not be upside down on my car if I weren't so damned stupid sometimes, but that's another post. __________________ Otter saved my LIFE. Only here can I receive the sage advice, timeless wisdom, and virtual blanket parties necessary to keep my neurotic inclinations in some kind of check. Were it not for this place, I'm sure that I would have entered some public place teeming with playful little children and happy families (perhaps even a few puppies) and strafed it with a machine gun long ago.

04-24-07, 06:00 PM	#20
The Bus DVD Talk Hero Join Date: Aug 2001 Location: Delaware Posts: 42,660	If you can't afford Gap Insurance, just get Old Navy insurance. It's basically the same thing. __________________ Panda Killer XBL/PSN/Steam: Chiwotweiler \| hd dvdaf \| last.fm \| Movies: 2002 / 03 / 04 / 05 / 06 / 07 / 08 / 09 "Wearing Shakira's ass for a hat interests me more than anything else in the universe." - Hokeyboy

04-24-07, 06:15 PM	#21
Shazam DVD Talk Ultimate Edition Join Date: Jul 1999 Location: Canuckistan Posts: 4,581	But Banana Republic insurance is the best of all.

04-25-07, 02:10 AM	#24
Heat DVD Talk Legend Join Date: Dec 2000 Location: Central Illinois Posts: 13,526	Skip the gap insurance. Just don't wreck your car and you'll be fine.