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Old 08-20-2006, 08:57 AM   #1
Skylooking
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Default Care Care? Gap Insurance? Extended warranty?

Redline should be here soon..who knows......but not sure what route to go when coming to extended items......plan on keeping the car for a long time......car insurance does not cover gap..so looking into what saturn offers.......any idea what some of you are planning to do when you sign?...some say to hold out and they will go lower.some say the GM discount will work towards some of these purchases, if you have one, ....some say its a rip off......some say being a new car who knows whats ahead......any ideas would be appreciated.

Best to all of you........great site and great group to share thoughts with.....and avoid whatever problems, hopefully few, that might come down the road for us...

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Old 08-20-2006, 10:39 AM   #2
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Default Re: Care Care? Gap Insurance? Extended warranty?

Are you financing through the dealer? Are you going to put any money down? If you are going to make a decent size down payment and think your payments will keep what you owe less than the value then there is no reason to get gap insurance. If you finance 100% then you probably should get gap. I have never financed through the dealer so I dunno how they work, but the bank always offers it to me for a reasonable cost, though I've never actually gotten it.
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Old 08-20-2006, 12:35 PM   #3
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Default Re: Care Care? Gap Insurance? Extended warranty?

I think GAP insurance is one of the best investments you can make, because you never know what the future holds. Even if you put down a large down payment, your car may get totalled a month from now and your insurance won't pay anywhere near what it's worth. I've run into people who financed 60 months at 0%, had their car totalled a year later and thought they wouldn't be upside down, but still ended up having to pay a few thousand on a car they didn't have anymore. For about $500, you have the potential to save a lot of heartache, but there is a large chance you'll never have to use it. It's an 'in case' type thing, and it's up to you to decide if you want to risk not having it.

Same with an extended warranty. Do you think you will want coverage in case something breaks on the car while you are still making payments, but factory warranty has run out? It's a new car, I'd say get the extended warranty for sure. We don't know what kind of problems it will have at 50k miles or beyond. You may never use an extended warranty, but in the case that you have something major fail at 40k miles (like we did on our VUE), you'll be very glad that you are paying a little extra each month rather than being faced with a giant repair bill.
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Old 09-01-2006, 04:19 PM   #4
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Default Re: Care Care? Gap Insurance? Extended warranty?

How are you going to finance the deal? I recently bought a 2004 Dodge Dakota for a service truck, and bought gap insurance from the Dodge dealer, cost about $550.00. My daughter bought a 2002 Vue 4 cyl-5 speed car from Saturn last week, she bought gap iinsurance for it from Saturn for $500.00. We refinanced the Dakota through my wife's credit union, and found out we could have gotten the gap insurance from them for $400.00.
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Old 09-02-2006, 09:11 AM   #5
Kustomkaps
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Default Re: Care Care? Gap Insurance? Extended warranty?

What is "GaP" insurance? and why wouldn't your insurance company pay for your car if you total it? Seems odd to pay for insurance, but needing a different insurance to make sure your insurance actually does what it is suppost to do...
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Old 09-02-2006, 11:19 AM   #6
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Default Re: Care Care? Gap Insurance? Extended warranty?

If you total your car the insurance company is only going to pay you what the car is worth. The gap will pay the difference between what its worth and what you owe.
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Old 09-02-2006, 12:28 PM   #7
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Default Re: Care Care? Gap Insurance? Extended warranty?

w/ my QC I got gap insurance and the car care plan. IMO these were both awesome values. My car care was 3yr/36k but I'm going to look at extending it if they'll do it for me. I like it cuz I didn't have to remember scheduled maintenance or worry about paying for anything, just roll in for a free oil change and they do all that needs to be done. I sign and roll out - no cash.

Gap insurance is also a really good thing especially if you're going to drive the car a lot, because then you're going to decrease the value of the car faster than the payments are knocking down what you owe - therefore if you total it, you're not going to get a lot, and will still owe $$ on the car after you get paid the "total" value. I especially got this on my car because they rolled in the remaining financing on my previous vehicle when I traded it in, so I ended up financing like $20k on an Ion 2. Now if I total it, the whole thing gets paid
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Old 09-03-2006, 10:30 AM   #8
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Default Re: Care Care? Gap Insurance? Extended warranty?

Quote:
Originally Posted by silverblueL200
If you total your car the insurance company is only going to pay you what the car is worth. The gap will pay the difference between what its worth and what you owe.
Thanks. Never thought of it. I guess our insurance here in Michigan must be different than elsewhere because if we total our car, we get another of the same as a replacement- or a check. I can see using the GAP though if you roll another cars payment into a new one thus making your new car payment higher than the actual car you bought. Never done that before.
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Old 09-05-2006, 10:30 AM   #9
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Default Re: Care Care? Gap Insurance? Extended warranty?

Say your car gets totalled and is only worth $15,000. Insurance will pay you 15K. But if you owe $18,000, then you will have to come up with the $3,000 to pay it off. Gap will pay that $3,000.

I couldn't imagine paying $500 for insurance (gap) that would only pay a few thousand dollars and only in the RARE event that the car is totalled or stolen. My philosophy is that if you can't afford to be upside down on the loan, then don't buy a new car! SAVE some cash until you can afford the car.
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Old 09-05-2006, 11:13 AM   #10
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Default Re: Care Care? Gap Insurance? Extended warranty?

Quote:
Originally Posted by Kustomkaps
Thanks. Never thought of it. I guess our insurance here in Michigan must be different than elsewhere because if we total our car, we get another of the same as a replacement- or a check. I can see using the GAP though if you roll another cars payment into a new one thus making your new car payment higher than the actual car you bought. Never done that before.
You might want to do some more research into your policy. Michigan is like any other state in that the Insurance company will only reimburse you for the value of your car at the time of loss (now some individual companies offer replacement coverage for the first year or so but after that it's business as usual).

So again if you owe $18K on a $15K car your stuck with $3K worth of payments.

I recommend GAP to my guests that decide on extended term financing or are rolling substantial sums of money into their new/used vehicle.

Like any of the other programs listed above it is an additional, optional coverage that you can choose from. But only you can decide if you see the value in it.
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Old 09-05-2006, 07:06 PM   #11
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Default Re: Care Care? Gap Insurance? Extended warranty?

I would suggest that you check out the GAP, a.k.a Loan/Lease Coverage, thoroughly before purchasing. GAP coverage sometimes will not cover the "gap" between the loan and the amount financed. This is because at the time of a total loss settlement the insurance company (my past 14 years of experience) will not pay the amount "refinanced" for a trade in.

In simple terms, let's say that you owe 12K on a Saturn, but it's only worth 10K as trade-in value, then you trade it in on a new Saturn Sky with nothing down. That leaves 2K that some insurance companies will not be willing to give you.

Just food for thought. Always question your insurance agent for details. And if dealing with a "call center", double, if not tripple check your coverage questions. In other words, ask as if the total loss already occured. They can't give you figures of course, but they can spell out the coverage in plain language.

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Old 09-06-2006, 04:51 PM   #12
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Default Re: Care Care? Gap Insurance? Extended warranty?

Checked into it and low and behold...I have GAP insurance! It was included in my normal insurance rate (union insurance). Looks like it cost me about $100 per 6 months.
Guess I should start reading the fine print more...
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Old 09-06-2006, 06:55 PM   #13
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Default Re: Care Care? Gap Insurance? Extended warranty?

Now correct me if I am wrong, but don't some states require GAP insurance? I know with my family, every new car we bought in the last few years had GAP insurance. Even the financing on my Aura has it. I was told it was mandatory in New York to have it.
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Old 09-06-2006, 09:06 PM   #14
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Default Re: Care Care? Gap Insurance? Extended warranty?

Quote:
Originally Posted by bgates2b
Now correct me if I am wrong...
Quote for the picture of melted car side...

That poor Saturn looks like it went into the make-up room for a horror movie. First time I have seen the melted sides like that. Ouch.
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Old 09-06-2006, 09:15 PM   #15
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Default Re: Care Care? Gap Insurance? Extended warranty?

My gap insurance is through my car insurance..only about 50 bucks a year. I'm going to have them remove it next year as I'm actually right side up after 2 and a half years.. The VUE has held its value pretty well
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