SwedeSpeed - Volvo Performance Forum banner
1 - 8 of 8 Posts

· Registered
Joined
·
270 Posts
Discussion Starter · #1 ·
Gap insurance = insurance that pays the difference(gap) between what the Fair MArket Value(FMV) of a vehicle and what hasn't been paid on the vehicle loan.

For those of you that have it, good for you.

Since the volvo is a unibody design, a small accident can total it. Those crumple zones and airbags are going to rip open the dash, the ceilings, etc and will be expensive to replace. These are there to save lives not save finances. So a small accident can cause your xc90 to be 'totalled' or marked as a Total Loss .....which means that the loan balance is due in a few days. This would not matter to you if you don't mind taking out a few thousands out of your bank account(ie you have an MBA, Major Bank Account)

Since most insurance companies only insure vehicles based on their current Fair Market Value, there can be a few thousand dollars difference between what the insurance company will pay versus what is left on the loan balance...which means that the owner has to pay for that difference(gap) out of their own pockets. ....unless you have what's known as Gap insurance.

Please get it if you can or talk to your insurance carrier/bank about it.

http://********************/smile/emthup.gif

Modified by crash at 9:01 PM 4-21-2006

Modified by crash at 9:02 PM 4-21-2006
 

· Registered
Joined
·
21,025 Posts
Re: Gap insurance, for those who finance their xc90 (crash)

Quote, originally posted by crash »
Since most insurance companies only insure vehicles based on their current Fair Market Value, there can be a few thousand dollars difference between what the insurance company will pay versus what is left on the loan balance...which means that the owner has to pay for that difference(gap) out of their own pockets. ....unless you have what's known as Gap insurance.

Please get it if you can or talk to your insurance carrier/bank about it.

If you lease, this is generally included in the acquisition fee. If you buy, put some cash down and don't finance for more than 5 years.
 

· Registered
Joined
·
1,359 Posts
Re: Gap insurance, for those who finance their xc90 (MagoonR)

Quote, originally posted by MagoonR »
If you lease, this is generally included in the acquisition fee. If you buy, put some cash down and don't finance for more than 5 years.

Or if you can, use USAA Financing and gap insurance is automatically included with no extra charges!
 

· Premium Member
Joined
·
39,081 Posts
Re: Gap insurance, for those who finance their xc90 (MagoonR)

Quote, originally posted by MagoonR »


If you lease, this is generally included in the acquisition fee. If you buy, put some cash down and don't finance for more than 5 years.

Actually, it is not part of the acquisition fee. All major banks (Chase, US Bank, VCF, Wells Fargo, etc.) include gap insurance at no extra charge.

Yannis
 

· Registered
Joined
·
1,745 Posts
Re: Gap insurance, for those who finance their xc90 (GrecianVolvo)

Quote, originally posted by GrecianVolvo »
Actually, it is not part of the acquisition fee. All major banks (Chase, US Bank, VCF, Wells Fargo, etc.) include gap insurance at no extra charge.
One more reason not to lease with Volvo Finance. Why they (Volvo Finance) don't provide gap insurance is beyond me.
 

· Registered
Joined
·
1,743 Posts
Re: Gap insurance, for those who finance their xc90 (avolvofan)

Quote, originally posted by avolvofan »

One more reason not to lease with Volvo Finance. Why they (Volvo Finance) don't provide gap insurance is beyond me.

Ummm, VCF is Volvo Car Finance. My S80 is leased through them, and GAP was automatically included with them.

See here: http://www.volvocarfinance.com....html http://********************/smile/emthup.gif

Tim
 

· Registered
Joined
·
1,745 Posts
Re: Gap insurance, for those who finance their xc90 (t6tim)

Quote, originally posted by t6tim »
Ummm, VCF is Volvo Car Finance. My S80 is leased through them, and GAP was automatically included with them.

See here: http://www.volvocarfinance.com....html http://********************/smile/emthup.gif
Learned something new today. http://********************/smile/emthup.gif I wonder about the limitations that are referenced in the Lease Agreement. Anything over the top (like any more than 2 dings on the car and you don't have Gap Insurance...)? Out of curiousity, when did you lease your S80? In January (2006), Gap Insurance was allegedly not available through VCF. I went with a U.S. Bank lease that had a lower rate/money factor and Gap Insurance was included.
 

· Premium Member
Joined
·
39,081 Posts
Re: Gap insurance, for those who finance their xc90 (avolvofan)

Quote, originally posted by avolvofan »

Learned something new today. http://********************/smile/emthup.gif I wonder about the limitations that are referenced in the Lease Agreement. Anything over the top (like any more than 2 dings on the car and you don't have Gap Insurance...)? Out of curiousity, when did you lease your S80? In January (2006), Gap Insurance was allegedly not available through VCF. I went with a U.S. Bank lease that had a lower rate/money factor and Gap Insurance was included.

VCF have ALWAYS included (and still are) Gap Insurance.

Yannis
 
1 - 8 of 8 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top