Is it still possible to buy GAP insurance on a BMW financed with BMW 3 years ago?

[BavarianPretzel]

Is it still possible to buy GAP insurance on a BMW financed with BMW 3 years ago?

My car insurance company doesn’t offer such coverage.

[johnnyg238]

why would you still need GAP insurance 3 years later?

[rcsummers]

Originally Posted by johnnyg238

why would you still need GAP insurance 3 years later?

Have you not seen how quickly these cars depreciate?

[johnnyg238]

There is no way you would be upside down after 3 years of payments.

[pbonsalb]

If so check for any exclusions for bankruptcy filed within a certain number of months of buying the insurance….

[BavarianPretzel]

Originally Posted by johnnyg238

There is no way you would be upside down after 3 years of payments.

My neighbor had his 2023 M340i with 11000 miles stolen. Insurance only paid out $37872. He fought with GEICO for a couples and go nowhere. He is a corporate real estate attorney for over 30 years. He said it wasn’t worth his time to fight with them so he ate the difference and paid off the loan.

[afadeev]

Originally Posted by BavarianPretzel

My neighbor had his 2023 M340i with 11000 miles stolen. Insurance only paid out $37872. He fought with GEICO for a couples and go nowhere. He is a corporate real estate attorney for over 30 years. He said it wasn’t worth his time to fight with them so he ate the difference and paid off the loan.

What was the difference between payout and loan balance?
Can you not afford to self-insure?

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[STi from DSM]

Most places after 30 days will not let you purchase GAP. If you have had your car for 3 years don't waste your money.
Unless you already crashed your car and are trying to add after that. Even specialty providers will stop after 3-6 months allowing coverage.

[xlover]

Does gap not come automatically with bmwfs? I know it does for bmwfs leases…

[pbonsalb]

BMW insists for leases since it cannot rely on the lessee to self insure. Does the higher monthly payment to buy the car versus rent it for 3 years and essentially pay 40% of it mean there is less of a gap? Probably not. I go with the recommendation that you either be prepared to self insure or buy gap insurance at the start.

[STi from DSM]

I buy GAP on every car I purchase. It isn't that much. ~ $14 a month when you break it down into monthly payments.

[pbonsalb]

I have never bought gap insurance but my wife and I have bought only 2 new cars in our lives.

[AnotherBrokeCFI]

If you re-finance with a credit union, they may offer something called depreciation insurance. You could call around some local places to see if they have it.

It’s somewhat similar to gap, I have it and it was an extra $18 a month, but in the case of total loss, your CU will pay you the difference between insurance settlement and market value of your car at time of purchase. (i.e. 60k market value when you bought your car, 3 years later it’s only worth 40k. Car gets totaled, insurance gives you 40, your lender covers an extra 20 to get to 60).

[jkoral]

Originally Posted by AnotherBrokeCFI

If you re-finance with a credit union, they may offer something called depreciation insurance.

That's awesome, I never knew of this probably because my credit union doesn't offer it.