LOOKING TO BUY NEED HELP

[vooduex]

Im looking at purchasing a CANAM Spyder 2018 RT Limited, worked the price went to my bank have a check in hand and I am requesting GAP insurance and dealership won't offer unless I finance through them....anyone else had this problem? Who has GAP on their bike?

thanks......

[gnorthern]

Im looking at purchasing a CANAM Spyder 2018 RT Limited, worked the price went to my bank have a check in hand and I am requesting GAP insurance and dealership won't offer unless I finance through them....anyone else had this problem? Who has GAP on their bike?

thanks......

You may want to go back to the bank. It was suggested to me on my Spyder loan and my last car loan. Be happy your credit is so good the bank they do not require it.

Are you sure you want it?

[UtahPete]

Sorry. What is GAP insurance?

[Chupaca]

I always just called my agent add the unit to the policy have them Fax or email proof and off I go. Regardless of how it is paid. and I think in CA now if you carry full coverage insurance you are covered on all vehicles. My daughter just got a new Alfa Romeo with the insurance card from her Audi.. salesman said when you get a chance add the alfa to the policy....

[vooduex]

You may want to go back to the bank. It was suggested to me on my Spyder loan and my last car loan. Be happy your credit is so good the bank they do not require it.

Are you sure you want it?

yes I had a 2015 CANAM RT SE and was hit thank god I had GAP insurance completely paid off the bike...he wasnt insured

[vooduex]

I always just called my agent add the unit to the policy have them Fax or email proof and off I go. Regardless of how it is paid. and I think in CA now if you carry full coverage insurance you are covered on all vehicles. My daughter just got a new Alfa Romeo with the insurance card from her Audi.. salesman said when you get a chance add the alfa to the policy....

my insurance does not provide it I will check with other insurance companies. Thanks for answering....

[vooduex]

Sorry. What is GAP insurance?

GAP insurance is insurance that covers you in the event something happens (like guy hit me) and if the value of the bike is less than you owe on your loan its covers the GAP in the difference and pays the vehicle off.

[UtahPete]

GAP insurance is insurance that covers you in the event something happens (like guy hit me) and if the value of the bike is less than you owe on your loan its covers the GAP in the difference and pays the vehicle off.

This is not a dealer's responsibility. Talk to your insurance agent.

[Chupaca]

Some offer replacement cost insurance. Though higher of course it would be the same as the GAP insurance seeing as it covers it all...

[vooduex]

Never had that happen to me, but if I was told what you wrote. I would find another dealer. If this is how they treat you when trying to buy, just imagine how they will treat you with service. Also maybe the bank will provide the gap insurance.

Thanks

[gnorthern]

Never had that happen to me, but if I was told what you wrote. I would find another dealer. If this is how they treat you when trying to buy, just imagine how they will treat you with service. Also maybe the bank will provide the gap insurance.

I think that is a bit unfair. The dealer may not be able to offer it. When I bought my Spyder four months ago, my credit union offered GAP insurance. Though I financed 100% of the purchase price, the dealer never offered it. Seems like a package deal to me where you have to buy it with the financing.

[Bob Denman]

The Bank may be able to offer you the Gap coverage... Ask them about it!

One other thing...
I realize that I've been guilty of this on more than one occasion; so it's more a case of asking you to listen to my experience...
Borrowing more than what something is worth; for something that you don't really need... this just isn't a wise move...

If this is your first Spyder: why not buy the base model, and (Hopefully!), not put yourself in such a precarious financial position?

Good luck!

[blacklightning]

Borrowing more than what something is worth; for something that you don't really need... this just isn't a wise move...

If this is your first Spyder: why not buy the base model, and (Hopefully!), not put yourself in such a precarious financial position?

Good luck!

But, if you were to even finance a base model, and then it gets hit within a month or so of ownership, isn't there a possibility of an individual owing more than it is worth? Considering the value drops once you drive it off the lot, but the amount you owe only goes down gradually. As for some insurance companies around here, they offer full replacement cost of a new vehicle if it is less than 2 years old. That is not true for all places, but either way, I don't think that would be the responsibility of the dealership. Only the insurer.

[Blue Star]

I think that is a bit unfair. The dealer may not be able to offer it. When I bought my Spyder four months ago, my credit union offered GAP insurance. Though I financed 100% of the purchase price, the dealer never offered it. Seems like a package deal to me where you have to buy it with the financing.

Your post had me re-reading the OP's post, and my reply. You could be right, as you might not be able to finance with one company, and buy GAP from another.

[ofdave]

Not sure why the dealer would be expected to offer insurance.
Some do have insurance selling capabilities but it is because they are insurance agents and that is separate from bike sales.
Does your insurance company sell motorcycles?
GAP is insurance obtained through an insurance company and becomes a part of your policy.
Never heard of an insurance company not offering GAP.
Make some calls to your agent.

[SPECTACUALR SPIDERMAN]

ask prisondude what to do.

[Bob Denman]

But, if you were to even finance a base model, and then it gets hit within a month or so of ownership, isn't there a possibility of an individual owing more than it is worth? Considering the value drops once you drive it off the lot, but the amount you owe only goes down gradually. As for some insurance companies around here, they offer full replacement cost of a new vehicle if it is less than 2 years old. That is not true for all places, but either way, I don't think that would be the responsibility of the dealership. Only the insurer.

There is always that chance.
But if you are able to finance a lower percentage of the purchase price (Your down payment will go a lot further); the chances are reduced...
I've been there.

[crazycanuck]

There is always that chance.
But if you are able to finance a lower percentage of the purchase price (Your down payment will go a lot further); the chances are reduced...
I've been there.

whats a loan

[Bumble_B]

I think that is a bit unfair. The dealer may not be able to offer it. When I bought my Spyder four months ago, my credit union offered GAP insurance. Though I financed 100% of the purchase price, the dealer never offered it. Seems like a package deal to me where you have to buy it with the financing.

In New York State, you needed an insurance license to sell GAP. 99% of the dealers contracted it out as a service to it's customers who did not put much money down and could easily have a gap between the insurance company check and the balance owed on the wrecked unit. Since this is a want and not a need purchase, why not put down more money and save the GAP premium?

[SpyderAnn01]

Our bikes are insured through Progressive and we carry replacement coverage on the new ones. They offer the coverage on vehicles that are 1 to 2 models years old and it was very inexpensive.

[ARtraveler]

Things I do not buy when purchasing a new vehicle:

GAP Insurance, Credit Life Insurance, Extended warranties--I do take the free ones if offered. All of these are overpriced and if you finance them you will end up paying way more.

The last three I purchased were about 25% off of MSRP (and THEN the trade came off) which was a bit better than blue book. No GAP insurance needed as the bike was "right side up." On one deal, the bank sent me a GAP insurance offer a couple months after my deal. I wrote them back--FOR WHAT?

I love telling the finance person--"I don't need GAP or Credit Life--that is YOUR problem if I crash it or die."

[Bob Denman]

I love telling the finance person--"I don't need GAP or Credit Life--that is YOUR problem if I crash it or die."

When you say it: does it make their lower lip start to quiver?

[johnsimion]

Some offer replacement cost insurance. Though higher of course it would be the same as the GAP insurance seeing as it covers it all...

Excellent advice -- this is better than GAP insurance. GAP insurance only covers the difference between what the actual value of what your vehicle is worth and what you owe, so you don't keep owing money on a vehicle that's a total loss. That primarily benefits the bank -- it doesn't get you a new vehicle. Replacement cost insurance depends on the policy but one definition is "the cost to replace the property with other property of comparable material and quality." To take an extreme example of how this could work, say you paid $20K for a new Spyder and financed $19K. The minute you take possession, it becomes a used Spyder and the actual value drops to $18K. You drive it off the lot and immediately crash. GAP insurance would reimburse you $1,000 to make up the difference between "actual value" ($18K) and what you owe ($19K). Replacement cost coverage would get you a new Spyder since that's the only thing that's comparable. Another issue here is that you wouldn't have to wrangle with the insurance company about what is the "actual value."

[ARtraveler]

When you say it: does it make their lower lip start to quiver?

Nope. We usually have a bit of a laugh and move on with the transaction.

[JerryB]

Hi crazy,

Re: whats a loan

That's what I say. I bought my first motor vehicle in 1954 & have never financed any from then to now.

IMO never be upside down on a vehicle.

Jerry Baumchen

PS) I just got a quote on my renewal from Progressive; over a 50% increase from last year with zilch in claims. She said it was due to the zip code that I live in. GEICO just quoted 35% less than last year's policy. Guess who I will go with.