GAP isurance and financing

I’ve always leased before and it’s almost always been included in the lease agreement.

How is gap insurance handled with GM when you bring your own financing? Does your Credit Union/bank have to have it as a part of your loan? Do you purchase it from the dealership?

Trying to avoid purchasing anything extra from the dealership when it’s time to sit down with the finance guy when he tries to give me the extended warranty and paint protection blessings.

Thanks in advance!

What’s the car in question and what price are you paying for it?

23’ Bolt EV w/ MSRP of $31500. The price paid (utilizing NJ EV rebate and GM healthcare discount) will be around $27k (which will be the amount financed).

Check with your insurance company first to see if they offer loan/lease coverage. Far, far cheaper than whatever you can purchase at a dealership.

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Your CU/Bank may offer to sell you one for the duration of your loan term. You could also get a refund if you refinance or sell your car prior to the end of the term.

Dealerships could sell you one too.

Auto Insurance is an option but not all carriers offer it. If you switch companies, it could be a factor as well.

Another thing to consider is what your car is valued at and your financed amount. The market is trending downwards but regardless, at one point, your vehicle will be worth more than your loan balance and GAP will not be needed at that point.

If you do buy GAP, I’d advise shopping for a plan around or under $300.

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Thank you for your advice. Much appreciated.

Then I doubt you really need GAP at all.