Lease advice - budget roomy SUV

Ask the Hackrs
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41

To be pedantic, most lease companies include a gap waiver, meaning you’re not liable for any amount over market value. In those cases gap insurance is not necessary or useful. It’s only when you have a lease that does not include this (basically a lease through tfs) where gap coverage is of any use.

In the case of a cx-9, since you’re leasing through Toyota financial, gap coverage is a good plan. Generally, it’s far cheaper to go through your car insurance or local credit union than to get it from the dealer.

If geico won’t do it, shop other car insurance companies that do.

2 Likes
42

Thanks, do I need to look for a new car insurance or do companies sell just the gap insurance?

43

If you search online, you can buy stand-alone GAP, but car insurance plus GAP may be cheaper elsewhere if you shop around.

1 Like
44

I’ve checked online, but doesn’t see many companies do (gap direct doesn’t allow new policies). That is something I can always add after getting the car, right? Assuming the dealership would want $800-1000 for that and that there is deductibles, I think that the gap wouldn’t be much higher than that (2000? 2500?).
If I can find something for $200 that sounds worth while, more than that might be ok to take the risk

45

Back in the day, I got GAP type coverage from Progressive for $22 for every 6-mo. It is/was called loan-lease payoff coverage.

https://www.progressive.com/answers/gap-insurance/

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46

Absolutely not, no. On the tiny chance that you get hit leaving the dealership

47

Weird, talked with Progressive, State Farm, and others - couldn’t fine anyone that sells stand alone Gap insurance. Geico doesn’t provide one at all (even if you have an auto policy with them)

48

Probably worth looking at switching from geico then.

Or choose something other than a vehicle that has to go through Toyota financial

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49

If you lease Toyota or Mazda through Toyota Financial, yes, get GAP.

Everything else? No. You absolutely do not need GAP insurance. You have GAP waiver language in the lease.

50

Perhaps, though even if I take the gap insurance from the dealer (which I’ll try and avoid) other vehicles I liked are still more expensive for the entire lease term

I’ve checked with other providers, Geico is by far the cheapest for me. Plus I had good experience with them when someone hit my car from behind

51

Many banks self insure and many come with GAP, what cars are you referring to? It really depends on the car and bank.

52

Not sure I follow - if I want to still use Geico to insure my car - can I use a bank to do a stand alone GAP? I did find autopay.com and easycare.com, but they are closed now. Will give them a call tomorrow morning

53

No, what I’m saying is that many banks that do leases, BMW Finance, Volvo Finance, Lexus Finance, and others include GAP in the leases free of charge. However some banks like Mazda Financial (Owned by Toyota Financial) and Toyota Financial itself should offer it as an optional add on (ie. MPP or Mazda Protection Product).

54

Oh, yeah. That’s a bummer. Explains why I never had to do Gap insurance (first Mazda I lease). Though ended up getting a sweet deal (much much cheaper than VW, Subaru, Hyundai, etc). The only one that got close (but still more expensive) is Honda

55

Well yes, old Mazda Capital services (Chase), did offer GAP free of charge with their leases. Mazda switched to TFS quite recently, last few years. BTW GAP is included on Hyundai leases.

56

Progressive Insurance loan-lease payoff coverage is not standalone, so you would need to switch to Progressive to have access to it.

1 Like
57

To be clear they do not include GAP. Nobody includes GAP. They have a waiver that waives the leaseholder of their responsibility for gap in value but it’s not an actual policy. End result is the same but it’s not GAP.

58

Before you exhaust yourself, call the dealer you are leasing through and ask how much to get gap through them.

59

True, checking from them.

Just for reference, checked with multiple providers (including autopay.com easycare.com, SF, progressive) - none that I have found provide a stand alone Gap insurance :frowning:

60

Tell us what the number is so we can all laugh.

They’ll probably want $500 to insure against a 0.02% chance of a sub $2,000 loss.