Gap insurance & Owners Choice

[vip007]

I wonder if anyone has purchased gap insurance with OC or OC w/ flex?

The dealer quoted me $700 for 36mo, which I took because of the 30 day full refund policy. But I still cannot decide if this "insurance" is worth the cost...

 

[noxon]

That seems like a lot more than the extra $10-20/6 months or so my insurance company has charged me in the past for loan/lease payoff. Ask your insurance company, and don't be afraid to shop around.

Disclaimer: I do not own or insure an i3

 

[sonic]

I wonder if anyone has purchased gap insurance with OC or OC w/ flex?

The dealer quoted me $700 for 36mo, which I took because of the 30 day full refund policy. But I still cannot decide if this "insurance" is worth the cost...

I just got my i3 tonight using OC/f and you don't have to purchase gap insurance since you are essentially purchasing the vehicle (with a balloon payment at the end of your 36 months) so if the vehicle was totaled your insurance would cover it.

 

[noxon]

I just got my i3 tonight using OC/f and you don't have to purchase gap insurance since you are essentially purchasing the vehicle (with a balloon payment at the end of your 36 months) so if the vehicle was totaled your insurance would cover it.

If the vehicle is worth less at the time of the loss than you owe on it, you'll be on the hook for the difference unless you purchase coverage "gap" insurance, sometimes called loan/lease payoff coverage. Whether you are leasing or not makes no difference.

 

[Mike74jcw]

I purchased gap insurance for $899 from my dealer for the Owner's Choice w/Flex, 60mos, 12k per year plan. I traded in a car and rolled negative equity, unfortunately, so I had no choice but to buy it.