Subaru Outback Forums banner

1 - 8 of 8 Posts

·
Registered
2020 Outback Touring XT
Joined
·
465 Posts
Discussion Starter #1
Just wondering if anyones ever had to use GAP insurance or knows anyone who has?
Was it a tooth & nail fight to get them to pay, any difference between the dealers offering and your automobile insurance company?
 

·
Registered
01 Outback LL Bean - SOLD
Joined
·
90 Posts
I used it about 6 years ago, through a Ford dealer. Totalled the car, and the GAP was used to pay the difference between the insurance co.'s value and what I still had on the loan. From what I remember, it was a $5-6K difference.

Had no problems with the GAP (in fact, my insurance co. handled most of the transaction). I'd say it won't be too bad of a fight, since it's the whole purpose of the GAP insurance to pay when you have that difference between assessment and loan.
 

·
Premium Member
2004 Outback Wagon, Mystic Blue Pearl
Joined
·
4,946 Posts
Yeah, I would imagine it is usually pretty clear cut, plus it is in the GAP policy providers best interest to negotiate the most out of the auto insurer as possible, assuming they are two different entities.
 

·
SubaruOutback.org Founder
2018 Outbacks, Grey Premium & Silver Limited
Joined
·
4,504 Posts
So my leased 2018 Limited Outback hit a deer last night and extensive damage was done to the front bumper, grille, and drivers side fender from what I can tell so far. It may extend further but I am not certain as I am unable to determine at this time.

I don't know what the likelihood of a total loss is that would lead to a GAP claim but if it happens it would probably be for the best. My mom and her husband had a deer accident a few years ago that resulted in similar damage but after it was fixed there were actual issues with vehicle operation that were unbeknownst to anyone until after the fact.
 

·
Registered
Joined
·
486 Posts
Never used gap as I have never been upside down on a car... if you are upside down from the get go, you bought more car than you can afford.
 

·
SubaruOutback.org Founder
2018 Outbacks, Grey Premium & Silver Limited
Joined
·
4,504 Posts
Just an update, the collision center I was referred to told me that a damage claim on a Subaru typically has to be 70% of the total vehicle value for a GAP insurance claim to work. That is astronomically high, I remember the horrible accident I got into with my 2003 Outback that did about $15,000 damage and it was not a total loss.

Apparently even if your vehicle's market value may not be high an insurance company may think its value is much higher, comparatively speaking. This is probably why Subaru includes GAP insurance for free as part of their lease contracts, they know that the likelihood for a GAP claim to be enacted to be very low.
 

·
Registered
2017 Subaru Outback Limited
Joined
·
26 Posts
GAP is good to have if your down payment is small, and/or if you are trading a car in that you don't own, and are rolling the payoff into the new loan. Generally, if your LTV (Loan to value) ratio is greater than 70%, GAP (Guaranteed Asset Protection) Is good to have. If your car is totaled, it pays your deductible, and also pays the car off so you aren't stuck with a car you can't use. GAP is very inexpensive, and can be added to your monthly payment if you finance at the dealer. If you lease, GAP is usually included in the monthly payment. Banks like to do that to cover their potential losses.
 
1 - 8 of 8 Posts
Top