Gap insurance for CTR

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I just bought my 2021 ctr saturday and was curious if anyone had recommendation for gap insurance. I didn’t get any through the dealer as I’ve been told it can be had elsewhere alot cheaper. My insurance is through progressive and while they offer gap they don’t in my state (NC). My fault for not checking when I got a quote for full coverage on it. The dealer told me to call them if I had issue finding some but wanted to check here first for recommendations.
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princeRS

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I just bought my 2021 ctr saturday and was curious if anyone had recommendation for gap insurance. I didn’t get any through the dealer as I’ve been told it can be had elsewhere alot cheaper. My insurance is through progressive and while they offer gap they don’t in my state (NC). My fault for not checking when I got a quote for full coverage on it. The dealer told me to call them if I had issue finding some but wanted to check here first for recommendations.
its a few hundred dollars and not worth it on our cars imo as they hold their value VERY well. if you want complete peace of mind and you do alot of miles, it makes sense though
 

Conika

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Waste.of.money

especially in a car that the value increases.
The point of gap insurance is if your loan is more than what you owe the bank. Usually you can make up the difference after 6 months of payments (considering tax tags title and the cost of losing value for driving it off the lot.). However these cars hold their value, it’s also only if you were to TOTAL the vehicle. I honestly wouldn’t worry about it my guy.
 
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The question is, how much did you over pay for the car?

If you didn’t pay massive adm then you don’t need gap.
I paid msrp, only way I was owning one! While I could afford a mark up and the type r is a dream car for me I just wasn’t paying that. Had to drive 4 hours away to get it but so worth the drive. This thing really is a night and day difference from my 2019 si!
 


MyFirstHonda

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I’ve found GAP insurance to be a few hundred dollars through the dealership finance department. I’ve only gotten one quote outside the dealer and it was far more expensive.

I would suggest GAP, if you paid more than MSRP and/or carried negative equity into your purchase.
 

17RGuy

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I would definitely recommend it. I always purchase gap coverage on any vehicle I finance. I did so on my fk8 as well, and was reimbursed a prorated amount when I paid the vehicle off early. My credit union I financed through offered gap for $375. Shop around.
I know you paid msrp and I am happy to hear that, but these cars (along with most new vehicle) will not hold resale value as high as what they are today. We are in unprecedented times for used and new car values staying high due to demand and low production. Plus, this is the last year for the 10th gen so when the new R comes out, our cars should see a dip in value.
I hate to be the contrarian based off of the other comments, but if fk8s don’t hold their value this high a year from now and you still owe $32k or more... isn’t a couple hundred dollars worth the piece of mind?
 

Slurm818

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Not to necropost but...

For added context, I just purchased a 21 CTR for 45,000 (so about 6k markup) and I was told this was a great deal by my lienholder as they currently value the car at 53,000. My lienholder and insurance are both through USAA and they will pay me 120% of the value of the vehicle should it be totaled, so no need for GAP even with paying that high of a markup.
 

Doc_Mello

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I would definitely recommend it. I always purchase gap coverage on any vehicle I finance. I did so on my fk8 as well, and was reimbursed a prorated amount when I paid the vehicle off early. My credit union I financed through offered gap for $375. Shop around.
I know you paid msrp and I am happy to hear that, but these cars (along with most new vehicle) will not hold resale value as high as what they are today. We are in unprecedented times for used and new car values staying high due to demand and low production. Plus, this is the last year for the 10th gen so when the new R comes out, our cars should see a dip in value.
I hate to be the contrarian based off of the other comments, but if fk8s don’t hold their value this high a year from now and you still owe $32k or more... isn’t a couple hundred dollars worth the piece of mind?
☝? + many people may not know that we can get GAP refunded, depending on factors (read the fine print). Once I reached even equity with my Si, I had GAP refunded, got about half of what I paid for it back to me, and I slapped that onto the principle. ??
 


dwag0588

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I carried mine through my insurance for under $10/month. Once it became obvious that the car wasn’t losing value, I cancelled it. I probably never should have started it, but I only held it for 3 months, so no huge loss.
 

NHCivicGuy

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For me I didn’t opt for any because I put 20% down. If not I could go through my insurance company for $16 per year. It’s usually best to go through your insurance versus any bank anyways. $16 per year vs hundreds with a bank.
 

Tyler.iguess

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I have progressive, its loan pay off or something. They dont call it gap. I am in pa though.
Idk how different it is.
I think i have the loan payoff in mine. Its at the very bottom in the policy infos 2nd tab. (Sorry about the ass backwards instruction) but may still not since its ny.
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