Just wanted to share a tip—if you want to add GAP insurance to your Tesla Insurance policy, you can call their support at 1-844-34-TESLA and ask to have it added. It cost me only $3.76 per month to include it. Definitely worth it!
It’s crazy that car insurance doesn’t include GAP coverage by default in financed vehicles.
Whit said:
It’s crazy that car insurance doesn’t include GAP coverage by default in financed vehicles.
GAP insurance has always been an optional add-on because not everyone finances their cars.
@Hadley
I get that, but if they ask whether the car is financed, it should automatically be included for financed vehicles.
Whit said:
@Hadley
I get that, but if they ask whether the car is financed, it should automatically be included for financed vehicles.
Insurance companies aren’t really looking out for your best interests. Some companies don’t even offer GAP coverage at all.
Whit said:
@Hadley
I get that, but if they ask whether the car is financed, it should automatically be included for financed vehicles.
It’s always been an optional add-on, and it should stay that way.
@Hadley
Alright, keep defending insurance companies and their shady practices.
Whit said:
@Hadley
Alright, keep defending insurance companies and their shady practices.
The purpose of insurance is to match the payout to the value of the loss. People who don’t owe more than their car’s value don’t need GAP coverage. It’s unfair to make them pay for others’ financial decisions.
@Asher
So you’re saying anyone who buys a new car without a big down payment is irresponsible? That’s an elitist way of thinking. Most new cars lose value immediately. GAP should either be included or heavily pushed by insurance companies.
@Whit
Responsible buyers don’t take loans that put them underwater. Sounds like you didn’t put anything down on your car. Maybe look into financial advice from someone like Dave Ramsey.
Riley said:
@Whit
Responsible buyers don’t take loans that put them underwater. Sounds like you didn’t put anything down on your car. Maybe look into financial advice from someone like Dave Ramsey.
I lease my cars, and my company covers the costs. But go ahead and assume everyone else lives in your bubble.
@Whit
Fair enough. Not everyone is in the same financial situation, but promoting financial literacy doesn’t make someone elitist. It’s just about making better decisions.
If my loan balance is lower than my car’s value, I don’t need GAP insurance, right? For example, my loan on a Model Y is $32k.
Deen said:
If my loan balance is lower than my car’s value, I don’t need GAP insurance, right? For example, my loan on a Model Y is $32k.
That’s correct! As long as your loan balance stays below the car’s value, you don’t need it.
Deen said:
If my loan balance is lower than my car’s value, I don’t need GAP insurance, right? For example, my loan on a Model Y is $32k.
It’s just $3 a month. I’d get it anyway in case depreciation puts you underwater unexpectedly.
How has your experience been with Tesla Insurance? I’m shopping around for insurance before my Model Y delivery next week.
Miller said:
How has your experience been with Tesla Insurance? I’m shopping around for insurance before my Model Y delivery next week.
I’ve only had it for three weeks, but so far, so good. It’s based on your safety score, so if you drive carefully, your rate stays low. My score was 88 at one point, and my rate was $160/month. After improving my score to 95, my rate dropped to $114/month.
I added GAP insurance to my Tesla Insurance. Had to call to do it.
Diamant said:
I added GAP insurance to my Tesla Insurance. Had to call to do it.
How was the process? Planning to do the same once I get my delivery date.
Diamant said:
I added GAP insurance to my Tesla Insurance. Had to call to do it.
How was the process? Planning to do the same once I get my delivery date.
It was straightforward. Called the number, waited about 30 minutes for an agent, and they added it immediately. My rate went up by $3/month.