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Prepaid maintenance up to 75K miles and gap insurance coverage if totaled

Discussion in 'Prius c Care, Maintenance and Troubleshooting' started by ibleed0range, Mar 5, 2014.

  1. ibleed0range

    ibleed0range New Member

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    I just bought a new 2013 Prius C Two last night. They sold me the prepaid maintenance for $1760 and the gap insurance for $495. The finance manager told me I can cancel anytime and get the unused portion back but if I left the dealership without buying either I couldn't get them later so I just added them. I think the math he did was shady and I haven't looked at the manual for the recommended maintenance up to 75K but is it a lot less than $1760? The gap insurance pays my car insurance deductible and pays the difference if car insurance pays out less than my remaining loan balance if car is totaled. He said I have until 25K to decide on the prepaid maintenance and get a full refund. I'm new to this forum just looking for feedback. Thanks.
     
    #1 ibleed0range, Mar 5, 2014
  2. bisco

    bisco cookie crumbler

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    welcome to priuschat, cancel the prepaid maintenance. all the best!(y)
     
    #2 bisco, Mar 5, 2014
  3. IMkenNY

    IMkenNY Im just being nosy

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    Cancel the prepaid maintenance.

    Concerning the Gap insurance , Did you finance the entire price of your Prius or did you put in a cash down payment or trade in a vehicle to reduce the purchase price?
     
    #3 IMkenNY, Mar 6, 2014
  4. jhinsc

    jhinsc Senior Member

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    After cancelling the prepaid maintenance, check with your auto insurance company about GAP coverage through them. If they offer it, it will be much less than the dealer's policy.
     
    #4 jhinsc, Mar 6, 2014
    ztanos likes this.
  5. Technigogo

    Technigogo Member

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    And the bad news... the refund will get sent to your lien holder and reduces the principal balance but NOT your payment. Sorry you got shook down. Cancel both immediately. Check with your insurance agent for gap coverage if you want it.

    SCH-I545 ?
     
    #5 Technigogo, Mar 6, 2014
  6. ibleed0range

    ibleed0range New Member

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    I had $1000 trade and $400 downpayment. I walked out the door at 17,231 before had the prepaid maintenance and gap coverage.

    I figured they would just reduce the principal. Thankfully I'm not worried about the payment.
     
    #6 ibleed0range, Mar 6, 2014
  7. Technigogo

    Technigogo Member

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    Ibleedorange, are you in Austin by chance?


    iPad ? HD
     
    #7 Technigogo, Mar 6, 2014
  8. ibleed0range

    ibleed0range New Member

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    I'm in DC
     
    #8 ibleed0range, Mar 6, 2014
  9. ETC(SS)

    ETC(SS) The OTHER One Percenter.....

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    Cancel both.

    Priuses have a very high resale value, and you're only upside down a little bit judging by what you've written.

    Good luck!
     
    #9 ETC(SS), Mar 6, 2014
  10. silverone

    silverone Member

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    Cue "Fore" in 3.... 2.... 1.... :)

    Resale values are good relative to cars in its class, but it's still a new car with a value that drops quickly as you put mileage on it.

    Otherwise completely agree wiht ETC(SS)!
     
    #10 silverone, Mar 6, 2014
  11. Deleted member 111882

    Deleted member 111882 Guest

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    Why is gap insurance so expensive by you?

    I would think that with your regular insurance company, gap coverage would increase your premium by maybe $40, not $495.
     
    #11 Deleted member 111882, Mar 7, 2014
  12. JimN

    JimN Let the games begin!

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    Cancel both immediately. You're getting screwed on the front end because they are overpriced and you're getting screwed on the back end because you borrowed money to pay for them. If you can't afford the difference between the loan value and the value of the totaled car then GAP Insurance makes sense. As mentioned above, start with your current insurer. It doesn't cost anything to shop around for auto insurance.
     
    #12 JimN, Mar 9, 2014
  13. ibleed0range

    ibleed0range New Member

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    @skylis- The gap insurance was $495 for 5 years. If your talking insurance, $40 increase per 6 months comes out to $400 for 5 years which isn't that far off.

    @JimN- I didn't lose on the back end because I got 0% interest.
     
    #13 ibleed0range, Mar 9, 2014
  14. Technigogo

    Technigogo Member

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    But, you can eventually drop the gap insurance as you pay down the car. It's probably only helpful in the first two or three years.

    SCH-I545 ?
     
    #14 Technigogo, Mar 9, 2014
  15. jhinsc

    jhinsc Senior Member

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    The $495 is for the entire 5 year period, but what if you only keep the car for 3 years, or you pay it off early? GAP insurance should be cheap thru your auto insurance - $40 sound high. I think I was quoted $16 add'l premium for mine. Even if you don't payoff in 3 years, you can drop the coverage after that since you likely won't need it, so at most you're out only $120.
     
    #15 jhinsc, Mar 9, 2014
  16. Deleted member 111882

    Deleted member 111882 Guest

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    Oh I see, that makes a little more sense. I assumed it was for 1 year.

    Still seems a bit pricey... my gap coverage is $23/year through my insurance, though my car is new.

    Then again I'm not sure what typical gap coverage is in your state.
     
    #16 Deleted member 111882, Mar 9, 2014
  17. Dan Lovell

    Dan Lovell Junior Member

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    Cancel, cancel, cancel...waste of money. Lessons learned.
     
    #17 Dan Lovell, Mar 11, 2014
  18. HotDogWater

    HotDogWater Junior Member

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    I'd keep the GAP insurance (but see if you can get it cheaper through your car insurance company) at least for a few years. Once you've paid down enough on your car to be close to the replacement value, I'd cancel and get your money back. If you put down a large down payment (I'm guessing not because of the 0% interest rate) then you may not need GAP either.

    And definitely get rid of the prepaid maintenance. Good luck!
     
    #18 HotDogWater, Mar 13, 2014
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