# GAP INSURANCE, FLORIDA DRIVERS?



## jpsager (Apr 11, 2017)

I've put 45,000 + miles on my car in a year driving for Uber and as a result it's rapidly depreciated causing a gap in terms of what it's worth, actual cash value and what's owed to the bank. I'm looking for a stand alone GAP insurance policy for Florida that will accept UBER drivers in case of a wreck and the car is a total loss resulting in a gap. My current insurance company State Farm doesn't have such a policy unless you finance the car with them. I do carry a ride share endorsement with them however. Any suggestions on GAP insurance companies that will cover a Florida UBER driver would be appreciated.


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## BigJohn (Jan 27, 2016)

Welcome to running a business, which is what you are doing. First, I highly doubt you will be able to buy any GAP insurance policy now. Second, if you were able to find such a policy that could be purchased now, it would most likely be based upon the value of the vehicle NOW, not when purchased nor what you owe on it.

Maybe step back a moment and think through what you are looking for. Then ask yourself this: Why would an insurance company write you a policy in which it is highly likely they will have to pay out thousands of dollars (or even 10s of thousands of dollars) for what a few hundred dollars of cost to you?


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## jpsager (Apr 11, 2017)

BigJohn said:


> Welcome to running a business, which is what you are doing. First, I highly doubt you will be able to buy any GAP insurance policy now. Second, if you were able to find such a policy that could be purchased now, it would most likely be based upon the value of the vehicle NOW, not when purchased nor what you owe on it.
> 
> Maybe step back a moment and think through what you are looking for. Then ask yourself this: Why would an insurance company write you a policy in which it is highly likely they will have to pay out thousands of dollars (or even 10s of thousands of dollars) for what a few hundred dollars of cost to you?


I'm well aware of what I'm asking and know that from my initial research that there are stand alone GAP insurance policies that do in fact cover Uber drivers. I'm early in my research and the first two companies I called do cover Uber drivers but not in Florida...thus the reason for the question I've posted. As far as your comment about "Welcome to running a business...," your assumption that I'm not aware of that fact is incorrect sir. I'm retired from a large business I ran for over 27 years. So if you can't answer my question with a helpful suggestion without being rude, I'd suggest you keep your apparent ignorance to yourself. I have over 5,500 rides and am rated at a 4.95, so I think I know what I'm doing with "my little business." Again, if you can't help me then I'd suggest you keep your rude and ignorant comments to yourself.


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## BigJohn (Jan 27, 2016)

Then sir, with all due respect, you should be fully aware of the fact that what you are asking about "gap insurance" is at the wrong time. In your initial research, did you tell those companies that you bought the vehicle over a year ago, have already put over 45,000 miles on it and still have x number of years to pay?

My understanding is that it is almost impossible to buy vehicle gap insurance more than 30 days after the date of the purchase. I just spoke with my neighbor who is an insurance agent (here in Southern California) and he said he has never seen a GAP insurance policy written after 30 days.

If you knew what you were doing with your little business, you would not be asking about GAP insurance now.


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## jpsager (Apr 11, 2017)

BigJohn said:


> Then sir, with all due respect, you should be fully aware of the fact that what you are asking about "gap insurance" is at the wrong time. In your initial research, did you tell those companies that you bought the vehicle over a year ago, have already put over 45,000 miles on it and still have x number of years to pay?
> 
> My understanding is that it is almost impossible to buy vehicle gap insurance more than 30 days after the date of the purchase. I just spoke with my neighbor who is an insurance agent (here in Southern California) and he said he has never seen a GAP insurance policy written after 30 days.
> 
> If you knew what you were doing with your little business, you would not be asking about GAP insurance now.


In all due respect sir, you CAN buy GAP insurance after 30 days. I'd suggest you do your research before posting any further response to me. As far as I'm concerned people like you shouldn't be on a forum like this as your ignorance and rude behavior is most evident. If you're unable to be helpful I'd suggest you spend your time more wisely than posting on this forum as often as you apparently do. You have much to learn in terms of running a service oriented business or any business for that matter. I'd suspect you haven't taken very many actual rides and have a very low rating based on your attitude. I know a bully when I see one. Good luck with you VERY small business if you can call it that as your lack of business knowledge shines brightly. Please do us all a great favor and remove yourself from this forum and whatever ride share platform your supposedly on. We'll all be safer as a result.


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## Launchpad McQuack (Jan 8, 2019)

jpsager said:


> We'll all be safer as a result.


How so?


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## BigJohn (Jan 27, 2016)

Sir, have a great day.


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## FLKeys (Dec 27, 2018)

Here is what I found for Florida:

Of the largest auto insurers in Florida, the following companies offer either gap insurance or a similar policy.

State Farm (if you use State Farm to finance your loan)
Progressive
Allstate
USAA (called total loss protection)
Liberty Mutual (only offer new car replacement coverage, which is not available for leased cars)
Infinity
Travelers
Farmers (called residual debt coverage)


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## Boca Ratman (Jun 6, 2018)

jpsager said:


> In all due respect sir, you CAN buy GAP insurance after 30 days. I'd suggest you do your research before posting any further response to me. As far as I'm concerned people like you shouldn't be on a forum like this as your ignorance and rude behavior is most evident. If you're unable to be helpful I'd suggest you spend your time more wisely than posting on this forum as often as you apparently do. You have much to learn in terms of running a service oriented business or any business for that matter. I'd suspect you haven't taken very many actual rides and have a very low rating based on your attitude. I know a bully when I see one. Good luck with you VERY small business if you can call it that as your lack of business knowledge shines brightly. Please do us all a great favor and remove yourself from this forum and whatever ride share platform your supposedly on. We'll all be safer as a result.


if you know the answer, why are you asking the question? I'm not saying you're right or wrong or taking sides here. It just sets as though you already have the information you're inquiring about.


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## MyJessicaLS430 (May 29, 2018)

jpsager said:


> Any suggestions on GAP insurance companies that will cover a Florida UBER driver would be appreciated.


I do not live in FL but my understanding is that gap insurance should be obtained the time you financed the vehicle. I got mine from a Lexus dealership for about $900.

The dealer told me that I had 30 days to change my mind so as to get the $900 refund. This also probably means that GAP insurance is not offered 30 days after purchase.

Have you paid off (or close to paid off) your car? If so, you may want to reconsider getting one. Anyway, I still consider worthwhile to spend the $900 because my car costed $33k at the time. The risk of not having GAP was too much to take.


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## oldfart (Dec 22, 2017)

jpsager said:


> In all due respect sir, you CAN buy GAP insurance after 30 days. I'd suggest you do your research before posting any further response to me. As far as I'm concerned people like you shouldn't be on a forum like this as your ignorance and rude behavior is most evident. If you're unable to be helpful I'd suggest you spend your time more wisely than posting on this forum as often as you apparently do. You have much to learn in terms of running a service oriented business or any business for that matter. I'd suspect you haven't taken very many actual rides and have a very low rating based on your attitude. I know a bully when I see one. Good luck with you VERY small business if you can call it that as your lack of business knowledge shines brightly. Please do us all a great favor and remove yourself from this forum and whatever ride share platform your supposedly on. We'll all be safer as a result.


If you can, why don't you


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## BigJohn (Jan 27, 2016)

FLKeys said:


> Here is what I found for Florida:
> 
> Of the largest auto insurers in Florida, the following companies offer either gap insurance or a similar policy.
> 
> ...


But that is not what he is asking. He is asking for some one that will sell him GAP insurance on a vehicle he purchased over a year ago, has put over 45,000 commercial usage miles on it since purchase, and NOW wants to buy GAP insurance since the value of the vehicle is now way below what he owes due to the commercial usage.

I firmly believe that we should learn something new everyday, so I really hope he will post back that yes indeed he found some one to do that under those conditions so that I can clearly state I was wrong and I have learned something new.

But just in case, I will not hold my breath while waiting for him to respond such.


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## FLKeys (Dec 27, 2018)

BigJohn said:


> But that is not what he is asking. He is asking for some one that will sell him GAP insurance on a vehicle he purchased over a year ago, has put over 45,000 commercial usage miles on it since purchase, and NOW wants to buy GAP insurance since the value of the vehicle is now way below what he owes due to the commercial usage.
> 
> I firmly believe that we should learn something new everyday, so I really hope he will post back that yes indeed he found some one to do that under those conditions so that I can clearly state I was wrong and I have learned something new.
> 
> But just in case, I will not hold my breath while waiting for him to respond such.


That is a list of companies I would start calling to see if they offer a plan. You don't know until you call and ask.


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## jpsager (Apr 11, 2017)

oldfart said:


> If you can, why don't you


It was a general question and if you could read, when I posted it I was early in my research. Don't be an ass. If you don't have something constructive to add don't be rude.



MyJessicaLS430 said:


> I do not live in FL but my understanding is that gap insurance should be obtained the time you financed the vehicle. I got mine from a Lexus dealership for about $900.
> 
> The dealer told me that I had 30 days to change my mind so as to get the $900 refund. This also probably means that GAP insurance is not offered 30 days after purchase.
> 
> Have you paid off (or close to paid off) your car? If so, you may want to reconsider getting one. Anyway, I still consider worthwhile to spend the $900 because my car costed $33k at the time. The risk of not having GAP was too much to take.


I did look at the dealer's gap policy but it had a restriction on commercially driven, for hire autos. You might want to check your policy to be sure it doesn't have a similar restriction.



Boca Ratman said:


> if you know the answer, why are you asking the question? I'm not saying you're right or wrong or taking sides here. It just sets as though you already have the information you're inquiring about.


As I indicated in my post I was early in my research. If you can't help then I'd suggest you don't waste anyone's time.



FLKeys said:


> Here is what I found for Florida:
> 
> Of the largest auto insurers in Florida, the following companies offer either gap insurance or a similar policy.
> 
> ...


Thank you for your list and detailed comments. It's very close to what I've been able to find out so far. I'm still early in my research and am in the process of calling each of the companies you've indicated. I use State Farm for my rideshare endorsement but haven't financed through them. Thanks again.


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## OrlUberOffDriver (Oct 27, 2014)

jpsager said:


> I've put 45,000 + miles on my car in a year driving for Uber and as a result it's rapidly depreciated causing a gap in terms of what it's worth, actual cash value and what's owed to the bank. I'm looking for a stand alone GAP insurance policy for Florida that will accept UBER drivers in case of a wreck and the car is a total loss resulting in a gap. My current insurance company State Farm doesn't have such a policy unless you finance the car with them. I do carry a ride share endorsement with them however. Any suggestions on GAP insurance companies that will cover a Florida UBER driver would be appreciated.


At this point, you are upside down.
If, and that is a HUGE if you would even find an agent to sell you GAP on a 1 year old vehicle with 45,000 miles, it will cost you more than the going rate of been about 5% of your annual ins. premium.
And then the agent will also require you to pay the premium in full for the length of the loan.
Folks, in this line of work (rideshare) if you do not have the ability to pay 30-50% down on a new purchase, you should not be in this line of business.
Owning a vehicle outright IS the best option.
So, soon I will be replacing my 2009 vehicle which is worth about $6,000 (trade in value) I'm also able to pay $5,000 down payment.
What am I looking to spend? No more than twice of the total down that I have. Keeping the new purchase (tax included) at about $22,000.
That is how it should be done.


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## FLKeys (Dec 27, 2018)

jpsager said:


> Thank you for your list and detailed comments. It's very close to what I've been able to find out so far. I'm still early in my research and am in the process of calling each of the companies you've indicated. I use State Farm for my rideshare endorsement but haven't financed through them. Thanks again.


Out of curiosity I contacted my local agent and he told me I can add GAP insurance to my current policy with Progressive. $22 every 6 months. I can add it or cancel it at any time. I will still have the $500 deductible, and it covers up to 125% of the cars value not to exceed my loan amount. At this point I'm considering adding it, I have a rideshare endorsement with them already and they know I am doing rideshare.


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## Kodyhead (May 26, 2015)

BigJohn said:


> But that is not what he is asking. He is asking for some one that will sell him GAP insurance on a vehicle he purchased over a year ago, has put over 45,000 commercial usage miles on it since purchase, and NOW wants to buy GAP insurance since the value of the vehicle is now way below what he owes due to the commercial usage.
> 
> I firmly believe that we should learn something new everyday, so I really hope he will post back that yes indeed he found some one to do that under those conditions so that I can clearly state I was wrong and I have learned something new.
> 
> But just in case, I will not hold my breath while waiting for him to respond such.


It would be awesome or all insurance worked like that lol


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## jpsager (Apr 11, 2017)

FLKeys said:


> Out of curiosity I contacted my local agent and he told me I can add GAP insurance to my current policy with Progressive. $22 every 6 months. I can add it or cancel it at any time. I will still have the $500 deductible, and it covers up to 125% of the cars value not to exceed my loan amount. At this point I'm considering adding it, I have a rideshare endorsement with them already and they know I am doing rideshare.


That's great. I'm curious if you're in FL? If you are I didn't realize that Progressive has a rideshare endorsement for FL drivers.


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## FLKeys (Dec 27, 2018)

jpsager said:


> That's great. I'm curious if you're in FL? If you are I didn't realize that Progressive has a rideshare endorsement for FL drivers.


Yes I am in Florida.


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## touberornottouber (Aug 12, 2016)

I'm pretty sure USAA offered me something sort of like GAP insurance. I think it was an extra 10-20% over the car's actual value - that was the way it worked. It was an extra $5-$7 a month for it. I opted not to go with their policy though as they were more expensive by about $50 a month for the same coverage.



jpsager said:


> That's great. I'm curious if you're in FL? If you are I didn't realize that Progressive has a rideshare endorsement for FL drivers.


Progressive just recently added Rideshare insurance in Florida. I got it. I have 50/100/25 Full+Comprehensive with stacked uninsured motorist and a $250 deductible for ~$180/month. Not great but neither is my credit although my driving record is perfect.

For comparison my personal only insurance with 10/20 (barebones) No uninsured motorist coverage and a $1000 deductible was about $100 a month. So to add the rideshare and much better coverage with a much lower deductible cost about $80 extra a month for me. Not having uninsured motorist coverage in Florida is extremely stupid.


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## FLKeys (Dec 27, 2018)

touberornottouber said:


> Progressive just recently added Rideshare insurance in Florida. I got it. I have 50/100/25 Full+Comprehensive with stacked uninsured motorist and a $250 deductible for ~$180/month. Not great but neither is my credit although my driving record is perfect.


Ouch those are high rates I have the same Progressive coverage with a $500 deductible and I pay around $660 every 6 months or $110 per month. This cover two vehicles I own and the rideshare endorsement.


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## touberornottouber (Aug 12, 2016)

FLKeys said:


> Ouch those are high rates I have the same Progressive coverage with a $500 deductible and I pay around $660 every 6 months or $110 per month. This cover two vehicles I own and the rideshare endorsement.


Do you have 50/100/25 with stacked uninsured motorist coverage with collision and comprehensive? I thinkt he $250 deductible was responsible for about $20 a month. Going to a $100 deductible would have been about $200 a month for me.


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## FLKeys (Dec 27, 2018)

touberornottouber said:


> Do you have 50/100/25 with stacked uninsured motorist coverage with collision and comprehensive? I thinkt he $250 deductible was responsible for about $20 a month. Going to a $100 deductible would have been about $200 a month for me.


Yes, I have 800+ credit score and no tickets or accidents in past 10+ years. Price includes the pay in full discount that I get.


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## cangold (Mar 18, 2018)

You always get a huge discount when you have multi cars.


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## Wildgoose (Feb 11, 2019)

It might be the terms that insurance companies are using. Some might say gap insurance but most of insurance companies says rideshare insurance which covers the gap. I live in CA and my insurance company is Allstate. Just $5 monthly to add rideshare insurance but my policy is for full coverage Bodily injured 100,000/300,000 on both another cars involved and myself including no or under insured car drivers full coverage with deductible $500 on car damage.


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## BigJohn (Jan 27, 2016)

Wildgoose said:


> It might be the terms that insurance companies are using. Some might say gap insurance but most of insurance companies says rideshare insurance which covers the gap. I live in CA and my insurance company is Allstate. Just $5 monthly to add rideshare insurance but my policy is for full coverage Bodily injured 100,000/300,000 on both another cars involved and myself including no or under insured car drivers full coverage with deductible $500 on car damage.


NOPE "GAP insurance" is an entirely different animal than a rideshare rider or add-on.

GAP insurance is specifically designed to cover the difference between what an insurance company will payout in the event a covered vehicle is "totaled" by the insurance company and what the person OWES the finance company on that vehicle.


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## PlanoGuber (Feb 14, 2019)

You can try gapdirect.com. I have a 2yr $185 policy though them. It does list "vehicles used for rent or hire" as not eligible in the terms and conditions. It does not specifically say rideshare, Uber, Lyft, etc... You can roll the dice on whether you're really a vehicle for hire. If needing to use it, I don't plan to offer up that it's a ride share vehicle.

No idea if you can get it 45k miles after purchase though.


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## Wildgoose (Feb 11, 2019)

BigJohn said:


> NOPE "GAP insurance" is an entirely different animal than a rideshare rider or add-on.
> 
> GAP insurance is specifically designed to cover the difference between what an insurance company will payout in the event a covered vehicle is "totaled" by the insurance company and what the person OWES the finance company on that vehicle.


Thanks for your comment.


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## Stevie The magic Unicorn (Apr 3, 2018)

PlanoGuber said:


> You can try gapdirect.com. I have a 2yr $185 policy though them. It does list "vehicles used for rent or hire" as not eligible in the terms and conditions. It does not specifically say rideshare, Uber, Lyft, etc... You can roll the dice on whether you're really a vehicle for hire. If needing to use it, I don't plan to offer up that it's a ride share vehicle.
> 
> No idea if you can get it 45k miles after purchase though.


"Vehicle for hire" is the catch all for taxis, limos, black car services.


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## PlanoGuber (Feb 14, 2019)

Stevie The magic Unicorn said:


> "Vehicle for hire" is the catch all for taxis, limos, black car services.


I operate none of those.


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## Stevie The magic Unicorn (Apr 3, 2018)

PlanoGuber said:


> I operate none of those.


Fine, in *most states* It's the catch all for driving customers around for pay


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## jpsager (Apr 11, 2017)

touberornottouber said:


> I'm pretty sure USAA offered me something sort of like GAP insurance. I think it was an extra 10-20% over the car's actual value - that was the way it worked. It was an extra $5-$7 a month for it. I opted not to go with their policy though as they were more expensive by about $50 a month for the same coverage.
> 
> Progressive just recently added Rideshare insurance in Florida. I got it. I have 50/100/25 Full+Comprehensive with stacked uninsured motorist and a $250 deductible for ~$180/month. Not great but neither is my credit although my driving record is perfect.
> 
> For comparison my personal only insurance with 10/20 (barebones) No uninsured motorist coverage and a $1000 deductible was about $100 a month. So to add the rideshare and much better coverage with a much lower deductible cost about $80 extra a month for me. Not having uninsured motorist coverage in Florida is extremely stupid.


Thank you!



FLKeys said:


> Ouch those are high rates I have the same Progressive coverage with a $500 deductible and I pay around $660 every 6 months or $110 per month. This cover two vehicles I own and the rideshare endorsement.


Thank you!


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