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Let me start by saying that I am not paying above MSRP. To those of you that are willing to do this I have a question; Does your insurance cover your extra money above MSRP? Because here in Massachusetts the insurance companies will not let you get insurance that would make them pay you over MSRP. I discovered this a few years ago with a Harley. I got an extra $2,000.00 for my trade in and they were charging $2,000.00 over MSRP for the motorcycles. I got my insurance at the higher valuation and a week later I got a refund in the mail because the motorcycle was not valued at the inflated price. So, if you are paying $5,000.00 over list you had better ask your insurance agent this question.
 

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Ins

Those willing to be silly and pay over MSRP, probably don't care how much they pay for insurance premiums either.:eek:
 

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Standard auto insurance will only cover what book value is on the vehicle. You can get declared value insurance that will pay what ever value you set the vehicle for & pay the premium for. Because I already have a 1969 show car covered with declared value insurance, my carrier has agreed to cover my 2010 with $40,000 coverage & is only $560.00 a year for me. This is full coverage & unlimited mileage, no deductable. Standard insurance for me was going to be $460.00 every 6 months.
Also a note about financing, the bank will only loan up to MSRP under a standard auto loan. Above that you would have to do a unsecured personal loan or your home equity line of credit.
 

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Standard auto insurance will only cover what book value is on the vehicle. You can get declared value insurance that will pay what ever value you set the vehicle for & pay the premium for. Because I already have a 1969 show car covered with declared value insurance, my carrier has agreed to cover my 2010 with $40,000 coverage & is only $560.00 a year for me. This is full coverage & unlimited mileage, no deductable. Standard insurance for me was going to be $460.00 every 6 months.
Also a note about financing, the bank will only loan up to MSRP under a standard auto loan. Above that you would have to do a unsecured personal loan or your home equity line of credit.

what he said :thumbsup:
 

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Let me start by saying that I am not paying above MSRP. To those of you that are willing to do this I have a question; Does your insurance cover your extra money above MSRP? Because here in Massachusetts the insurance companies will not let you get insurance that would make them pay you over MSRP. I discovered this a few years ago with a Harley. I got an extra $2,000.00 for my trade in and they were charging $2,000.00 over MSRP for the motorcycles. I got my insurance at the higher valuation and a week later I got a refund in the mail because the motorcycle was not valued at the inflated price. So, if you are paying $5,000.00 over list you had better ask your insurance agent this question.
For replacement value, avg resale price for your market is usually considered. There is still no way that's going to be better than MSRP once you drive it off the lot. What you paid on your invoice over MSRP is not a factor.
 

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Just kidding.

Actually, the insurance company goes by their lists as compiled by the manufacturer list prices, and sets the rates based on their own risk analysis protocol. The rate is then set.

Only other alternative is to get a collector type insurance with agreed value.
 

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That's why they sell Gap insurance at the dealerships. Should you total your nice new camaro at 5k over msrp, Gap insurance covers everything that your insurance wont cover to pay off the loan. Which is important if you finance the sales tax, titling and registration fees, and of course, a 5k addendum to MSRP.

I typically never opt for the Gap insurance when buying a car, but if I was crazy enough to buy a camaro at 5k over, I'd definitely like to have the Gap insurance with it... Juuuuuuuuuuust incase!
 

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They should rename it "sucka" insurance. Unfortunately, you can't insure against stupidity.

As someone with a yellow car on here always says...

"Only suckas pay more than MSRP." Same could be said for gap insurance. Only suckas that pay more than MSRP need sucka insurance.
 

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I would advise against purchasing gap from the dealer. Just get it through your insurance company. It's MUCH cheaper.

Gap is for people who owe more than a car is worth. This usually happens when you have a trade that you are upside down on, or you simply didn't have a down payment - or anything down at all.
 

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GAP insurance isn't always a sucker insurance. If you bought a truck last year and put 10% down, when gas price quadrupled, your trucks value 1/2ed.
 

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My point was buying gap insurance to cover a dealer markup. THEN it's sucka insurance. Wasn't that the original topic?
 
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