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  • BAA1
    • #2
    • 29th Nov 11, 8:45 PM
    • #2
    • 29th Nov 11, 8:45 PM
    GAP insurance offered by dealers is usually more expensive than you can get this type of insurance.

    There are also different types of GAP policy, which type you need depends if you have bought the car on finance or not.

    Simply Google for GAP insurance and/or use the comparison sites to get comparative quotes.

    Like any insurance, if you want peace of mind, then it is worth while.
    • property.advert
    • By property.advert 30th Nov 11, 12:38 AM
    • 4,040 Posts
    • 2,158 Thanks
    property.advert
    • #3
    • 30th Nov 11, 12:38 AM
    • #3
    • 30th Nov 11, 12:38 AM
    Are you really saying that this magic policy will pay you the £30,000 you paid for a car which has a market value of £15,000 after 3 years ?

    Are you really sure ?
    • forgotmyname
    • By forgotmyname 30th Nov 11, 1:12 AM
    • 22,522 Posts
    • 8,866 Thanks
    forgotmyname
    • #4
    • 30th Nov 11, 1:12 AM
    • #4
    • 30th Nov 11, 1:12 AM
    GAP insurance covers the difference between the cars insurance payout value and the value of the finance you have
    remaining.

    I think you have misheard the information slightly.

    It wont give you the cars new value. Your car insurance may give you a new car if yours is written off in the 1st year.


    Brand new £30k car, Its only worth £25k after you drive it away if your lucky...

    Write it off in 6 months insurance offer £23k, The GAP covers the difference between the £23k and whats left after thats
    deducted on your loan. So you end up owing nothing and back where you started looking for a new car.

    They wont be giving you £30k
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • BJV
    • By BJV 30th Nov 11, 9:09 AM
    • 1,851 Posts
    • 2,761 Thanks
    BJV
    • #5
    • 30th Nov 11, 9:09 AM
    • #5
    • 30th Nov 11, 9:09 AM
    [QUOTE=forgotmyname;48949281]GAP insurance covers the difference between the cars insurance payout value and the value of the finance you have
    remaining.

    I think you have misheard the information slightly.

    It wont give you the cars new value. Your car insurance may give you a new car if yours is written off in the 1st year.


    Hi sorry to butt in but I think that things have now moved on since the days of finance gap insurance. There are in fact three major types of gap insurance

    Finance gap will pay the difference between your cars valuation and the amount outstanding on finance.

    Return to invoice - will pay the difference between your cars valuation and the invoice price you paid.

    Replacement will pay the difference between your cars valuation and the replacement cost (like for like model same age condition as yours was on the day you bought it)

    There are however some pressure points to look out for when you buy gap insurance.

    Check that the policy covers the purchase price you paid and it not limited to glass's guide.

    Check if the policy has an excess.

    Also check who gets paid the shortfall. Is it you or the dealership?

    Check if it covers paint protections and non-transferable warranties, accessories.

    Totally agree you should Goggle Gap insurance get a few quotes and compare the policy there are independent brokers who specialise in this and can supply it far less than main dealership prices.

    Good Luck
  • BAA1
    • #6
    • 30th Nov 11, 9:10 AM
    • #6
    • 30th Nov 11, 9:10 AM
    Actually, policies do exist that will give you the cars new value, just to provide one example....

    Click4Gap.co.uk provide three alternative policy types for GAP insurance.

    • Return To Value - RTV
    • Return To Invoice - RTI
    • Vehicle Replacement - VRI

    For the VRI option, see : http://www.click4gap.co.uk/productsVR.asp

    Their example shows a new car you purchased for £14,500
    Some time later (up to 3 years) to replace with a brand new car would cost £16,200
    Value at time of loss = £9,400 which leaves you £6,800 short
    So, their VRI policy pays you £6,800 which when added to the payout of £9,400 from your comprehensive motor policy, allows you to buy a brand new car.
    • BJV
    • By BJV 30th Nov 11, 10:10 AM
    • 1,851 Posts
    • 2,761 Thanks
    BJV
    • #7
    • 30th Nov 11, 10:10 AM
    • #7
    • 30th Nov 11, 10:10 AM
    [QUOTE=BAA1;48951955]Actually, policies do exist that will give you the cars new value, just to provide one example....

    You are absolutely right I have just Googled Gap insurance and there are loads the top couple where

    EasyGap.co.uk
    DirectGap.co.uk
    GapInsurance123.co.uk
    Ala.co.uk

    But there where lots more

    As I have only put a couple of posts I can not put direct links but I would Google it yourself get quotes and compare the levels of cover. After all price is important but so is the levels of cover.
  • Luci09
    • #8
    • 30th Nov 11, 10:46 AM
    I bought GAP Insurance back in 2009
    • #8
    • 30th Nov 11, 10:46 AM
    Hi, This may help.
    I posted back in 2009 when I was buying my car and bought through Confused.com. Good value and covered my finance.

    I've just changed my car and went back online to find the best deals this time round.

    The smae companies are still running, and Click4Gap now have a free policy It's call Retail Value Protector. I found it on MyCarCheck.com when I was checking out my car.

    I called them up and it really is free but just for first three months, sadly I'm not in the big league... yet! (my car cost £7000) but it does mean my policy isn't expensive.

    It pays back to the retail value of your car, not a replacement new one - but they guarantee the value and show you what that is when you get your quote. They can cover the excess, but I'm not too worried about that, same for paint protection. They would pay the shortfall to me.

    HAppy Wednesday everyone!
    • BJV
    • By BJV 30th Nov 11, 11:21 AM
    • 1,851 Posts
    • 2,761 Thanks
    BJV
    • #9
    • 30th Nov 11, 11:21 AM
    • #9
    • 30th Nov 11, 11:21 AM
    Wow sounds Fab.its not often that you get something for nothing and they have been going for ages. Only problem is that there value protector is limited and I think the claim limit is controlled. I would look at a higher level of cover.

    Just decide what you want your policy to do.

    Clear finance - finance gap
    Protect the invoice price - return to invoice
    Protect the replacement cost - vehicle replacement.
    Again I would just Google Gap insurance get some quotes and read the small print.

    Good Luck
  • Luci09
    Free Retail Value Protector no claim limit
    Hi, you had me worried then... Just chaecked and they actually have no claim limit at all.

    If you take the free policy, then they will pay up to £500 - after the free period it goes back to no claim limit.

    For me (my car cost £7000) £500 for the first three months is fine, after that I'll pay the £37 for next nine months, with no claim limit. Really pleased as it means I can spend the money I saved on an iphone!
    • BJV
    • By BJV 30th Nov 11, 1:08 PM
    • 1,851 Posts
    • 2,761 Thanks
    BJV
    Hey as long as you are happy

    I would just be worried that well, perhaps me being thick but I just re read the policy and it says something about the price as stated in CDL VIS Vehicle Information Services nothing about the price I paid, how do I know what price my car is in this CDL ? also something about paying extra for my motor insurance excess. Googled gap insurance and if you want the a standard return to invoice style of cover which protects the invoice price not what ever it is in CDL etc you can get it from a couple of suppliers for less than that for the full twelve months and pays up to £ 250 towards your excess at no extra cost from day one.

    Love the mycarcheck site though.

    I would still shop around after all even more savings for your iphone. P.s I have got one and its fab worth every penny.
    • Iain79
    • By Iain79 30th Nov 11, 1:19 PM
    • 194 Posts
    • 43 Thanks
    Iain79
    I brought a car in 2003 for 6k and paid 400 quid for gap insurance by cash with the finace company (3 Years)... We had an accident car written off insurance paid out the car value which was 2.5k which went to the loan company as thet what was left to pay off.. Wife angry as she had no money to buy new car. I said wwe had gap insurance but she says yes it just ran out (by nearly 2 weeks)!! I check!!! she was right!!! the accident happened 2 weeks before it ran out. Got police incedent number on the accident and got gap insurers to contact my insurance to prove it happen while gap insurance policy was still LIVE. A week later they paid out 3.5k to us so all we lost out on the loan was the intrest.
    So my story is yes take it.. you never know sumone might ram into you... it best thing i did to take it out
    • BJV
    • By BJV 30th Nov 11, 1:43 PM
    • 1,851 Posts
    • 2,761 Thanks
    BJV
    So my story is yes take it.. you never know sumone might ram into you... it best thing i did to take it out[/QUOTE]

    How lucky where you Iain79 good on you!
  • Luci09
    Yey for GAP!
    BJV - You keep worrying me with your posts... But when I got a quote from Retail Value Protector (not Click4Gap) they give the valuation free too, so I knew exactly what it was before I chose their Gap.

    Apparently they do the valuations for Tesco, Compare the Market and WhatCar (or rather the company they use do) so for me I'm more comfortable - the value is actually a bit more than I paid and they guarantee it.

    I could have covered the insurance excess - but like Iain79 says, if I got a cheque for £3500 I'd be happy enough - I really wouldn't be too fussed about the insurance excess or the other nonsense the more expensive ones say they include.

    For me, free policy, good cover and only £37 after that with no cliam limit. I'm happy AND get my Ipod on Saturday (stonking deal with 02... £42 a month for most recent 32 gigger +1gig data per month) Merry Christmas happy birthday to me!!

    Bottom line, MyCarCheck.com look for Free Retail Value Protector.
    • BJV
    • By BJV 30th Nov 11, 4:27 PM
    • 1,851 Posts
    • 2,761 Thanks
    BJV
    Luci09

    Sounds like you got the deal you wanted. Didn't mean to alarm you we all buy different things for different reasons and as long as you have read the policy and are happy then its the right one for you, and its all good.

    I was trying to point out that every policy has conditions and that some are limited to guide prices. In your case that was ok it may not be the same for everyone and if you wanted more than one years cover it my not be the best cost efficient way.

    Bottom Line
    I would everyone who is considering gap insurance to shop around read the policies and get the type of cover that is right for you and your circumstances.

    P.s Got to say good deal on the Ipod. My son wants one for xmas so good old santa is busy looking around.
  • Luci09
    Gap - four years...
    I realised I made it sound like it was only for one year - it's actually for four years, but you only pay each year if you want to carry on with it.

    Regards the ipod.. if "Good Old Santa" is looking for a deal. I've been with 02 forEVER! So twisted their arm a bit. But I'm sure any-one can get it if they ask. Not looking forward to the pain of moving from my trusty nokia brick - but I'm assured that like every-one else I'll be welded to it in no time!
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