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  • FIRST POST
    • jagbeth1
    • By jagbeth1 22nd May 13, 10:00 PM
    • 313Posts
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    jagbeth1
    Gap Insurance Recommendations Please
    • #1
    • 22nd May 13, 10:00 PM
    Gap Insurance Recommendations Please 22nd May 13 at 10:00 PM
    Official MSE Insert:

    You may also find our fully researched Gap Insurance guide helpful.

    Back to the original post...


    My son is purchasing a new car and is due to pick it up at the beginning of June.
    We have been looking at gap insurance and the quote from the dealer is about £350. I am aware that he can purchase this insurance online for about £140 or so however having never used on of these companies I am asking for recommendations from people that have.

    As my son is only 19 yrs and the car is brand new I would rather he have this cover for peace of mind but dont want him to pay any more than he has to, however I also dont want him buying cover with a co that disappears in the first 3 months!

    So any recommendations would be appreciated.

    Thanks

    Nikki
    Last edited by MSE Zorica; 18-01-2016 at 4:48 PM.
    Elite 5:2 #6 8 /34lbs
Page 1
    • lostinheaven
    • By lostinheaven 23rd May 13, 10:47 AM
    • 117 Posts
    • 56 Thanks
    lostinheaven
    • #2
    • 23rd May 13, 10:47 AM
    • #2
    • 23rd May 13, 10:47 AM
    My son is purchasing a new car and is due to pick it up at the beginning of June.
    We have been looking at gap insurance and the quote from the dealer is about £350. I am aware that he can purchase this insurance online for about £140 or so however having never used on of these companies I am asking for recommendations from people that have.

    As my son is only 19 yrs and the car is brand new I would rather he have this cover for peace of mind but dont want him to pay any more than he has to, however I also dont want him buying cover with a co that disappears in the first 3 months!

    So any recommendations would be appreciated.

    Thanks

    Nikki
    Originally posted by jagbeth1
    A number of the online providers have been around for a while now, but to my knowledge Gap Insurance only began to be sold online with any real effort back in 2004 so there's not many who've been around longer... Click4gap.co.uk/ have been around since around 2006/7 and Car2cover.co.uk/ make noise about being around since 2007 too - it's not all that clear from other providers how long each has been around.

    Then there's GapInsurance.co.uk, which is Frank Pickles (Insurance Brokers) Ltd who've been around since the 60's - if evidence of longevity is your priority, you need look no further.

    That being said, it's all bordering on irrelevant because whichever broker you buy from, it doesn't matter if the broker goes under, you'll still have a policy with the insurer/underwriter regardless and because all parties involved in the sale of insurance have to be regulated by the FCA (used to be called the FSA) you're covered by the Financial Services Compensation Scheme anyway (FSCS) which in very simplistic terms means that if the insurer/underwriter cannot meet their obligations to you as a policyholder, the UK Government will step in to pay some or all of your claim depending on the amounts involved (see here)
    • BJV
    • By BJV 23rd May 13, 11:55 AM
    • 1,921 Posts
    • 2,894 Thanks
    BJV
    • #3
    • 23rd May 13, 11:55 AM
    • #3
    • 23rd May 13, 11:55 AM
    Rather than turn this thread into an advert for all and sundry to post their so called recommendations I would look at the which money Gap Insurance review and the defatqo gap insurance ratings..

    There are also a couple of things that you can do.

    Ist find out if your own motor insurance company offers new for old within the first 12 months. if they do and you are happy with any terms and conditions then why not defer the start date so that you are not paying twice.

    2nd before you start shopping online make sure in your own mind that you have decided what you would like your policy to do if ever you need to make a claim.

    Clear finance, protect the invoice or even the replacement cost.

    Also remember that even if you buy a policy you will have a cooling off period.

    Sorry have to disagree have long a company has been around is no real reflection of how good the policies are, or how claims are handled. Instead it is what is in the terms and conditions that is the most important as yes as who the insurance under-writers are.

    Good luck and your son is a lucky young man. Hope he enjoys it.
    Last edited by BJV; 23-05-2013 at 12:03 PM.
    Happiness, Health and Wealth in that order please!
    • CB1878
    • By CB1878 23rd May 13, 12:14 PM
    • 84 Posts
    • 40 Thanks
    CB1878
    • #4
    • 23rd May 13, 12:14 PM
    • #4
    • 23rd May 13, 12:14 PM

    That being said, it's all bordering on irrelevant because whichever broker you buy from, it doesn't matter if the broker goes under, you'll still have a policy with the insurer/underwriter regardless and because all parties involved in the sale of insurance have to be regulated by the FCA (used to be called the FSA) you're covered by the Financial Services Compensation Scheme anyway (FSCS) which in very simplistic terms means that if the insurer/underwriter cannot meet their obligations to you as a policyholder, the UK Government will step in to pay some or all of your claim depending on the amounts involved ( see here )
    Originally posted by lostinheaven
    After deleting all your carefully crafted links, I have to agree with the bold area. If they are irrelevant then why link to those sites? perhaps because these providers do not rank particularly well in Google's natural search and could do with a mention or two? I have to say your knowledge of the history, and glowing reference to one of the brokers is particularly impressive!

    Sorry if I am doing you a disservice but it does look a little fishy!

    I would say checking out the policy terms is far more important than most other aspects, including who the broker is. The broker will not handle the claim, or underwrite the terms, so actually are pretty irrelevant. If they were to go 'bump' then it does not really matter, it is the claims procedure and underwriter that is ultimately responsible in that case, and this should be checked to be reliable. Of course all of the policies you find in the UK should be backed by the FSCS as a last resort.

    As previous poster said, check out the report on Which? and Defaqto (good for policy comparison), get quotes, check the terms and make your own mind up.

    I would say buying from the dealer will seriously damage your wealth though, online brokers are normally better value and probably better products too
    Last edited by CB1878; 23-05-2013 at 12:25 PM.
    • lostinheaven
    • By lostinheaven 23rd May 13, 4:15 PM
    • 117 Posts
    • 56 Thanks
    lostinheaven
    • #5
    • 23rd May 13, 4:15 PM
    • #5
    • 23rd May 13, 4:15 PM
    Rather than turn this thread into an advert for all and sundry to post their so called recommendations
    Originally posted by BJV
    After deleting all your carefully crafted links, I have to agree with the bold area. If they are irrelevant then why link to those sites?
    Originally posted by CB1878
    I'm not sure I understand your objection.

    My only recommendation focused on the inferred requirements of the OP who doesn't want to buy from a company that will disappear in three months. The companies I included links to have been selling Gap Insurance online longer than most (if not all) others, therefore potentially directly meet the OP's requirement through evidence of historical longevity - I provided the links for the OP's ease.

    My particular focus (hardly a glowing reference?!) towards one of them speaks for itself in a similar regard, but I went on to explain that historical longevity is as entirely relevant as it is (for the reasons I gave and which you agree with and added to) also irrelevant .

    ...perhaps because these providers do not rank particularly well in Google's natural search and could do with a mention or two?
    Originally posted by CB1878
    I included links to other online providers of Gap Insurance in a conversation yesterday that were as appropriately relevant to the topic as the links I provided above. Is it your opinion that I was wrong to do that too?

    I have to say your knowledge of the history, and glowing reference to one of the brokers is particularly impressive!

    Sorry if I am doing you a disservice but it does look a little fishy!
    Originally posted by CB1878
    I have had sustained and very comprehensive involvement in the field of Gap Insurance as a General Insurance product for some years now. At one point I was involved day-to-day at Director level with an online retailer of Gap Insurance that is sadly no longer around. So yes, I know a bit about Gap Insurance and those who provide it.

    That being said, I haven't expressed anything other than what is readily available in the public domain - the Click4Gap, Car2Cover and FrankPickles (their main site not their gap site) home pages all make specific and very clear reference as to the length of time they've been trading.


    I would look at the which money Gap Insurance review and the defatqo gap insurance ratings. .
    Originally posted by BJV
    Good advice.

    Sorry have to disagree have long a company has been around is no real reflection of how good the policies are, or how claims are handled.
    Originally posted by BJV
    You've mis-read my post. I never said that how long a company has been around reflected how good their policies were... I said that if the OP's priority was "evidence of longevity" then a company that has been trading since the 60's certainly meets with that requirement.

    I would say buying from the dealer will seriously damage your wealth though, online brokers are normally better value and probably better products too
    Originally posted by CB1878
    I agree
    • BJV
    • By BJV 23rd May 13, 6:52 PM
    • 1,921 Posts
    • 2,894 Thanks
    BJV
    • #6
    • 23rd May 13, 6:52 PM
    • #6
    • 23rd May 13, 6:52 PM
    TBH after reading the post again you are correct. It was the OP was pointing to longevity as an indicator. Not necessarily yourself.

    By the sorry that things did not work out for you with which ever retailer it was.
    Last edited by BJV; 23-05-2013 at 6:57 PM.
    Happiness, Health and Wealth in that order please!
    • BJV
    • By BJV 24th May 13, 9:14 AM
    • 1,921 Posts
    • 2,894 Thanks
    BJV
    • #7
    • 24th May 13, 9:14 AM
    • #7
    • 24th May 13, 9:14 AM
    Sorry OP I would look as we have said at Defaqto and the which report. Please also remember that just because your dealership policy is more expensive just because you are paying more it does not mean that your policy is better.

    So if you are shopping around forget everything expect what is written in your policy terms and conditions. And always check the company out on the FSC register.

    Ask what ever questions you want as if the company is completely above board they will never be offended.

    Good Luck
    Last edited by BJV; 24-05-2013 at 12:23 PM.
    Happiness, Health and Wealth in that order please!
    • CB1878
    • By CB1878 24th May 13, 12:00 PM
    • 84 Posts
    • 40 Thanks
    CB1878
    • #8
    • 24th May 13, 12:00 PM
    • #8
    • 24th May 13, 12:00 PM
    I'm not sure I understand your objection.

    My only recommendation focused on the inferred requirements of the OP who doesn't want to buy from a company that will disappear in three months. The companies I included links to have been selling Gap Insurance online longer than most (if not all) others, therefore potentially directly meet the OP's requirement through evidence of historical longevity - I provided the links for the OP's ease.

    My particular focus (hardly a glowing reference?!) towards one of them speaks for itself in a similar regard, but I went on to explain that historical longevity is as entirely relevant as it is (for the reasons I gave and which you agree with and added to) also irrelevant .

    "Given that we launched gapinsurance.co.uk in May 2012" - taken from that companys recent blogpost, also in the public domain, hardly qualifies them as an 'old stager' in Gap does it?

    Also, as the domain is registered to the owner of Surf and Protect, a former online provider, and not the company you name. Does this indicate a long term commitment to the product, or a history, compared with other providers?

    I included links to other online providers of Gap Insurance in a conversation yesterday that were as appropriately relevant to the topic as the links I provided above. Is it your opinion that I was wrong to do that too?

    I have had sustained and very comprehensive involvement in the field of Gap Insurance as a General Insurance product for some years now. At one point I was involved day-to-day at Director level with an online retailer of Gap Insurance that is sadly no longer around. So yes, I know a bit about Gap Insurance and those who provide it.

    - clearly not the fact that FP/gapinsurance.co.uk have been selling it for only one year perhaps?

    Of course your previous position puts you in a fantastic position to assure the OP as to the situation if a provider ceases to provide Gap, ie in that the terms are still underwritten by the insurer, and any claim handled by the policy administrator? I am sure you agree that policy terms and conditions are far more important than the time a provider has been trading?

    Originally posted by lostinheaven
    As I mentioned before I do apologise if I have done you a disservice, the internet is riddled with 'adverts' for online providers, many of which are no doubt placed by the companies themselves, or associates of them.
    Last edited by CB1878; 24-05-2013 at 2:22 PM.
    • jagbeth1
    • By jagbeth1 24th May 13, 3:31 PM
    • 313 Posts
    • 5,692 Thanks
    jagbeth1
    • #9
    • 24th May 13, 3:31 PM
    • #9
    • 24th May 13, 3:31 PM
    Thanks will check out defaqto and also the which report.

    I know that longevity of a co is no promise that they are any better or worse than others but wasn't sure how else to judge. Will now make sure they are covered by FCA and then check out the policy details against the dealers!

    Will now get a copy of the policy from dealers (easy to do my brother works for them) and will compare it to the online dealers.

    Thanks for your help, hopefully comparing them will not be to confusing.
    Elite 5:2 #6 8 /34lbs
    • lostinheaven
    • By lostinheaven 29th May 13, 11:42 AM
    • 117 Posts
    • 56 Thanks
    lostinheaven

    "Given that we launched gapinsurance.co.uk in May 2012
    " -

    taken from that companys recent blogpost, also in the public domain, hardly qualifies them as an 'old stager' in Gap does it?
    Originally posted by CB1878
    You're purposely overlooking aspects of my posts and twisting my words.

    I never said that GapInsurance.co.uk/FrankPickles were an "old stager" in terms of Gap Insurance. I very clearly pointed out that Gap Insurance wasn't (to my knowledge) sold online prior to 2004 and that the other two companies I linked to were the 'longest established' that I know of/could find. I went on to clarify this further in response to BJV's post in which I stated, that if the OP's priority was evidence of longevity then a company that has been trading since the 60's could meet this requirement "in similar regard" - let's face it, you don't continue in business for that length of time by selling lame products/services!


    Also, as the domain is registered to the owner of Surf and Protect, a former online provider, and not the company you name. Does this indicate a long term commitment to the product, or a history, compared with other providers?
    Originally posted by CB1878
    Having checked, you're correct about the (gapinsurance.co.uk) domain registration but I fail to see the importance/relevance of this or what point it is that you're trying to make. So far as I know, Surf and Protect ceased trading and Frank Pickles stepped in to take over the ongoing administration of the policies that had been sold by/purchased from Surf and Protect. There's clearly a link between the two companies and this is prominently discussed on their site (and also if you try to get to the old www.surfandprotect.com ).

    Incidentally though... you ask "Does this indicate a long-term commitment to the product, or a history compared with other providers?" - I'd have to say 'Yes of course it does!'

    To my knowledge, SurfandProtect.com were the very first online provider of Gap Insurance. Formed in 2004 they ceased trading at the end of 2011 and shortly after that (early 2012 I believe) Frank Pickles stepped in as I mention above to provide continuity for existing policyholders.

    Assuming there was some transfer of personnel/data/knowledge etc from surfandprotect.com then is it not fair to say that potentially FrankPickles can call upon more experience/history (e.g. up to 9 years now) of providing Gap Insurance online than any other provider?

    Of course your previous position puts you in a fantastic position to assure the OP as to the situation if a provider ceases to provide Gap, ie in that the terms are still underwritten by the insurer, and any claim handled by the policy administrator?
    Originally posted by CB1878
    Yes - as above and in previous posts in this thread.
    I am sure you agree that policy terms and conditions are far more important than the time a provider has been trading?
    Originally posted by CB1878
    Yes of course. Which is partially why I explained that the whole longevity thing is as relevant as it is also irrelevant.

    On this very point, I've just taken the time to read through the policy terms and conditions of each online provider that Defaqto has rated with 5-Stars and OP, as you would expect with Insurance, the devil is most definitely in the detail. However one particular company's policies stand out to me as being superior to others in the event of a claim and the potential payout etc.

    OP - see below...

    As I mentioned before I do apologise if I have done you a disservice...
    Originally posted by CB1878
    Don't apologise... it's all been quite amusing!

    Thanks will check out defaqto and also the which report.

    I know that longevity of a co is no promise that they are any better or worse than others but wasn't sure how else to judge. Will now make sure they are covered by FCA and then check out the policy details against the dealers!

    Will now get a copy of the policy from dealers (easy to do my brother works for them) and will compare it to the online dealers.

    Thanks for your help, hopefully comparing them will not be to confusing.
    Originally posted by jagbeth1
    The Defaqto report is a good place to start. You might find that your Dealer's policy has already been rated by them.

    But, as I mentioned above, I've just read through the policy terms and conditions of each of the online providers rated 5-Star by Defaqto and if you'd like me to, I can put all my findings in to a comparison table for you to peruse. It might take me a day or two to get around to it though as I've got a lot on today and tomorrow. Just let me know if this would be of use to you.
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