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  • FIRST POST
    • MSE Rosie
    • By MSE Rosie 18th Dec 15, 9:35 AM
    • 61Posts
    • 28Thanks
    MSE Rosie
    Gap insurance - guide discussion
    • #1
    • 18th Dec 15, 9:35 AM
    Gap insurance - guide discussion 18th Dec 15 at 9:35 AM


    Hi all,

    We've written a new Gap Insurance guide and would love your feedback.

    How did you find the info? Was it useful? Have you had a good or bad experience when buying gap insurance?

    Thanks for your help!

    MSE Rosie
Page 2
    • Sloanranger
    • By Sloanranger 3rd Jan 17, 1:48 PM
    • 22 Posts
    • 0 Thanks
    Sloanranger
    Gap insurance
    Hi, I bought a used car in 2014 from a dealership. They were going to finance the loan for it but because I was'n't the driver (I don't drive) they said they could'n't/ would'n't finance it so I obtained the finance through Black Horse bank. Recently while checking the policy I noticed insurance of £7 86 per month and when I contacted the bank they said it was gap insurance and that I should contact the dealer who said I signed for it. I was'n't aware that I had but my question is, if they were'n't financing the loan should I be paying this insurance
    Last edited by Sloanranger; 03-01-2017 at 1:58 PM. Reason: Text was in error
    • jennimac
    • By jennimac 6th Jan 17, 10:52 PM
    • 1 Posts
    • 0 Thanks
    jennimac
    You dont have to take Gap insurance for a PCP car loan or any other kind of car loan. You should have had it explained to you in full and been given a cooling off period (if) you agreed to it. Sounds like the dealer was like the one I purchased my last car from. He tried to pull wool over my eyes selling me GAP insurance at £349 for 3 years. I told him I wanted to check it out first. I did and found an exact same policy for £69 per year. Work that little sum out.. a rather large difference over 3 years! I think you have a valid claim to get your money back. Read the information (it is very thorough) on this page.. the link is top of page, a green banner, just click on it and your answers should be there. If you get stuck getting money back, contact your local Citizens Advice Bureau for assistance. Good Luck.
    • csgohan4
    • By csgohan4 7th Jan 17, 8:26 AM
    • 3,863 Posts
    • 2,403 Thanks
    csgohan4
    Paid just over 200 pounds for 5 years for mine and not through the dealer
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • shylockinadress
    • By shylockinadress 12th Jan 17, 11:48 AM
    • 10 Posts
    • 5 Thanks
    shylockinadress
    I have found that the rules from September 2015 are being ignored. I recently asked for a trade in price against the purchase of a new car. What I received was something called a Deal Presentation. This included gap insurance. I did not ask for this, neither was it explained. As this would be a self financing purchase and as my current insurer gives me 12 months replacement cover this was totally inappropriate. I am however a pensioner, and appear reasonably affluent so presumably was seen as a soft touch. I subsequently bought from a different dealer who discussed gap insurance and sent me as confirmation of our conversation paperwork in accordance with current regulations.
    • GrumpyDavid
    • By GrumpyDavid 12th Mar 17, 5:18 PM
    • 1 Posts
    • 0 Thanks
    GrumpyDavid
    InsureandGo GAP insurance - does it exist?
    Having seen a link to InsureandGo GAP insurance in the guide my wife decided to purchase a policy, about 25% of the cost of one offered by the VW dealer. Unfortunately, because of the complexity of the car dealer's sales invoice, with fitted extras, paint, delivery charge, tax, etc. she made an error in the calculation of the accepted cost of the car so tried to telephone InsureandGo to change the vehicle cost on the policy.
    She first telephoned the GAP Administration team number on the policy document. They denied that they provided GAP insurance, saying that they only provide travel insurance. they then helpfully gave another number which when dialled was a company called "Insurethegap.com".
    An email with the certificate gave a 0844 number so she called that. The message said that this was a premium rate number and gave another one - when dialled my wife had the message "The number you have dialled is not recognised".
    So she dialled the number for complaints on the policy document. The advisor said that InsureandGo don't offer GAP insurance. My wife told him that she had paid and obtained a certificate from their website and had the documents in front of her. After some time he gave her yet another number and said his colleague would be waiting for her call. She called immediately but had to wait 4 minutes for an answer. This person did assure my wife that he had access to her policy and would amend it as requested. He said he would email the amended document. This was 5 days ago and no email has ben received.
    She has written to InsureandGo to demand that the policy be cancelled and the premium refunded because of their terrible service.
    • Ian011
    • By Ian011 14th Mar 17, 9:00 PM
    • 1,833 Posts
    • 1,035 Thanks
    Ian011
    FCA regulations do not permit the use of premium rate 08, 087 or 09 numbers for contact by existing customers. The regulations came into force on 26 October 2015. Make sure the call costs are refunded.
    • nicholls78
    • By nicholls78 1st May 17, 8:53 PM
    • 2 Posts
    • 0 Thanks
    nicholls78
    Is Gap insurance needed
    Three years ago, my husband purchased a personal lease hire agreement for a brand new Nissan Quashquai, lease was for 4 years, x3 months up front & rental was £250 a month. No gap insurance was offered or discussed.
    4 weeks ago the car was written off- the insurance paid £12800 (less than trade value) and the lease company wants £16300. We have contacted the Ombusman for support but we would appreciate any advise of anyone who has had similar experience.
    Thanks in advance.
    • dacouch
    • By dacouch 1st May 17, 9:23 PM
    • 20,227 Posts
    • 12,473 Thanks
    dacouch
    Why have your Insurers paid the trade value, you are entitled to the retail value.
    • csgohan4
    • By csgohan4 2nd May 17, 8:04 AM
    • 3,863 Posts
    • 2,403 Thanks
    csgohan4
    Three years ago, my husband purchased a personal lease hire agreement for a brand new Nissan Quashquai, lease was for 4 years, x3 months up front & rental was £250 a month. No gap insurance was offered or discussed.
    4 weeks ago the car was written off- the insurance paid £12800 (less than trade value) and the lease company wants £16300. We have contacted the Ombusman for support but we would appreciate any advise of anyone who has had similar experience.
    Thanks in advance.
    Originally posted by nicholls78


    This is why people pay for Gap insurance to make up the difference. Your insurers are only obliged to give you the value of the car now, not when it was brand new.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • careerwumman
    • By careerwumman 9th May 17, 11:44 AM
    • 72 Posts
    • 38 Thanks
    careerwumman
    "Most fully comprehensive car insurance policies offer ‘new car replacement’ during the first 12 and sometimes even 24 months for new cars"
    Which insurers don't offer this? I'm currently with Churchill and likely to stick with them for my new car.
    • csgohan4
    • By csgohan4 9th May 17, 1:17 PM
    • 3,863 Posts
    • 2,403 Thanks
    csgohan4
    "Most fully comprehensive car insurance policies offer ‘new car replacement’ during the first 12 and sometimes even 24 months for new cars"
    Which insurers don't offer this? I'm currently with Churchill and likely to stick with them for my new car.
    Originally posted by careerwumman
    the above example was a 3 year old car so not relevant
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • careerwumman
    • By careerwumman 9th May 17, 3:06 PM
    • 72 Posts
    • 38 Thanks
    careerwumman
    I just want to make sure I'm going with the right insurer - my car is due to be delivered from assembly line next week and my salesman wants to talk to me over the phone about GAP insurance. I'm not interested but want to make sure I insure with a company that replaces like for like.
    • DebtFree777
    • By DebtFree777 20th May 17, 4:27 PM
    • 2 Posts
    • 1 Thanks
    DebtFree777
    Gap Insurance - guide discussion
    Hi All,

    I'm not au fait with posting on forums but really wanted to say thank you all for sharing your experiences which have helped me to obtain my gap insurance for £92.00 from Aequitas Automotive Ltd (same co. as the other forum member on the previous page). My policy is also a hybrid between Return-to-Invoice and Full Replacement cover. It covers the 3yr term on my PCP agreement and is somewhat cheaper than the £399 that the dealership wanted to charge!

    May the Lord Jesus Christ bless and keep you all in His care..
    • Lesley5
    • By Lesley5 3rd Jul 17, 1:16 PM
    • 10 Posts
    • 4 Thanks
    Lesley5
    Churchill Car Insurance
    My insurance is with Churchill and I have just renewed (after comparing of course!).
    Quote from the Motor Insurance Schedule, Car Details, Estimated Value :
    "Market Value (not exceeding £75,000).
    We will not pay more than the market value of your car at the time of the loss (less any excess that may apply)."
    • Andrew1000
    • By Andrew1000 14th Jul 17, 11:09 PM
    • 1 Posts
    • 1 Thanks
    Andrew1000
    Andrew1000
    GAP Insurance 123 were brilliant. We had a major accident which wrote off our 2014 Octavia and GAP Insurance 123 made the claim process pain-free and straightforward. They quickly paid out £9,738 to bring us back to invoice price for our new replacement Octavia.

    Cannot not praise them highly enough - which is more than can be said for our car insurers claim process! So impressed, we have just taken out GAP insurance for our new car through GAP Insurance 123
    • Oxo1
    • By Oxo1 15th Jul 17, 12:50 PM
    • 8 Posts
    • 3 Thanks
    Oxo1
    Gap
    I took gap insurance on my new car, I asked them why am I paying for it from the off if the car insurance covers replacement car fiance etc, I pointed out that it should start after first year of my insurance, I persisted as he said never been asked that before.
    He called up insurance and they said if anything happened to my car they would cover the finance owing or transfer to replacement car
    They have sent me the gap cover but it starts immediately rather than a year later as discussed.
    Feel to call them up but I'm now doubting my understanding of it. Despite it was me who pointed out that it didn't need to start untill next year.
    They did not put gap on paperwork ( I paid cash for it) but I researched and read they are not allowed to sell you when you are first there and put down deposit which they don't tell you.
    • lostinheaven
    • By lostinheaven 11th Oct 17, 12:48 PM
    • 150 Posts
    • 73 Thanks
    lostinheaven
    The 25% discount code for ALA is nonsense and I'd expect better of MSE.

    I've just done some comparison quotes with other providers and ALA come out more expensive than the lot of them every time - often considerably so.

    Examples:

    £14,995 vehicle value, 3yr cover, £10k claim limit:

    Invoice GAP insurance:

    ala.co.uk = £139
    car2cover.co.uk = £119
    directgap.co.uk = £119
    gapinsurance.co.uk = £104.18
    insurethegap.com = £94.85

    Result: 25% off with ala reduces their price to £104.25 - hardly a decent "blag"

    Replacement GAP insurance:

    ala.co.uk = £175
    car2cover.co.uk = £161
    directgap.co.uk = £149
    gapinsurance.co.uk = £126.30
    insurethegap.com = £112.22

    Result: 25% off with ala reduces their price to £131.25 - again, hardly a decent "blag"

    £39,995 vehicle value, 3yr cover, £25k claim limit:

    Invoice GAP insurance:

    ala.co.uk = £241
    car2cover.co.uk = £181
    directgap.co.uk = £179
    gapinsurance.co.uk = £185.72
    insurethegap.com = £177.14

    Result: 25% off with ala reduces their price to £180.75 - again, hardly a decent "blag"

    Replacement GAP insurance:

    ala.co.uk = £262
    car2cover.co.uk = £219
    directgap.co.uk = £209
    gapinsurance.co.uk = £204.13
    insurethegap.com = £216.47

    Result: 25% off with ala reduces their price to £196.50 - a minor saving.



    It seems to me that the 25% discount MSE has "blagged" is really just reducing the ala pricing so that its roughly inline with what's available from other providers anyway.

    That's a poor effort in my opinion.
    • Oxo1
    • By Oxo1 11th Oct 17, 11:34 PM
    • 8 Posts
    • 3 Thanks
    Oxo1
    Hi all great posts
    In regards to my post in July does anyone think i could get them to change my gap insurance to start next year or is it too late.
    I definatly paid over odds but was recovering from an accident and in rush to purchase new car.
    Regards
    Oxo1
    • lostinheaven
    • By lostinheaven 16th Oct 17, 10:56 AM
    • 150 Posts
    • 73 Thanks
    lostinheaven
    Hi all great posts
    In regards to my post in July does anyone think i could get them to change my gap insurance to start next year or is it too late.
    I definatly paid over odds but was recovering from an accident and in rush to purchase new car.
    Regards
    Oxo1
    Originally posted by Oxo1

    If you bought GAP insurance from one of the online providers, you might find that they're open to such a request. But if you bought it from the dealer, they probably wouldn't be - it can't harm to at least ask the question though.

    But... if you did buy GAP insurance from a dealer, the chances are you paid a pretty hefty premium for it so, you'd likely be able to cancel the policy, claim a pro-rata rebate of unused premium and even if they deduct a cancellation fee there's a good chance you'd be able to buy a cheaper (and better) policy from one of the online providers and STILL have money left over.
    • Oxo1
    • By Oxo1 16th Oct 17, 2:21 PM
    • 8 Posts
    • 3 Thanks
    Oxo1
    Thanks lostinheaven
    Might try
    Oxo1
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