gap insurance for motor vehicles

Anon

Although you pay up front, you can still only cancel for the first 14 days for a full refund - anything beyond that and you get charged the full 3 years of premiums (but they will still cancel the policy) - not sure why you would cancel if you then have nothing top show for your money!

Anon

Anon

... and another thing, have found that http://www.hcforyou.co.uk/insurance/gapinsurance/ is cheaper still - haven't tried yet, but www.surfandprotect.com have a price promise that if you can find a cheaper price online, they will beat it by £5. My dealer price was close to £300, HCForYou is £130 for the same level of cover, therefore could be £125 - way less than half price (many sites are less than £150).

Anon

peterg1965

Agree, https://www.click4gap.co.uk are very good and very competitive (they are regulated by the FSA). DO NOT buy from the dealer, they (and the finance house) will just be making a fat profit of off your back. It is right that you get new for old cover in the first 12 months from your car insurance, be aware that not all insurers give this and it doesnt apply to pre-registered cars. It also only lasts for 12 months, you can choose GAP to last for 3 or 4 years. There are various types of GAP - RTI (return to Invoice) RVI (Replacement vehicle INsurance and finance GAP (this only cover the finance company not you) click4gap.co.uk explains all.

peterg1965

...oh and sorry, go through Quidco and you get another £20 cashback, and also use the Autotrader voucher for another £10 discount.

Anon

peterg1965 wrote: »

...oh and sorry, go through Quidco and you get another £20 cashback, and also use the Autotrader voucher for another £10 discount.

If you can have Quidco and the Autotrader voucher this could work out cheaper - where can I get hold of an Autotrader voucher please? Are you sure that you can get Quidco and this?

Many thanks

Anon

System

Can anyone recommend where I can purchase GAP insurance for 3 years for a brand new clio, rather than take it with the renault selections agreement?

Price for car under £10,000

Looking to cover up to £5,000


Thanks

Anon

Anon wrote: »

If you can have Quidco and the Autotrader voucher this could work out cheaper - where can I get hold of an Autotrader voucher please? Are you sure that you can get Quidco and this?

Did anyone have any thoughts on this please?

Many thanks

Anon

Anon

See the other thread on this topic as a number of options discussed: http://forums.moneysavingexpert.com/showthread.html?p=4896848

Anon

turnbull

You can buy a car for £25k from a dealer and if you write it off 3 years later, this insurance will pay the difference between your insuranc company payout and your purchase price. Call me cynical, but this for about £150.....

If you buy say an 05 plate plate Merc E300 and then the market value for it after 3 years is £10k, the insurance company would have to stump up the £15k difference and you've paid £150. Now, asuming they make no profit and have no costs, this places the odds of you writing your car off at 100-1. The fugures don't stack up at all. Is this GAP insurance actually likely to pay up or are they going to wriggle ther way out of it through the T's and C's?

Has anyone here actually tried to claim on GAP insurance?

Sorry for being a cynical old git, but this seems too good to be true.

tom188

Gap insurance is to cover the difference between outstanding finance and the market value of the car, not new for old cover. on these boards you will find many people still paying for cars they crashed years ago.

For example
Normally say you borrow £20k to repay a total of £30k over 5 years. Crash car 1 year on and receive market value of £14k. This means you still owe £16k to the finance company that you have to find yourself.
With gap insurance that £16k will be repaid to the finance company out of the insurance.

Its worth having if the finance will be worth more than the car at any point.