gap insurance for motor vehicles

danio_2

Helen_from_yorkshire wrote:

I'm unsure whether GAP insurance would have covered you ... is this type of insurance available on both new and secondhand cars?

Yes it is available on both New and Second Hand cars

Porker

If you buy a car on finance than you should buy GAP cover, IMHO, but as pointed out not nec from the dealer.

cuggie

Gap insurance is a life saver for us,
my hubbys van was 2 yrs old when we brought it, on finance.
Someone decided not to stop and went into the back of the van, it was totally written off, had we not had gap insurance we would have been out of pocket by about £1500, the gap insurance people were brill, so helpful, much more so than our insurance company who were/are useless,
thanks to gap, 6 weeks later he now has another van, which only cost us the xtra deposit, it was worth the £10 a month extra on the finance as we had only paid £120 to gap when the claim happened.
he is not one to claim uneccessarily, didnt even claim for whiplash etc. but our new finance has gap insurance as well,


hope this helps

jan59

We recently bought a car and were offered GAP insurance. We had no idea what that was until it was explained to us. Basically the insurnace company will insure your loss should the car be a right off in the first 3 years (time span varies with policies) Often the car insurance company does not cover the full loss.

Anyway, I looked up GAP insurance on this site - and now I can't find the thread............. THere was some marvellous advice on there and we searched on the link given. We got it down to £170 on line. We were able to go back to the garage and quote this - and they promptly dropped their original quote from £300 to £200!

I have not really bargained for anything before, but reading some of the stuff on here made me feel brave.

Thanks to all those money saving bods out there! I fI could find the original link, I would post some direct thank you's

Llyllyll

Is it worth it, and if so can anyone recommend a good company? Have had a quote from the dealer and it's £400. BTW, car is worth £9k and will be paid off in 2 years.

Thanks,
L

jeetster

I just typed in GAP on google and came up with quite a few.

prices are half what you pay at a dealer. Wish I know before!!!

patch2

we just today bought a new car the salesman tried to sell us "Total Loss GAP Protection" which makes up the differance between the current market value and the original price paid if the car is written off within the 3 years it costs £399 over the three years I would welcome any advice the value of the car is just £10.000

aj3001

Don't do it, its a way of making money

Gingham_Ribbon

I bought a new car last June. They tried to sell me the same thing. It was 3 years of cover too. But my own insurance covers it for the purchase price for the first year anyway, so it was really just 2 years and it just wasn't worth it for the money it cost.

Savvy_Sue

You don't have to buy it at the time, you can get the same thing online within a limited time afterwards. We got the next level down: if it's written off within 3 years we get the finance paid off. Hoping we're not going to find out whether it's any good or not!

Whether you think it's worth it depends on a number of things. We felt that we'd want the finance settled even if the car was written off, we probably wouldn't replace it with a brand new car if that happened. And we tend to be hassle averse, so if the insurer offered a lot less than the market value, or the market value was lower than it should have been (for example because your son scraped the back corner getting off the drive :rolleyes:), then we'd have the GAP in place.

Other people will disagree with our reasoning and say it's not worth it under any circumstances, but each to his own, I say.

Google for GAP insurance and you'll find a number of very similar polices.