gap insurance for motor vehicles

birrygates

I think it covers the difference between what you pay for the car and what insurers will pay out, usual upto a total of 25k.

Few people mentioned this company on another forum: http://www.surfandprotect.com/

ArchieB_2

Why do you require GAP insurance? Many motor policies will replace your car with a new model in the first year if the dammage is over say 60% of the vehicles value. There after it will be replaced on a like for like basis.

Shaanbles

Barrking_Mad wrote:

Can anyone recommend an independant GAP insurance for my new car?

I shopped around for this and BMW were trying to charge me over £400, these guys were considerably cheaper as it's all done online. Remember to keep the emails they send you as that has the policy details in it.

http://www.click4gap.co.uk

HTH

S.

Shaanbles

ArchieB wrote:

Why do you require GAP insurance?

I bought a car in February that was 12mths old and worth £20K, if it gets written-off in the next 3 years then the GAP insurance will pay me the difference between the write-off value and £20K. So if it's written-off for £15K I'll get the £5K from the GAP insurance.

I did this because my old car was written-off and I lost thousands.

ArchieB_2

The point is, if your insurance pay out would not put you back int he same position you were in (ie 3 yr old car, replaced with a three year old car) then you have not been dealt with properly.

GAP is an ins policy that puts you back in a better position than you were at the time of claim.

lisyloo

GAP is an ins policy that puts you back in a better position than you were at the time of claim

ArchieB,

What is wrong with people buying insurance to put themselves in a better position if they are prepared to pay for it? (provided they aren't misled or missold).

I do this with life insurance because if I die I want my husband to be comfortable and not to have to struggle and worry at a difficult time.
Therefore I don't mind paying extra for the privilege of him being better off.
Lots of people do this with life insurance as they don't want spouses, family to worry.

What's wrong with that (provided no one has been misled).

Also I would say that often people aren't dealt with properly or fairly by insurance companies (who seek to minimize costs).
Now some of us are capable of fighting our corner (as I suspect you are).
But for other people it's a lot less hassle to pay an for another policy.

Some people really HATE confrontation to the point that they would rather pay than have any hassle.
I don't think this is right, but it's the way the world is.

I am generalising here but a lot of men would rather stick pins in their eyes than stop an ask a stranger for directions :-)

(that's tongue in cheek so don't anyone get offended now).

But seriously a lot of people aren't capable or willing to take on big business.

ArchieB_2

"What is wrong with people buying insurance to put themselves in a better position if they are prepared to pay for it?"

Bigger fools them and I suggest a money saving forum is not the right place for them - maybe a gambling forum?!

Seriously though, in response to your post, I was just trying to make the person think about what they were buying. I like your Life ins comparison except the car is already covered by motor insurance and Life ins is meant to effectively replace the persons contribution to the household. If my my wife died and the Life ins paid out I know I would be in a WORSE position, maybe not financially but in every important sense.

Wyndham

lisyloo wrote:

ArchieB,

What is wrong with people buying insurance to put themselves in a better position if they are prepared to pay for it? (provided they aren't misled or missold).

I do this with life insurance because if I die I want my husband to be comfortable and not to have to struggle and worry at a difficult time.
Therefore I don't mind paying extra for the privilege of him being better off.
Lots of people do this with life insurance as they don't want spouses, family to worry.

What's wrong with that (provided no one has been misled).

There is a difference between INsurance, which puts you back into your previous position, and ASsurance, where you can end up gaining. Assurance is actually for cases where you CAN'T end up back where you were i.e. life assurance doesn't bring the dead person back, but does provide for their family. Similarly, I think Accident, Sickeness and Unemployment is also assurance, though often sold as insurance.

mitcho_uk

Hi all,

My partner has just bought a new car. I am looking to get GAP insurance to cover any short fall if the car gets stolen or written off. I have done a bit of research on the internet and found some good prices but I have never heard of any of the companies.

Can anyone recommend a good insurer?

Sponge

These guys are well known for their GAP insurance:

http://www.click4gap.co.uk/

As are these:

http://www.surfandprotect.com/Motor/gapinsurance/