gap insurance for motor vehicles

motgs

I WOULD NOT recommend https://www.shortfallcover.co.uk - they were pretty cheap when I bought insurance for the car I was supposed to be getting, but when the car dealership messed up the order and I ended up getting another (almost identical) car they were not so good.

No one answered the phone when I called during normal office hours to try and change the car, so I left an urgent message as I needed to be covered to drive my new car a few days later, asking them to call me back.

As it took so long for them to get back to me, I had to take out cover with another company instead. Shortfallcover's terms and conditions clearly state that you can cancel a policy within 14 days for any reason and get a full refund, minus £50 administration fee. However, even though I cancelled way within that time limit, I'm yet to receive even an acknowledgement from them, let alone a refund. I'm just glad I didn't find out what they were like when I needed to make a claim!

I'm with Surfandprotect now I think, although I can't really give much of an opinion on them because I've never had a problem for them to deal with.

motgs

Oh yeah, and don't (like I almost did) go with the one they try to sell you at the dealership. They told me it would be about £400, but on the internet the most expensive one I could find was only about £160! And there were quite a few at around £130 for 3 years.

DTBK

motgs wrote:

I WOULD NOT recommend https://www.shortfallcover.co.uk ... Shortfallcover's terms and conditions clearly state that you can cancel a policy within 14 days for any reason and get a full refund, minus £50 administration fee.

:eek: STOP PRESS!!!?

The 14 day cooling off period for just about all forms of insurance sold in the UK is a legal requirement enforced by the FSA.

To my knowledge (and I'm sure the FSA would confirm for any interested parties) the provider of the Insurance policy has to allow you to cancel the policy within the first 14 days of cover and if you do so provide you with a refund. Under no circumstances are they allowed to charge you a penalty fee.

My advice... speak to the FSA (Financial Services Authority) http://www.fsa.gov.uk and ask them about the £50 admin fee...

David

twoLou

I used click4gap for my insurance, they were helpful on the phone and all the paper work was sent straight through by email, I managed to save over £200 on the dealer price!!
Not many dealers tell you that you can have this insurance when you are paying cash for your car, I wouldn't be without it - just hope I never have to use it.

elsien

I went to buy a new car today, and they tried to sell me GAP insurance, so that if I write off my new car, I get the full value, not the 60% the insurers usually give. I pointed out my car insurance already covered this for a year, and they said the GAP insurance would cover me for three years, to the full value of the car.
It costs £399 for 3 years, so I'm inclined to say no and hope I don't crash. Does anyone have any experience of this, and at what price car do you think it would start to be worthwhile.
I tend to think it's just another way for the garage to make money.
Any advice would be appreciated.

silvercar

I was offered it for £295, 2 years ago. I took it calculating it at £100 a year. I did wonder if I could source it cheaper online.

clark1982

Never buy from the dealer. You can buy gap insurance much cheaper, do a search on the net for "gap insurance". I'm personally with St Andrews Insurance, nice and cheap and part of the Halifax.

nemo183

I think in the trade these things are called "bunce". Whatever they cost you, they always pay a big margin to the dealer/salesman. And often have reams of small print.

I'd endorse the idea of searching for a site that sells via the net. If I couldn't find one, I'd be doubtful of the whole concept.

bookgirl_2

Am in a similar position to you -and have found https://www.click4gap.co.uk the best price £141, plus £20 back thru quidco.

Dealer wants £350 for the same product but as the salesman works in insurance he has invited me to come back with the best price and they will see what they can do. As its another thing dealerships are now targeted on who knows...picking up car next sat so will keep you posted

Gorgeous_George

I paid £195 last month when I bought my car. Like all insurances, you won't know if it's any good until you make a claim. I also paid £500 for extended RAC warranty. It's just peace of mind.

I got 3% cashback on my GE Money card.



GG