gap insurance for motor vehicles

nickmack

You can get cheaper policies, but you could also get it hugely discounted or even free from the dealer.

What deal have you already got on the car?

Tell them you want it thrown in as part of the sale.

rachyroo_2

I got quite a good deal on the car and have signed the contract etc. so think i may be pushing my luck with free insurance! I could go back and say i'd got a cheaper quote though and see if they would match it - can you recommend a company to get a quote from?

Cheers

Little_John

Personally I wouldnt take the gap insurance, it only pays out if the car is a total loss after an accident. do you plan on having an accident? The depreciation on a new car is huge as soon as you drive away. I am sure the sales man informed you that he had just had his car writen off and his gap insurance allowed him to just buy another new car, another ploy used by them I just bought a car last month and shopped arround for the best deal all the sales people I spoke to told me they said I should buy the gap insurance and went on to tell their story of how someone smashed their car up just after they got it for that yes it was usefull but 2 years down the line and 30000 miles and you smash it up then its fantastic they will give you a load of money you just go out and buy a new car again. but you still need to settle the finance so your back where you started.

I am sure you can find a better deal than what the dealer is selling if you really want it.

AntiLochus

rachyroo wrote:

I could go back and say i'd got a cheaper quote though and see if they would match it - can you recommend a company to get a quote from?

Cheers

http://www.click4gap.co.uk is one on-line offering. I took out GAP insurance when I bought a new car last year - cost me £200 for 3 years whereas VW were quoting over £300 for the same cover.

I thought it was worth it for peace of mind in case of the total loss of my vehicle (whether by accident or theft)

Cheers
AntiLochus

greyster

I posted this a while ago, anybody able to help?

marksward

i wouldn't, as if you have a bump thats your fault but the car is not written off you will have to pay the excess, so if you've increased it to £500 you would be £500 out of pocket instead of £250.

greyster

Ahh good point. I neglected to consider a non write off accident!!!

I will make sure my renewal is £250 or below.

Thanks.

peterg1965

Hi

What sort of Gap Insurance did you buy from your Honda Dealer?
There are various types:
Finance Gap - protects the finace company rather than you. ridges the gap between insurance write off payout and finance outstanding.
Return to Invoice Gap - Covers the difference between an insurance write off value and the invoice price you paid.
Vehicle Replacement Gap - same thing but puts you in exactly the same car even if the price has gome up, subject to the maximum sum insured by your GAP policy
Return to Value Gap - similar again but bridges the gap between insurance payout and the current value of the car. (usually a lot higher than the insurance valuation.

I brought a new BMW in Sept, the dealer wanted over £450 for the policy for Return to Invoice. I brought excactly the same cover from https://www.click4gap.co.uk for £197 , and also got £20 casback from topcashback.com.

I shouldnt worry too much about the clause in your GAP policy, I am sure it just states that you will have to bear the cost of insurance excess and any salvage costs if/when you claim against your policy.

greyster

No idea but here is the relevant snippet from my policy:

BENEFIT
If after the starting date and before the end date, the insured vechicle is the subject of a total loss within Territorial limits, we will pay the greater of:
the financial shorfall (if any) to the finance company
or
the amount by which the original purchase price exceeds the insured value to you.

Please note:
If we are liable to pay the amount by which the original purchase price exceeds the insured value and there is any financial shortfall then we will pay that shortfall to the finance company, deducting this from the amount payable to you.

marksward

yep click4gap were good for me too!