Car GAP Insurance Policy (Guaranteed Asset Protection)
I am due to picked up my new car on Saturday; the dealer has quoted me £330 for a GAP policy. Does anyone have any experience of buying these cheaper or useful links they could post? I’ve had a look around but there seems to be very little information posted here.
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If you buy it from the dealer you will pay well over the going rate and they will add the price to your finance deal and you will end up paying a massive amount of interest on the premium as well.
Have a look on the internet and you should be able to get it for circa £170.
You should look for "Vehicle Replacement Cover" or "Return to Invoice"0 -
We sell the GAP at what ever one monthly amount is on finance. So say your finance deal is £159 per month, then we charge £159 for the GAP.
But to be honest, not many people bother with GAP, RTI etc. As most people get some kind of cover for this thru their mortgage.0 -
I think you mean PPI or Sickness or MPI0
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Picked up nearly new (11 months old) car at weekend and dealer was pushing hard to sell me GAP insurance at £300. A quick trawl on the internet and these forums doesn't show much, but I did get a quote for £88. Does anyone have any views on how much GAP insurance on a £10,000 car should be and is it worth paying the £88?
Thanks.0 -
Well done iboy thats very MSE of you to not give into the salesman and have a look around for yourself.
Ideally you want Return to Invoice (RTI) or Vehicle Replacement Insurance (VRI) which is actully slightly better.
If you tell us who the quote is form or post a link we can have a look and see if its any good0 -
Also bear in mind how much cover you need - you don't need to insure for the full amount of your car. For example, if you take out a 3 year policy and you reckon the car would be worth £3,000 by the end of the 3 years, then you only need cover for £7,000 as this is the maximum difference between the invoice value and insurance value.
Two of the most common companies mentioned on this website are ala and click4gap. There are a multitude of websites out there although when I did my research a number of them are all really click4gap.0 -
Many thanks dacouch and Shimrod.
I must admit the figure of £300 made my eyes water a bit so I stuck fast and refused. My house insurance is due in a few weeks time so I used that as an excuse !
The quote I got was from gap-insurance-online. The quote was £88 for a car of £9300 with a limit of £5000 over 3 years. I checked click4gap and they quoted £94 for the same figures. Both seem more reasonable that the dealer's price !0
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