GAP insurance on a personal loan -Total loss accident

tomitma

quiffgirl_99 wrote: »

They didn't, it was my mum who spoke to them. Is there anywhere online I can find terms and conditions of this? Cause I've searched high and low and can't find any.

IF YOU HAD THE FULL gap INSURANCE THE TERMS AND CONDITIONS ARE WITH THE CERTIFICATE

Tiddlywinks

quiffgirl_99 wrote: »

And I hardly see how me or my mum speaking to the loan company is relevant to the query!

Er, because you said that the gap insurance came with the loan!!!!!!!!!!

Find the paperwork - simples.

quiffgirl_99

I have all the paperwork, and there's nothing there about it!

quiffgirl_99

tomitma wrote: »

It is now obvious that you have no GAP insurance cover on that car. When we took the GAP insurance out, it was filled out firstly by the show room salesman, He gave us a copy of this, and sent the rest of the cover to GAP about 10 days later we had a letter welcoming us to GAP and our certificate, giving every detail there is of the car.

You havent done any of this, so GAP will not know your car. If you are still unhappy I would phone GAP first thing in the morning.

It states on the letter confirming the loan that I have free Guaranteed Asset Protection.

quiffgirl_99

quiffgirl_99 wrote: »

It states on the letter confirming the loan that I have free Guaranteed Asset Protection.

And also the GAP insurance was nothing to do with the car, I did not buy the car on showroom finance, it was bought outright from the showroom with a personal loan, and GAP insurance was provided with the personal loan.

tomitma

There is something very wrong here, the loan was for a car, we have got that bit straight, it was taken out in your mothers name and came with a free GAP protection, what I cant understand, is how they have given you free protection on a car that you had not bought at the time, they gave you the policy. To have this protection they need a registration number, I think that if you were given this protection, you should have contacted GAP as soon as you bought the car to give them the cars details.

Also because the car has transferred hands, that protection, is no longer viable. we have bought brand new cars off the showroom floor, and had GAP on it, we have never yet paid under £450.00 for the insurance, I think that it all depends on the price of the car in the begining as to how much it costs. And one of the clauses is, if we sell the car during the life of the policy, the insurance is null and void. This has happened when you transferred the car to your name.

CHR15

quiffgirl_99 wrote: »

And also the GAP insurance was nothing to do with the car, I did not buy the car on showroom finance, it was bought outright from the showroom with a personal loan, and GAP insurance was provided with the personal loan.

GAP Insurance for what??

What if you took that personal loan and spent it on a holiday or a new kitchen? What good is any GAP insurance now??

The very purpose of GAP is to cover the shortfall should you crash the car and the Insurance pay out less than you owe.

This can ONLY happen when the finance is secured against the car (NOT a personal loan which is NOT Secured against anything).

When taking finance secured on a car, that car will ALWAYS be worth less than the finance owing on it, this is WHY they insist on GAP, be it free, £300 or £600, doesn't matter. The GAP is to fill this shortfall should you lose the car (theft, crash etc).

I really think you are just changing this story in the hope you will be covered, I simply cannot see how you could possibly be covered, even if it was secured against the car originally, once you tranferred ownership.

If you buy my car off me, would you expect MY insurance policy to pay you if you crashed it 6 months later?

quiffgirl_99

I've received a form from alliance and leicester (Santander) asking for details of the accident and the loan agreement number and then asking for a cheque from me for the equivalent of the insurance settlement, I can 100% guarantee you that it says I have Guaranteed Asset Protection in my agreement letter.

quiffgirl_99

Ok, I resent the fact that you're insinuating I'm creating fiction to sway things my way. I'm not stupid, I can read a letter, I even quoted it earlier up the page. All I asked for was advice on the situation, I don't appreciate you judging me because you don't believe what I am saying, what benefit would it do me to lie? If you want, I can photograph the letter or scan it and send it! I merely asked for advice because, as I stated earlier, no information was given in the policy.

jackieverdier

This can ONLY happen when the finance is secured against the car (NOT a personal loan which is NOT Secured against anything).
:eek:
Sorry to say but you are wrong.

It would depend what type of gap insurance you had bought.

You are totally right there are policies which would cover just the financial shortfall ( finance gap insurance ) but the are also policies which would cover the invoice price ( return to invoice )or the replacement cost regardless of how you paid for it, cash finance ok perhaps not milk bottle tops but personal loan no problem.