Gap Insurance??

marnie_x

hi when i was 18, 1 week after passing my driving test, i went to a car dealer ship to buy my first car, at this point i did not have a driving leicesnce it was in the post, ... anyway i chose a car, and the salesman asked me how much i would afford i advised how much, he said that wasnt enoght etc.. so we negotiated, in the end it came up as 159 per month, i was very nieve and just signed away... anyway when the docs came thogh from black horse it said 210 per month, which i though ok, i can afford that if need be, anyway.... cut a long story short, i have paid my car off now, and just having a sort our, i have come across my agreement and it has a box ticked saying gap insuance? i dont even know what this is?? and would i be paying extra for it? it has now triggered me off thinking have i been missold or never even advised of some kind of insurance? (which would explain my higher payments?) i am slightly more 'savvyer' now, and feel this could be the case, has anyone had this beofre or herd of this being claimed back? i have no policy documents or terms and conditions and was never even advised of this??

Any help will be much apriciated

di3004

marnie_x wrote: »

hi when i was 18, 1 week after passing my driving test, i went to a car dealer ship to buy my first car, at this point i did not have a driving leicesnce it was in the post, ... anyway i chose a car, and the salesman asked me how much i would afford i advised how much, he said that wasnt enoght etc.. so we negotiated, in the end it came up as 159 per month, i was very nieve and just signed away... anyway when the docs came thogh from black horse it said 210 per month, which i though ok, i can afford that if need be, anyway.... cut a long story short, i have paid my car off now, and just having a sort our, i have come across my agreement and it has a box ticked saying gap insuance? i dont even know what this is?? and would i be paying extra for it? it has now triggered me off thinking have i been missold or never even advised of some kind of insurance? (which would explain my higher payments?) i am slightly more 'savvyer' now, and feel this could be the case, has anyone had this beofre or herd of this being claimed back? i have no policy documents or terms and conditions and was never even advised of this??

Any help will be much apriciated

Hi there

I don't know much about GAP insurance myself, but it seems some have had dealings with them and tried making a reclaim.
Found some info here though on this link....
http://www.gapinsurance.co.uk/

However, if you did not require this and they just added it without you actually knowing, you could I believe try to make a reclaim on this, it does not matter if the account is settled or still active.

You can write a letter in your own words, explain your position with this as you have done above and give your reasons, ask they refund what you have paid in this insurance plus interest, because you believe you were mis sold the insurance.

Then ask they get back with a decision by 8 weeks, and if you don't receive a favourable decision you will consider taking it further, such as with the Financial ombudsman service (FOS).

However, a questionnaire replaced the reclaiming template on this site, you can use that if you want to and whatever you send remember to keep copies and of what you receive for future reference, as you may need to refer to this at some point.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Good luck, please let us know how you get on.

Also if you no longer have the account details, you can continue to make the reclaim just as long as you have the account number for this account, you can check this out from online banking, if you bank online and the payments came out of your own bank, the acc number should be shown next to the monthly repayments.

How long ago did you settle this account?

You can request a Subject Access Request more below with template (SAR), but you have to enclose £10 cheque or postal order, they have 40 calendar days to comply.
https://forums.moneysavingexpert.com/discussion/1475553

marnie_x

hey thanks so much for that that has helped me loads and given me the confidence to actually persue it, as i suspect some people just think 'oh well' and then forget about it, my last payment was last may so i still ahve all the details including my policy documents, thank you for the links they are ace ill let you know how i get on .....

di3004

marnie_x wrote: »

hey thanks so much for that that has helped me loads and given me the confidence to actually persue it, as i suspect some people just think 'oh well' and then forget about it, my last payment was last may so i still ahve all the details including my policy documents, thank you for the links they are ace ill let you know how i get on .....

Your very welcome, and the best of luck x;)

tomitma

GAP insurance is usually a one off payment of anything between £250.00 to could be £500.00 or even more, so it depends on the dealers and the price of the original car. You must have agreed to have this when you bought the car. What it is meant for, is, if during the first three years of buying your car, your car is involved in an accident and is classed as a write off, a new car loses thousands as soon as you drive it off the forecourt, and before you reach the main road, so the insurance company you use can say " WELL THE CAR IS TWO YEARS OLD NOW, IT HAS LOST 7 THOUSAND IN DEPRECIATION VALUE WE WILL GIVE YOU 7 THOUSAND AS COMPENSATION" and that is all you will get.

Well if you bought your car just two years before it is written off, you have lost 7 thousand due to depreciation, you still owe the finance company, god knows how many thousands, and you havent got a car. You havent even got the money to buy another car, and you cant get more finance until the last lot has been paid off. In other words you are in a BIG MESS.

This is where the GAP insurance comes in, it makes the compensation up to the value of the car ie £14,000, with this the finance is paid off, any depreciation in the value of the car is returned to you, and you can happily go out to buy another car. I can not see that you have been mis sold this insurance because you would have had to have signed for it the money is paid up front, and you would have been sent a certificate, stating that you have GAP insurance.

I always make sure we have GAP insurance now, 3 years ago we had a 6 month VW Golf, someone very kindly, smashed the back window and threw a petrol bomb into the car, it was a write off, I was only offered £10,000 from the insurance company, but GAP made up the other 6 thousand, so I ended up with £16,000.

We then bought an £18 thousand pound car and paid cash. We still bought the GAP finance, and 2 years later my car was petrol bombed again, (by the same family I might add) within 6 weeks I had £11,000 from the insurance company and £7 thousand from GAP, £18,000 that is what GAP insurance is for, to make up the gap in finance between what the insurance company give, you to what you originally paid.

I hope that I have explained this simply enough.

PS we have GAP insurance on our new car, but we have moved now, so I hope I dont upset any more drug addicts.

amersall

Thanks for this, have learnt something new here. Sounds a good thing to have in my book.

tomitma

Your welcome, I thought we were being ripped off by the Garage salesman when we were first offered GAP insurance, and I refused to pay for it, But my husband was adamant that it was a good idea, so reluctantly I agreed to buy it. Am I glad that I did so now, you never know, what is going to happen.