Gap Insurance, Help

bluesky_101

Hi,
I was wondering if anyone could help with purchasing Gap Insurance. I have just bought a brand new car and the dealership has offered Gap Insurance £395.00 for three years cover, am I better shopping around its so hard to understand whats on offer?

adamc260

bluesky_101 wrote: »

Hi,
I was wondering if anyone could help with purchasing Gap Insurance. I have just bought a brand new car and the dealership has offered Gap Insurance £395.00 for three years cover, am I better shopping around its so hard to understand whats on offer?

Shop Online!! Dealerships make a HUGE!!! markup on gap insurance.

I've bought 2 policies from directgap.co.uk but theres tons of companies out there if you google!

I purchased 'return to invoice' personally so that if my car was written off, I get the insurance settlement (which is usually market value) and then the gap insurance makes up the difference to what I bought it for on the invoice

Ie:

Invoice price - 14,000
Insurance settlement - 11,000
Gap insurer pays the 3,000

You can even look on confused.com for 'Car Depreciation Insurance' as they call it and compare the various types of cover available

bluesky_101

Thanks so much ADAMC260. I thought it may have a big mark up but they make it sound like theres is the best out there,just done a uote and got rti gap insurance for £95.00 which is £300 pound different, nice one!

10JH

Be very careful about the policy wording. Some don't pay out if the car is stolen using the keys, as they blame you for letting them get the keys! For modern cars that's the most likely way it would be stolen. There's a decent guide to GAP and what to look out for here - GAP Insurance guide