Should I GAP Insure a new finance car?

bauk

Thanks guys... this is all very helpful. I'm assuming if I get a policy for replacement car that my PCP monthly amount will just carry on for the car I had? I guess the strange thing would be that at the end of the 3 years my car would actually be newer than the quoted minimum value to buy the car.

I read some sites and currently the GAP Insurance sites I found are:

ala
surfandprotect
click4gap
car2cover

datostar

I noticed the other day that my insurance company - RSA - now offer a cheaper form of GAP insurance which would pay out the difference between the insurer's valuation of a stolen/written off vehicle and the Glass's Guide valuation at the time of loss. That could leave you somewhat short of what you actually paid for the vehicle (or still owed on finance).

bauk

datostar wrote: »

I noticed the other day that my insurance company - RSA - now offer a cheaper form of GAP insurance which would pay out the difference between the insurer's valuation of a stolen/written off vehicle and the Glass's Guide valuation at the time of loss. That could leave you somewhat short of what you actually paid for the vehicle (or still owed on finance).

I'm guessing that would work if you bought your car outright and it was perhaps second-hand and all you wanted was the market value at the time of the car being written off.

System

It is really about time that the motor insurance industry got their act together for motor insurance total loss claims.
The only reason a seperate GAP policy is needed is because insurers do not pay out the correct amount to put the policy holder back into the same position as they were before the loss. i.e. Get them a car of the same/similar age, specification and quality as they lost.

If you have a fully comprehensive policy you should not need to claim from a GAP policy to make up the difference. I know that the insurance industry will say that they are trying to keep the cost of insurance down by restricting the amount they pay out.

Insurers should offer a type of policy which includes GAP insurance, and allows you to pay additional premiums to choose the level of cover you wish, up to new for old (with say a limit of 3 year old cars). Then there would be no disputes between the amount the motor policy company offers, and the amount the GAP insurer is willing to make up.

10JH

I would do your research on the disadvantages to GAP, it can not pay out in quite a few places, and then the value won't always be what you expect.

bauk

10JH wrote: »

I would do your research on the disadvantages to GAP, it can not pay out in quite a few places, and then the value won't always be what you expect.

Thanks... yeah I can imagine some cheaper GAP insurers will not cover you completely.. I do think though you are better off having it than not as long as it is the right policy.

smitchy73

If you have legal cover, I'm sure you can sue the other person (if it's their fault) for uninsurable losses! I read into ala.co.uk and surfnprotect and click4gap, couldn't make up my mind which one and ended up talking myself out of it, not needed it so far(touch wood).