Car Finance GAP Insurance

MesspotMoney

Hi

I purchased a car in 2003 via Welcome Finance (worst mistake ever!)
As I refused to take PPI out I was told that I had to take GAP insurance or my application would be declined. (GAP insurance insures against a car being valued less than loan amount owed if written off by an insurance company.) I paid the loan off in 2008 but was wondering if GAP insurance came under PPI and could possible be reclaimed? Any advice appreciated!

di3004

Hi there

Hopefully someone will be along soon to help you on this one, I find this one confusing but if your not happy with the way your account was dealt with I believe you can make a complaint about that.

Good luck on this.

the_knitting_drummer

MesspotMoney wrote: »

was wondering if GAP insurance came under PPI and could possible be reclaimed? Any advice appreciated!

GAP insurance does not come under PPI. Nor on top or even next to (except on the paperwork).

It is a completely different product.

As to whether it can be 'reclaimed', you can make a complaint that it was mis-sold, but you need some valid reasons, and the reasons you will find on this site regarding mis-sold PPI will not apply.

roonaldo

taking out insurance doesnt means its mis-sold. GAP insurance (like already said) it not PPI.

insurance is also not reclaimable, only refundable (with interest) if found to be mis-sold

ndempsey

Hi

I need some advice. I bought a car on finance 7 years ago. I was actually sold Gap Insurance without realising it until recently. The car got wrote off in 2006. I eneded up having to pay the company approx £6000. They never mentioned that I had this insurance on my policy when I rang to tell them about the car. Do you think it would be possible to get my money back even though it so long ago?

Thanks

amersall

Hi there, if you had this cover and your car was wrote off and you ended up paying over £6,00,then i think you must complain to the company that set this up,had you known you had this then you would have used it.
No one in there right mind would fork out over 6 grand if they did not have to.