GAP insurance claim

[Deleted User]

We brought a car on finace back in 2005 for 5k on finace... in 2007 wife wrote it off. We had gap insurance didnt know till someone ask and wife decided to check.. Insurance paid out 2.5k which was left on the finace so that was paid off. we had no money left so was gutted till wife found out we had gap insurance.. phoned them and they paid out to the value we brought the car 2.5k so that makes 5k. All we lost was the intrest so well worth having it

BJV

Iain79 wrote: »

We brought a car on finace back in 2005 for 5k on finace... in 2007 wife wrote it off. We had gap insurance didnt know till someone ask and wife decided to check.. Insurance paid out 2.5k which was left on the finace so that was paid off. we had no money left so was gutted till wife found out we had gap insurance.. phoned them and they paid out to the value we brought the car 2.5k so that makes 5k. All we lost was the intrest so well worth having it

It really can be as easy as that but you should always read any policy document before you buy any insurance so you know exactly what you are getting, how the amount you are getting is calculated and who is paid.

Care Care plan is a large reputable company and in this case it sounds like its your insurance company who are not paying the correct amount although the only way to know for sure is to read your documents.:A

ParksidePeter

BJV wrote: »

And No this is not normal you should have been given a full list of documentation so that you could read it and make your own informed choices. After all how do you know if the policy or other extras are any good or suitable for you if you can not check the terms and conditions?

I wasn't bothered about what it offered or whether it was suitable. I only took it because it was offered with other stuff that I was interested in and which, for me, represented the value of what I was asked to pay. If I had been given a policy document I doubt that my situation would be any different because I don't suppose that it would have said 'if you make a claim we will value your car on a different basis to your insurance company to minimise our payout.'
(Turns out the salesman did me a big favour but I think I had already rejected the GAP policy when it was offered on its own. (Will get it on the replacement car though.))

Wammer

I don't want to hijack this thread and don't want to have 2 threads in different forums so I would appreciate if anyone with gap insurance knowledge could have a look at my thread in the Motoring forum and advise or add anything.


https://forums.moneysavingexpert.com/discussion/comment/50327053#Comment_50327053

ParksidePeter

Just to conclude, as I started this, that my claim was accepted for the maximum payable under the policy so the valuation didnt have any bearing on it.