Is Gap insurance worth it??

Raginglady

Hi all, I purchased a brand new car yesterday on hire purchase. Its on 0% finance for 3 years initially and I pay £191 per month. The total of the car is £11,000.

The dealer continually tried to sell me gap insurance for practically £400 for 3 years!!! I'm not privy to all things gap insurance related but thought this was hugely over priced and of course said no.

Does anyone really feel gap insurance is worth it or have any good tips??

s_b

yes
buy it outside the dealership

TadleyBaggie

It's certainly worth it if you need to use it. When my car was recently written off I was able to get almost £4K extra back.

jimpix12

No insurance is "worth it" if you do the maths. It depends if you feel lucky or indeed unlucky, you're better off putting money aside.

If you do buy it, check it online from somewhere like here:

http://www.gapinsurancereviews.co.uk/

SAHD_Jim

As with many insurances, it is partly down to personal opinion / attitude to risk etc.

If you decide you want it, definitely arrange it independently of the dealer if you can, as advised.

Notmyrealname

Raginglady wrote: »

Hi all, I purchased a brand new car yesterday on hire purchase. Its on 0% finance for 3 years initially and I pay £191 per month. The total of the car is £11,000.

The dealer continually tried to sell me gap insurance for practically £400 for 3 years!!! I'm not privy to all things gap insurance related but thought this was hugely over priced and of course said no.

Does anyone really feel gap insurance is worth it or have any good tips??

Gap insurance is worth it but not from the dealer. Quicks quoted me £300 for my 2010 Mondeo. I found it for £69 for a 3 year policy via a brokers advertised on Parkers website. I've done about 2 million miles without an accident so am overdue one. I figured £23 a year was worth it.

With most companies you've got 90 days from date of purchase to buy a policy.

mechy

Notmyrealname wrote: »

Gap insurance is worth it but not from the dealer. Quicks quoted me £300 for my 2010 Mondeo. I found it for £69 for a 3 year policy via a brokers advertised on Parkers website. I've done about 2 million miles without an accident so am overdue one. I figured £23 a year was worth it.

With most companies you've got 90 days from date of purchase to buy a policy.

Hi there Not. I have just purchased a 57 plate Mondeo too. I have been contemplateing buying a gap insurance and also a warrenty ins outside of the "Main Dealers" that i bought my car. What was the company you bought your Gap from please. Sounds a good deal?:beer:

gilbert_and_sullivan

As said above, well worth having but not at dealer rip off prices.

Check with your insurance company first, NFU will replace your car with identical new model up to 2 years old, not sure who else does this.

BJV

gilbert_and_sullivan wrote: »

As said above, well worth having but not at dealer rip off prices.

Check with your insurance company first, NFU will replace your car with identical new model up to 2 years old, not sure who else does this.

Why not have a look at a deferred gap insurance policy. No-one likes paying twice so it can be a really good option. Just check you own insurance companies terms.

Strider590

Yeah, see if you write that car off, you'll not see a penny from the insurance AND you'll still owe money on the HP agreement.

You need gap insurance, but you don't need to be told who to buy it from, make your own enquiries and find a good deal.......