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Gap Insurance

edited 30 November -1 at 12:00AM in Motoring
8 replies 3.5K views
DigglaDiggla
4 posts
Forumite
edited 30 November -1 at 12:00AM in Motoring
I am in the process of buying a car from a main dealer and was offered Gap Insurance and I am wondering if anyone has any advice about this type of product, which would be gratefully received.

Many thanks.

Replies

  • balsinghbalsingh
    1.4K posts
    Forumite
    I've never had any experience of havign gap insurance but from what I have read and been told, even if you want it, don't buy it from the dealer as you can get it cheaper elsewhere. Do a google search on it and i'm sure other insurers will offer it cheaper.
    If you found my comment helpful, please click the 'Thanks' button below :T
  • philhuffphilhuff
    278 posts
    Forumite
    Part of the Furniture
    ✭✭
    Like all insurance, it's a gamble. The product serves a purpose, but you've got to figure out for yourself if the risk is worth the expense.

    If you do think it's worth it, I'd suggest taking a look at Click4Gap for some good rates - and you can also get cashback via Quidco.
    MSE are supporting our journey from Staples2Naples for SPARKS. Join us.
  • peterg1965peterg1965
    2.1K posts
    Forumite
    Part of the Furniture 1000 Posts
    ✭✭✭✭
    Agree with Phil. Its all about your attitude to risk. I brought GAP insurance for my BMW but NEVER buy from the dealer. They are way overpriced but land the dealership with a huge commission. FSA regulations demand that dealers offer the product, hence you have been informed about it by the salesman. If the car you are buying is brand new you may be covered by your car insurance for a new for old replacement in the first year of ownership, it is worth checking. You must, however, be the first owner pre registered cars are not covered. There are also 3 types of GAP insurance, Retrun to Invoice, replacment car and finance gap. https://www.click4gap.co.uk is recommended and explains the options.

    As an example the BMW dealer offered me a 3 year GAP policy (return to Invoice price) for £540. I went to Click4gap and the policy was £200. I also used an autotrader £10 off voucher and went through a cashback website and got another £20 cashback. Result was that the GAP policy cost me £170 for three year cover up to a maximum payout of £15,000.
  • jonnypbjonnypb
    248 posts
    Forumite
    peterg1965 wrote: »
    I went to Click4gap and the policy was £200. I also used an autotrader £10 off voucher and went through a cashback website and got another £20 cashback.

    anyone know the autotrader discount code for click4gap?

    thanks
  • jonnypbjonnypb
    248 posts
    Forumite
    any discount codes for click4gap?

    thanks
  • peterg1965peterg1965
    2.1K posts
    Forumite
    Part of the Furniture 1000 Posts
    ✭✭✭✭
    Cant find the discount code via Auto trader. It must have finished. Try registering with a cashback website like https://www.topcashback.co.uk I think you will get £22.50 cashback if you click through to click4gap and take out a policy.

    Hope that helps.
  • jonnypbjonnypb
    248 posts
    Forumite
    cheers i'll use quidco
  • Hi I dont know autotrader code but I have just been sent this one.

    C4G10-26405 £10 off

    CONDITIONS:
    This offer is limited to the first 500 customers only.
    One purchase per customer
    Cannot be used in conjunction with any other promotions on this purchase.


    I went via www.topcashback.co.uk and also got another £22.50 back.

    Cheers

    Kerbs
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