GAP insurance would you complain?

agnes15_2

I wonder if anybody could give me advice on what to do in this situation.

In 2009 I have bought small van for my husband. The finance was on my name, I have already payed off the finance, but now couple days ago I have come across gap insurance which I am not sure I have bought.
The document about gap insurance is in my husband name - clearly that must be a mistake as he did not buy it and the finance was on my name. Also the copy which has been send to us is signed by the same person as customer signature and dealer signature. Not my one or my husband signature.

Another point is, looking at my finance and the gap insurance for the van is that the gap insurance was only for 3 years not 5 same as my car agreement.

Now my question is, would you complain about it? If so to who?
I know it is a bit of time since I have bought the van also I have already payed off, but I only noticed it now couple days when going thru my agreements.

Any advice will be appreciated .

Insider101

agnes15 wrote: »

I wonder if anybody could give me advice on what to do in this situation.

In 2009 I have bought small van for my husband. The finance was on my name, I have already payed off the finance, but now couple days ago I have come across gap insurance which I am not sure I have bought.
The document about gap insurance is in my husband name - clearly that must be a mistake as he did not buy it and the finance was on my name. Also the copy which has been send to us is signed by the same person as customer signature and dealer signature. Not my one or my husband signature.

Another point is, looking at my finance and the gap insurance for the van is that the gap insurance was only for 3 years not 5 same as my car agreement.

Now my question is, would you complain about it? If so to who?
I know it is a bit of time since I have bought the van also I have already payed off, but I only noticed it now couple days ago going three my agreements.

Any advice will be appreciated .

Not very clever of them.

When you say you are "not sure" you have bought it, do you mean you didn't buy it or you just can't remember? The former may be grounds for complaint, the latter is not.

The thing about only covering three years is fairly typical. Gap insurance is basically to cover you in case the car gets written off in an accident. In this case it will pay the "gap" between the insurance value and the outstanding finance (the value of the car goes down faster than you pay off the finance. As the saying goes, new cars lose a quarter of their value the moment you drive them out of the showroom). However, after about 3-4 years the gap has typically closed to the point where the insurance value will be similar to, or more than, the insurance value.

agnes15_2

Insider101 wrote: »

Not very clever of them.

When you say you are "not sure" you have bought it, do you mean you didn't buy it or you just can't remember? The former may be grounds for complaint, the latter is not.

The thing about only covering three years is fairly typical. Gap insurance is basically to cover you in case the car gets written off in an accident. In this case it will pay the "gap" between the insurance value and the outstanding finance (the value of the car goes down faster than you pay off the finance. As the saying goes, new cars lose a quarter of their value the moment you drive them out of the showroom). However, after about 3-4 years the gap has typically closed to the point where the insurance value will be similar to, or more than, the insurance value.

Thank you for your replay. I can't remember buying it. I asked my husband he can't remember either, he was present when I have sign all the paperwork. However it make me wonder why the gap is on my husband name. ???I can't think of any explanation to it. Also two exactly the same signatures makes me wonder even more???

I try to search about gap insurance and also explain what you say about years.

I also have read that the gap and finance should be the same name as it would be rejected if two different names? Is that true. If so having my husband name on gap insurance, would make automatically invalid.? Or I am wrong?

sava05

Hello agnes15, I am trying to complain about Gap Insurance as I think I was mis-sold this product as it was not explained to me fully at the dealership. They made it out to be part of the credit agreement and not an optional extra. It be the dealership who sold you the product you need to complain to and not the Finance company who you pay your finance to for the car.

meer53

You can buy Gap insurance at any time, it might not necessarily relate to the vehicle you had finance on. Have you had any other vehicles that it could relate to ?

agnes15_2

meer53 wrote: »

You can buy Gap insurance at any time, it might not necessarily relate to the vehicle you had finance on. Have you had any other vehicles that it could relate to ?

On the document where is all the info about the gap policy it is my van registration so I must be related to the van not other car

Insider101

agnes15 wrote: »

Thank you for your replay. I can't remember buying it. I asked my husband he can't remember either, he was present when I have sign all the paperwork. However it make me wonder why the gap is on my husband name. ???I can't think of any explanation to it. Also two exactly the same signatures makes me wonder even more???

I try to search about gap insurance and also explain what you say about years.

I also have read that the gap and finance should be the same name as it would be rejected if two different names? Is that true. If so having my husband name on gap insurance, would make automatically invalid.? Or I am wrong?

I am not sure to be honest. Maybe best to check with the underwriter