GapInsurance 123

cajef

InsideInsurance wrote: »

You get the "old" price only. In theory that should be enough and buy another "old" car but you may have finance issues if it wasnt a cash purchase

My point exactly, I bought a brand new car for cash last year I took out GAP insurance online which commences after my insurance companies twelve months cover finishes.

BJV

I would always shop around for gap insurance.


If it is a brand new car you are getting check with your insurance company if they cover you new for old within the first year. Lots do but you have to check there are no unusual terms and conditions attached.


If they do defer the start date and you can save more. Just Googled deferred gap insurance and got this https://gapinsurance123.co.uk/437/deferred-gap-insurance/


The price differences are nothing to do with if a policy is "dodgy" or not instead it is all about tax. Which money did a really good review on it http://www.which.co.uk/money/insurance/guides/gap-insurance/. Is worth a read.


In fact the FCA have just conducted a report into gap insurance in which they are aiming for garages to be more open and inform customers that they can buy else where.


http://www.fca.org.uk/news/fca-confirms-market-study-into-general-insurance-add-ons.


Hope this helps.


If I could give on piece of advice it would be ignore any price you are quoted instead just look at the policy because it really does not matter if it is £74.00 £100 or £1000 if it does cover you when you need to make a claim.

BJV

spikescot2005 wrote: »

Also looking at taking GAP insurance and came across HelpUcover. They are certainly the cheapest and payment is monthly. For up to £7500 of cover it comes to £3.23 a month. Just a bit wary of them. Any advise?

Shop around.




Paying monthly might seem like a good idea but if the policy is for 3 years and your payments are for the full term the then policy would end up costing you £119. Not really the cheapest any more ???

CB1878

A lot of the online companies will let you defer the start date in the first year. Lots of them are underwritten by the same insurer too, Car2Cover and Gap123 for example.

If you have a good motor insurance policy then taking a deferred start date can save some money. Do not buy from your car dealer!!

CB1878

F1F93 wrote: »

Thanks. Have found another quote now at a similar price so doesn't seem as dodgy.

On what basis are they dodgy? Having looked into all of this a few months ago for a survey at work then I can tell you Gap 123 are the same company as a couple of others on the Which report (Easy Gap and Shortfall). If you follow the recent safety advice given by Mr Littlewood (cough, cough) a couple of weeks ago then you should trust the company you find top of the 'free' Google rankings (usually in 4th spot down, 1st one after the adds). Any old tom, !!!!!! or harry can pay for Google ads but Gap123 is the first one you would find for the search 'Gap Insurance'. In a competitive online market then that is most certainly a plus point.

If they are 'dodgy' because they are cheaper then it could be that they just sell more policies and can give better price? MSE all the way!!:money:

You would not go far wrong with any of the online brands. If you want to be doubly sure most of them are limited companies, and if you want to check their financial health then try something like companycheck dot something or other.

Adamr34

I have recently been involved in buying two second hand cars ( one for myself and one for my daughter) I cannot believe how the car sales people are pushed to sell this product in such a completely inappropriate situation. Both scenarios we're where the car was three years old and was being fully funded from savings. There was no need to push this product at us. Luckily I was aware of what it offers but the sales person still proceeded to use an example of buying a new car on finance and the financial loss they had suffered as if this was in some way similar! I am sure many people buy this product not realising that it is not appropriate for there needs. I am looking forward to when the FCA finish with the banks and start on others industries such as these.

F1F93

CB1878 wrote: »

On what basis are they dodgy? Having looked into all of this a few months ago for a survey at work then I can tell you Gap 123 are the same company as a couple of others on the Which report (Easy Gap and Shortfall). If you follow the recent safety advice given by Mr Littlewood (cough, cough) a couple of weeks ago then you should trust the company you find top of the 'free' Google rankings (usually in 4th spot down, 1st one after the adds). Any old tom, !!!!!! or harry can pay for Google ads but Gap123 is the first one you would find for the search 'Gap Insurance'. In a competitive online market then that is most certainly a plus point.

If they are 'dodgy' because they are cheaper then it could be that they just sell more policies and can give better price? MSE all the way!!:money:

You would not go far wrong with any of the online brands. If you want to be doubly sure most of them are limited companies, and if you want to check their financial health then try something like companycheck dot something or other.

I thought the price was dodgy as it was much cheaper than any other quote I'd had, including online ones. In the same way that if you found car insurance for a third less than any other conpany, would you not investigate further as to why its so cheap?


Thanks for all you replies, I took out a 5-year policy with gapinsurance123.
Luckily, my dealer was very good and did not try to push me into buying gap insurance, just accepted it.