GAP insurance

saverbuyer

I was wondering if anyone could recommend a supplier of GAP insurance. Recently bought a couple of new cars for the family and need to get it sorted ASAP.

Thanks

jimjames

Do you really need it?

I've never bothered with it as it only pays out if you have an accident AND if your car is written off AND if the insurance don't pay out in full.

I've always worked on the basis that all of those should (hopefully) be pretty unlikely.

InsideInsurance

jimjames wrote: »

I've never bothered with it as it only pays out if you have an accident AND if your car is written off AND if the insurance don't pay out in full.

Its not just accidents, would also cover theft

Its nothing to do with the insurer not paying out in full. An insurer will pay the preaccident value of the vehicle so if its written off after 18 months you get the value of an 18 month old car. Depending on what type of GAP you have will dictate what it pays out but if you look at the traditional financial GAP then the likelihood is that the car has depreciated more than the amount you've paid off the debt so the GAP insurance would cover that shortfall.

jaydeeuk1

Won't insurance replace for a brand new vehicle if written off in first 12 months? Mine certainly does.

Are these cars on finance or owned outright?

saverbuyer

jaydeeuk1 wrote: »

Won't insurance replace for a brand new vehicle if written off in first 12 months? Mine certainly does.

Are these cars on finance or owned outright?

Paid with cash.

I was reading that GAP can be had for around £100 for three years to cover the difference between invoice value and market value.

bluekp

Personally I did take out Gap insurance on my car.

There is a table on this page which may help:

http://www.which.co.uk/money/insurance/guides/gap-insurance/return-to-invoice-gap-insurance-review/

I went with https://www.gapinsurance.co.uk

InsideInsurance

jaydeeuk1 wrote: »

Won't insurance replace for a brand new vehicle if written off in first 12 months? Mine certainly does.

Most do if you own the vehicle and are first registered keeper but some dont. Obviously if you lease the car then you arent the registered keeper at all so it doesnt apply and financial GAP may be a prudent idea.

GAP normally is for a number of years and often has to be taken out within X days of you buying the car so year 1 can create a duplicate benefit but its the only way to get the later years of cover

TadleyBaggie

I've only had GAP on one vehicle and I needed it. It made up the £3500 shortfall between what I'd paid for the vehicle and what I got paid after a write off.