Gap Insurance

kitty1941

Looking at purchasing a new car and am looking at Gap Insurance costs - dont like what the dealer is charging!!!! Any recommendations for where to purchase it elsewhere. Thanks

pvt

My son recently bought a new car from a Merc dealer. The dealer wanted £375 for GAP insurance - quick search online and he got the same cover for £70.

Just Google "GAP insurance".

flashg67

I used Easygap last time-can't say how good they are when called upon, as luckily didn't have to claim!

daveyjp

GAP when called upon can be a nightmare. A friend had it and it took so long to sort out payment following a write off he had to buy a cheap car before he had his payout.

Far better to buy a car at a price which means GAP isn't needed. Either large deposit or short repayment term.

veryoldbear

Give it time and you will all be getting phone calls about "mis-sold Gap Insurance"

Snigger

anotherbaldrick

Every time I buy a car they bang on about how important GAP insurance is. Am I thick , but I have comprehensive insurance that if anyone damages my car will repair or replace it on a like for like basis. What do I need gap insurance for ? It appears to be promise to give you something additional on some spurious pretext. Does not sound legal.

The Financial Conduct Authority (FCA) is proposing a shake-up of the £1bn general insurance add-on markets including banning pre-ticked boxes, forcing firms to publish claims ratios and breaking the point of sale advantage for guaranteed asset protection (GAP) insurance, usually offered alongside car sales.

neilmcl

anotherbaldrick wrote: »

Every time I buy a car they bang on about how important GAP insurance is. Am I thick , but I have comprehensive insurance that if anyone damages my car will repair or replace it on a like for like basis. What do I need gap insurance for ? It appears to be promise to give you something additional on some spurious pretext. Does not sound legal.

Does your comprehensive insurance offer new car replacement after 12 months or cover your original invoice cost? Not really that spurious but also doesn't suit everyone.

A bit of a money spinner for most dealers so always worth shopping around unless the overall new car deal is good with it included.

anotherbaldrick

neilmcl wrote: »

Does your comprehensive insurance offer new car replacement after 12 months or cover your original invoice cost? Not really that spurious but also doesn't suit everyone.

A bit of a money spinner for most dealers so always worth shopping around unless the overall new car deal is good with it included.

If my car was 11 months old and written off somehow I would not be expecting to receive a new car in replacement. A like for like, same spec 11 months old similar mileage. I wonder , are you selling GAP insurance ?

dacouch

anotherbaldrick wrote: »

If my car was 11 months old and written off somehow I would not be expecting to receive a new car in replacement. A like for like, same spec 11 months old similar mileage. I wonder , are you selling GAP insurance ?

It's a standard part of virtually all private car policies except Admiral Group to replace a car that's less than twelve months old (Owned from brand new) with a brand new car in the first twelve months of ownership.

anotherbaldrick

dacouch wrote: »

It's a standard part of virtually all private car policies except Admiral Group to replace a car that's less than twelve months old (Owned from brand new) with a brand new car in the first twelve months of ownership.

So the GAP insurance is for ???????

Aretnap

anotherbaldrick wrote: »

So the GAP insurance is for ???????

Effectively it extends the new car replacement clause from one year to three years, or whatever. Not an inherently ridiculous thing to want to do, though obviously whether it's good value depends on the price - and how likely you think you are to write off your car in year 2 or 3.