Gap insurance - guide discussion

lopsyfa

I will like to post a positive experience of GAP insurance claim. I bought RTI gap from https://www.ala.co.uk/ (underwritten by AMS insurance services ltd) and was involved in a non fault accident last month.

My insurance called to say the car was a write-off on 29th-Aug-2019 and gave me a valuation. I called AMS immediately and they advised I accept the value and they sent out their claim pack the next day. Filled that up and sent back in a pre-paid envelope provided by AMS. I received another letter 3 days later to send my settlement letter from insurance and mailed that in same day and on 6-Sep-2019, I had the gap amount in my bank.

I was expecting the claim process to take longer than the 6 working days it took. I will definitely advice people check who is the underwriter of the insurance before buying since that is the company you will be dealing with when making a claim not the company the purchase was made with.

leish1994

Could anyone tell me how late is too late when buying GAP insurance? Like I presume if I was in an accident it would be too late to purchase then?

Thank you

J.Dog

Frozen_up_north wrote: »

I was in a car showroom recently and was introduced to a manager who "by law" had to talk me through a GAP insurance sales pitch. He went on to mention their "scuff and dint" cover for a similar price and was asked if I damaged my alloy wheels, as their cover included up to 6 wheel repairs a year for 3 years and £150 towards a wheel replacement if it was beyond repair.

He also mentioned that he had to pass a couple of dozen exams a year, each year, in order to comply with offering GAP insurance.

Another lie was that since last September, you weren't allowed to walk into a car showroom and buy a car without a 2 working day cooling off period... The FCA require that you can't be sold GAP insurance withing 2 days, nothing to do with the actual purchase of the car.

A double glazing saleman couldn't have done a better job of lying. If for no other reason than the "scuff and dint" cover had a list of exclusions, the first on the list being alloy wheels :rotfl:

Remember the ABC rule, accept nothing, believe no one and check everything.

I can't speak for the individual dealership, the sales executive or the choice of words he used, but suffice to say his dealership will be regulated by the Financial Conduct Authority. In other words, he has to be able to evidence with the FCA that he had discussed GAP with you so in that sense when he said "by law" he wasn't wrong. In the offering of GAP the FCA introduced new rules in Sept 2015 outlining how it had to be sold. Those rules fall under two distinct remedies: 1. Prescribed Information and 2. Deferred Opt-in. In the interests of being as concise as possible the deferred opt-in means that there has to be TWO clear days between when the prescribed information is provided to the customer and when the GAP contract can be concluded with the customer. The customer can, however, initiate the conclusion of the contract on the day after the prescribed information is provided.

J.Dog

leish1994 wrote: »

Could anyone tell me how late is too late when buying GAP insurance? Like I presume if I was in an accident it would be too late to purchase then?

Thank you

It depends on the conditions of the actual GAP provider. I know of some GAP providers who allow 30 days and some that allow up to 100 days to activate the policy. With any insurance, of course, you are insuring against an actual event happening. If that event has already happened i.e. your car being written off, how can you then insure against it happening! There's not an insurance company in the world who will do that.

mrchagle

Hi all

I’ve googled Gap insurance and it’s a mine field. I’ll be collecting a brand new car this month and won’t pay the dealers silly prices for Gap.

Any suggestions to go with?

Thanks a lot. 😃

Penelopa.Pitstop

Is your insurer offering new car replacement in first year? If that's the case, you can buy policy with deferred start. Regarding companies choice, there's a list on MSE website. Also discount codes.

MartinR70

I took out gap insurance with a company that went bust and then I looked at your details and went with click4gad.co.uk using your code for 25% discount. Took out policy on 24th Aug and all went smoothly. Many thanks for advice.

Colinb84

07/02/20 Just bought GAP insurance from Click4Gap after reading about it on MonerySavingExpert.  Used the 25% off code suggested for a further £107 reduction ending up with a 3 year policy with up to £25000 cover for just £358.  Land Rover dealer wanted £729 for a 3 year policy which I’m sure they’re just taking a cut on and outsourcing anyway. Thank you MoneySavingExpert

TelBoy2390

Just got 3 quotes on line; Click4Gap over £300, ALA over £400 and GAPInsco under £300. Have emailed the first 2 to see if the MSE 'discount codes' still apply - I may post the replies. Not sure if there is a discount for the last one - a telephone call in the morning seems in order.

milkandbiscuits

TotalLossGap offered me the cheapest cover when compared to Click4Gap ..

All quotes are Return To Invoice (RTI) quotes.

TotalLossGap: £118 
Click4Gap: £215 (with the MSE discount code).
ALA Gap Insurance: £129 (with the MSE discount code).