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Gap insurance - guide discussion

edited 22 October 2018 at 1:46PM in Insurance & Life Assurance
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  • You dont have to take Gap insurance for a PCP car loan or any other kind of car loan. You should have had it explained to you in full and been given a cooling off period (if) you agreed to it. Sounds like the dealer was like the one I purchased my last car from. He tried to pull wool over my eyes selling me GAP insurance at £349 for 3 years. I told him I wanted to check it out first. I did and found an exact same policy for £69 per year. Work that little sum out.. a rather large difference over 3 years! I think you have a valid claim to get your money back. Read the information (it is very thorough) on this page.. the link is top of page, a green banner, just click on it and your answers should be there. If you get stuck getting money back, contact your local Citizens Advice Bureau for assistance. Good Luck.
  • csgohan4csgohan4 Forumite
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    Paid just over 200 pounds for 5 years for mine and not through the dealer
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ PIxie RIP
  • I have found that the rules from September 2015 are being ignored. I recently asked for a trade in price against the purchase of a new car. What I received was something called a Deal Presentation. This included gap insurance. I did not ask for this, neither was it explained. As this would be a self financing purchase and as my current insurer gives me 12 months replacement cover this was totally inappropriate. I am however a pensioner, and appear reasonably affluent so presumably was seen as a soft touch. I subsequently bought from a different dealer who discussed gap insurance and sent me as confirmation of our conversation paperwork in accordance with current regulations.
  • Having seen a link to InsureandGo GAP insurance in the guide my wife decided to purchase a policy, about 25% of the cost of one offered by the VW dealer. Unfortunately, because of the complexity of the car dealer's sales invoice, with fitted extras, paint, delivery charge, tax, etc. she made an error in the calculation of the accepted cost of the car so tried to telephone InsureandGo to change the vehicle cost on the policy.
    She first telephoned the GAP Administration team number on the policy document. They denied that they provided GAP insurance, saying that they only provide travel insurance. they then helpfully gave another number which when dialled was a company called "Insurethegap.com".
    An email with the certificate gave a 0844 number so she called that. The message said that this was a premium rate number and gave another one - when dialled my wife had the message "The number you have dialled is not recognised".
    So she dialled the number for complaints on the policy document. The advisor said that InsureandGo don't offer GAP insurance. My wife told him that she had paid and obtained a certificate from their website and had the documents in front of her. After some time he gave her yet another number and said his colleague would be waiting for her call. She called immediately but had to wait 4 minutes for an answer. This person did assure my wife that he had access to her policy and would amend it as requested. He said he would email the amended document. This was 5 days ago and no email has ben received.
    She has written to InsureandGo to demand that the policy be cancelled and the premium refunded because of their terrible service.
  • Ian011Ian011 Forumite
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    FCA regulations do not permit the use of premium rate 08, 087 or 09 numbers for contact by existing customers. The regulations came into force on 26 October 2015. Make sure the call costs are refunded.
  • nicholls78nicholls78 Forumite
    2 posts
    Three years ago, my husband purchased a personal lease hire agreement for a brand new Nissan Quashquai, lease was for 4 years, x3 months up front & rental was £250 a month. No gap insurance was offered or discussed.
    4 weeks ago the car was written off- the insurance paid £12800 (less than trade value) and the lease company wants £16300. We have contacted the Ombusman for support but we would appreciate any advise of anyone who has had similar experience.
    Thanks in advance. :(:(:(:(
  • dacouchdacouch Forumite
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    Why have your Insurers paid the trade value, you are entitled to the retail value.
  • csgohan4csgohan4 Forumite
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    nicholls78 wrote: »
    Three years ago, my husband purchased a personal lease hire agreement for a brand new Nissan Quashquai, lease was for 4 years, x3 months up front & rental was £250 a month. No gap insurance was offered or discussed.
    4 weeks ago the car was written off- the insurance paid £12800 (less than trade value) and the lease company wants £16300. We have contacted the Ombusman for support but we would appreciate any advise of anyone who has had similar experience.
    Thanks in advance. :(:(:(:(



    This is why people pay for Gap insurance to make up the difference. Your insurers are only obliged to give you the value of the car now, not when it was brand new.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ PIxie RIP
  • "Most fully comprehensive car insurance policies offer ‘new car replacement’ during the first 12 and sometimes even 24 months for new cars"
    Which insurers don't offer this? I'm currently with Churchill and likely to stick with them for my new car.
  • csgohan4csgohan4 Forumite
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    "Most fully comprehensive car insurance policies offer ‘new car replacement’ during the first 12 and sometimes even 24 months for new cars"
    Which insurers don't offer this? I'm currently with Churchill and likely to stick with them for my new car.

    the above example was a 3 year old car so not relevant
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ PIxie RIP
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