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Gap insurance - guide discussion

edited 22 October 2018 at 1:46PM in Insurance & Life Assurance
126 replies 85.1K views
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  • SavedotmoneySavedotmoney Forumite
    107 posts
    10 Posts
    Very positive sign up experience with ALA, customer service top notch and got 1 year cover for just £57.00 from them with code MSE25.
  • Lukeedwards88Lukeedwards88 Forumite
    48 posts
    Third Anniversary 10 Posts Combo Breaker
    Debating whether to get GAP paid 50% deposit on car, rest HP.

    So not sure whether GAP will be worth it, as I can't see the car value dropping below the outstanding finance amount in the 42 months I have to pay the loan off?

    Price was £18,975
  • I wondered? Has anyone had a problem with GAP insurance paying out? Our policy is asking us to go back to our main insurer as they are saying they have underpaid.. The reason we bought GAP insurance was to minimise the hassle, and this doesn't seem to be the way forward.
  • dacouchdacouch Forumite
    21.6K posts
    Part of the Furniture 10,000 Posts
    ✭✭✭✭✭
    I wondered? Has anyone had a problem with GAP insurance paying out? Our policy is asking us to go back to our main insurer as they are saying they have underpaid.. The reason we bought GAP insurance was to minimise the hassle, and this doesn't seem to be the way forward.

    Some policies are subject to the car insurer paying out what the GAP Insurer define to be the true value of the written off car. If they deem the car Insurer to have under paid for the car, the Gap insurer will limit their pay out to the difference they believe which mnay leave you out of pocket

    Some of the better newer policies do not have this requirement although they may ask you to go back to the car insurer if they believe they are grossly under valuing the vehicle
  • netlosernetloser Forumite
    24 posts
    Part of the Furniture 10 Posts
    Am I missing something? 4 year GAP insurance on say a Citroen. Say it costs £15000 to buy new and after 3 years it is worth 30% of that, so £4500. At 3+ years old it doesn't take much to write it off and Aviva or whoever generously settle for £4000. Gap gives you £11000 and you get a new car. Result better than Betfair!!



    Why don't we see more torched nearly 3 year old cars about? Or have I missed something?
  • cashladycashlady Forumite
    814 posts
    Part of the Furniture Combo Breaker
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    Hi just to let people know that i was offered gap insurance on my new used car by the dealer for nearly £400.i used the site and got a deal for £125 including a 25% discount using a code from this site,thank you for the info and the saving.:beer:
  • cashladycashlady Forumite
    814 posts
    Part of the Furniture Combo Breaker
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    It worked for me
  • Was contacted today by dealer linked Gap Insurer who took the " Responsible lender" approach until the "sell" became apparent. Offered me interest free policy of just under £400 for the year. I had to repeat myself several times to have 24hrs to think about it not knowing that 2 day rule. Went online to research and via MSE, established that it would be best to take out GAP insurance and after a few links and quotes bought a policy for under £80 a saving of £320. I say that's a result!

    Thank you MSE! :T:j:beer:
  • Hello

    Hoping someone can shed some light on this, I have read through most of the previous post and haven't seen anything similar so sorry if it has been previously discusses.

    Recently bought a brand new Seat on PCP and looking into GAP insurance. As mentioned before by others, my insurance also will replace my car for new within the first 12 months so was thinking of holding off getting GAP insurance. However if my car is written off within the first 12 months and its is someone else's fault and they admit liability. Will their insurance company also agree to replacing the car as it is new within 12 months or will they just offer the bog standard market valve?

    Thank you and hope I have explained this well enough.

    Thank you
  • Hi All,

    I have just spoken to LV about the need to GAP insurance, and they informed me that they cover the full cost of the original cost of the car for year 1.. does anyone know if this is the case, I have had a look at their policy.. but not sure.. and thus assume I get the GAP insurance now, and delay by 12 months ??
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