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Gap insurance - guide discussion

edited 22 October 2018 at 1:46PM in Insurance & Life Assurance
126 replies 84.4K views
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  • Just curious about this.
    is this going to become the 'new ppi' where old gap sales can be claimed against mis-selling due to the 2015 ruling?
    can you claim against gap from over 10 years ago?


    I can see the adverts now!!!
  • boingingianboingingian Forumite
    19 posts
    Part of the Furniture 10 Posts Combo Breaker
    I can’t seem to find GAP Insurance that covers buying a vehicle that will be used for driving tuition.
    I’m picking up a new Seat tomorrow and not even the dealer can offer it me.
    Any idea why? It’s on a PCP with 20K miles per year. Just seems ridiculous to not offer it, even at a higher price if we are deemed higher risk.
    :mad:
  • Jlo31Jlo31 Forumite
    117 posts
    Fourth Anniversary 100 Posts
    I can’t seem to find GAP Insurance that covers buying a vehicle that will be used for driving tuition.
    I’m picking up a new Seat tomorrow and not even the dealer can offer it me.
    Any idea why? It’s on a PCP with 20K miles per year. Just seems ridiculous to not offer it, even at a higher price if we are deemed higher risk.
    :mad:

    Greetings. I am a driving instructor to and used these people who insured driving schools. https://shortfall.co.uk

    Cheers

    Jlo
  • Saw on the BBC today Ford are recalling/repairing/refunding lots of Ecoboost engines that are catching fire

    a) surprised to hear this still happens in 2018

    b) I'd be surprised if the Ford payouts are for the original value rather than the considerably lower "market rate" - anyone know?

    Certainly happy/relived I'm covered - MSE have an ALA promo but I found cheaper elsewhere (MotorEasy)

    The key thing is don't buy it from dealers!
  • I don't really understand gap insurance for my circumstances, my car was just written off I am the non fault driver, car was a used car and worth £7, 210, car is now estimated to be worth £3,595 to £4000 which I'm guess the insurance will offer anywhere between those figures, will gap insurance cover to the cost I bought the vehicle? As I still have? £2500 outstanding on finance
  • samkmasamkma Forumite
    69 posts
    Tenth Anniversary 10 Posts Combo Breaker
    Is GAP needed for a personal lease hire car?
  • Penelopa.PitstopPenelopa.Pitstop Forumite
    776 posts
    Part of the Furniture 500 Posts
    ✭✭✭
    Do you mean PCH? Person Contract Hire?

  • samkmasamkma Forumite
    69 posts
    Tenth Anniversary 10 Posts Combo Breaker
    Yes, PCH.



    Thanks
  • I naively bought GAP insurance after being contacted by a company I presumed was linked to the company from which I purchased my financed car. It worked out at just short of £38 a month!

    Today I found the article about GAP insurance as I had a feeling I was paying too much...

    After getting a quote from Click4Gap as recommended by MoneySavingExpert, I was quoted £115 total!! I only need a 2 year policy (not 4 as I was told by the other company) and it’s renewable at the end of the policy if needed.

    I’m so pleased I found this information - it’s saved me £1,700!

    I feel completely gullible, but luckily I have only paid one month’s worth of the old insurance!

    As a 22 year old, starting out with lots of financial decisions to make, MoneySavingExpert has helped me out immensely!!!
  • Wow, thank you for the information!! I had no idea at all that this was the case!

    I have cancelled my GAP insurance with Click4Gap now, and have chosen a policy with GAPinsurance.co.uk instead (which also includes negative equity cover which I think would probably be good for me...?).

    Only about £50 more but I think it’s definitely worth it as I wouldn’t want to risk not being fully covered were I to need it.

    Again, thank you so much for the info!
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