GAP insurance ..anyone made a claim ?

joylikes2shop

I'm buying a brand new car and planning on taking out GAP insurance ( my current insurers don't offer ' new for old' cover, or GAP insurance) and the value of the car is £20k with finance.
Online quotes are way better that the garage I'm buying from, but I guess like all types of insurance you don't really know how good a company is at paying out unless you've tried to made a claim.
Just wondering if anyone has any experience ( positive or negative) about claiming on GAP insurance...Thoughts ???

DUTR

Not personally, but my ex did, I thought it was a bit of a con, however she had a Y reg car few months old, year later the car got written off,insurance paid up and GAP made up the shortfall and she ended up with a 52 plate car.
So if you're palnning on writing off the car, then yes go for it.

daveyjp

My philosophy is if I need GAP I am borrowing too much.

A colleague made a claim on a written off car. He sorted the value with his insurance company within a couple of weeks. It then took his insurance company and the GAP company 4 months to finalise the claim.

He was out of pocket by more than the GAP paid as for four months he had to fund a replacement vehicle.

DUTR

daveyjp wrote: »

My philosophy is if I need GAP I am borrowing too much.

A colleague made a claim on a written off car. He sorted the value with his insurance company within a couple of weeks. It then took his insurance company and the GAP company 4 months to finalise the claim.

He was out of pocket by more than the GAP paid as for four months he had to fund a replacement vehicle.

GAP is not just for financed cars, I know with my ex, the claim was resolved almost as immediate as the insurance claim.

daveyjp

DUTR wrote: »

GAP is not just for financed cars, I know with my ex, the claim was resolved almost as immediate as the insurance claim.

I know. My colleagues car wasn't financed. The GAP was free with his purchase, but it cost him money in the long run.

dacouch

Don't buy GAP cover from the dealer, they will charge you triple the going rate for cover that is normally not all that.

Use a decent Insurer for you car instead of an Admiral Group Insurer

CB1878

Whether you buy from the dealer (normally far more expensive) or from an independent you will find that you are not normally buying from the insurer. The 'retailer' (dealer or broker) will have very little to do with your claim normally. Insurers sometimes complete the claim themselves, sometime they may have a 3rd party claims company who do it for them.

If you have a look you may find that the dealer policy you have been offered may have the same insurer and claims management company as some of the online brokers you have looked at. There are only a small number of insurers who underwrite Gap Insurance in the market, and you will find that the claims teams they use are commonly shared with a number of 'retailers' in many cases. That does not mean that the policy terms will be the same, but the claim should be handled in the same way.

Gap Insurance claims have little reason to take a long time. As long as the motor insurer has written the vehicle off, and you have given any paperwork requested to the Gap insurer then you should not have a problem.

jimjames

daveyjp wrote: »

My philosophy is if I need GAP I am borrowing too much.

A colleague made a claim on a written off car. He sorted the value with his insurance company within a couple of weeks. It then took his insurance company and the GAP company 4 months to finalise the claim.

He was out of pocket by more than the GAP paid as for four months he had to fund a replacement vehicle.

I'd agree.

What happens after 2/3 years when the gap cover finishes and you need to replace the car? You've suffered the depreciation anyway. Maybe it's because my cars are older but I just don't see the value in it and I'd prefer to put the money towards covering some depreciation which is guaranteed.

Nasqueron

jimjames wrote: »

I'd agree.

What happens after 2/3 years when the gap cover finishes and you need to replace the car? You've suffered the depreciation anyway. Maybe it's because my cars are older but I just don't see the value in it and I'd prefer to put the money towards covering some depreciation which is guaranteed.

With mine the insurer would cover the cost of a new car in the first year and the GAP insurance allowed a year deferred and still allowed replacement level quote for 4 years so I have 5 years where I will get the money for a replacement new vehicle - the £233 I paid wouldn't be worth squat towards the depreciation