Searching for GAP insurance

Splog

Hi,

I'm considering getting GAP insurance for my car. Has anyone recently paid for GAP insurance and have any knowledge worth sharing? I was going to use http://www.click4gap.co.uk/ if anyone has a recommendation for/against them I'd be grateful to hear it.

Thanks!

David_B_2

I know some people on here have used them because I have seen the threads on MSE. Maybe try doing a search if not done so already.

Personally I didn't go for it on the last two car purchases (one only 3 weeks ago). I'm of the opinion that a new (or newish) car would have to be in one hell of a state for it to be classed as a right off. Insurance companies don't just do it for convenience, they take the cheapest option. This normally means taking your car to their registered garage where I'm guessing it's cheaper anyway.

I'd be interest to hear what insurance companies or others have to say on this matter.

At the end of the day. I looked at it like this, could I afford to lose the difference my insurance company would give me to what I originally paid?

I'm no expert and I it's only becuase I needed to make the same decision myself some weeks ago that I actually know what GAP insurance is.

Good luck

Ian_W

If you're going to use click4gap they offer £22.50 cashback if you buy through quidco but if you Google for GAP there are other co's that, certainly for my circs, come out cheaper anyway.

If your car is a brand new one - you 1st reg keeper - check your motor policy as it may well replace like for like at least for the first 12 months.

Whilst I take David B's point, modern new motors particularly higher spec ones have so many gizmos that I wouldn't imagine in a major shunt it would take complete destruction to get to the 50-60% of market value that insurers seem to use as the write-off point.

We just bought a nearly new [2months old, 600 miles] car for £2.5K+ under list for the same spec. I imagine it is only a matter of months and a few 1000 miles before that's nearly doubled in terms "market value" which is why I've been looking at GAP - but haven't yet bought. I too would be interested in others thoughts or tips.

David_B_2

Ian_W wrote: »

Whilst I take David B's point, modern new motors particularly higher spec ones have so many gizmos that I wouldn't imagine in a major shunt it would take complete destruction to get to the 50-60% of market value that insurers seem to use as the write-off point.

Cheers for that.

50-60%, I didn't think it was that low.
I was guessing at more like 70-80% but again I don't know so I'll welcome confirmation with the hope I never need it

Ian_W

None of them actually say how much % wise would constitute a write off that I've seen - but the percentage I quoted comes from new car replacement in several insurers cover. For example:
"New car replacement
If your car is less than one year old from the date of you buying it new and it is either:
■ stolen or lost and not recovered; or
■ damaged so that repairs will cost more than 50% of the manufacturer’s
Recommended Retail Price (including taxes)"
From Red Star Equity - 5th largest UK car insurer though most others I've seen say 60%.

taylorp74

As the other people have said -I would definitely consider if you really need GAP.

I think I've been mis-sold GAP Insurance. I bought a brand new Golf for £17,600 in March this year but put down £4054 deposit. I've been charged £400 for GAP (even though the salesman told me it was only £350 on the vehicle order sheet - I've just realised that they've charged £400 on the finance agreement) but I don't think I need this because as everyone is now saying the chance of the car being written off is slim and even if so I don't imagine I'd be offered £4k less than the outstanding finance.

I'm keen to hear your views - do you think I've got a case for asking for a refund.

Splog wrote: »

Hi,

I'm considering getting GAP insurance for my car. Has anyone recently paid for GAP insurance and have any knowledge worth sharing? I was going to use http://www.click4gap.co.uk/ if anyone has a recommendation for/against them I'd be grateful to hear it.

Thanks!