GAP insurance

deaston

I'm sure this has been discussed before but can't really find anything.

I'm about to take delivery of a new car and, as predicted, the dealer tried to sell me all sorts of insurance products (alloy wheel, damage etc). But the one that has always confused me is gap insurance.

I'd be interested to hear anyone's comments because, to me, it seems you're insuring against an inevitability - depreciation. And the only time the policy would pay out is if the car were written off which is a very unlikely possibility,

I've said no, but would be interested to know if that's the right thing.

Mercdriver

This thread has some good advice and is on this page too at the moment!

https://forums.moneysavingexpert.com/discussion/5504768

TadleyBaggie

deaston wrote: »

And the only time the policy would pay out is if the car were written off which is a very unlikely possibility,

Why very unlikely? Many cars are written off every year.

redpete

TadleyBaggie wrote: »

Why very unlikely? Many cars are written off every year.

And many many are not - so very unlikely.

As with most insurance it comes down to how expensive the unlikely event might be and whether you could (or would want to) pay for it yourself.

Exemplar

We declined for out 2016 TT. In the finance office the guy said 'look, I know you said no. But I will do it for £5.00 a month if you say yes now'. We said yes. And we took the alloy cover at £30.00 a year as I cannot park...