Cancel Gap Insurance from Dealer?

AbigailH

Hi all, first post her so apologies if it's in the wrong place.

I'm buying a car from my local VW dealer - Sytner Group. The deal they gave me seemed great, and they included gap insurance in the price. I paid a £250 holding deposit and I'm collecting the car on Friday with a further £209 to pay. The rest is on finance. I've since read through the paperwork, and it appears that they did give me a great deal, but the deposit amount is actually zero, and the £459 required is to pay for gap insurance. I know I can get this cheaper elsewhere, so I would like to cancel. I'm just unsure how I would approach this, as I've already paid £250 towards the £459 gap insurance. I haven't been given any terms and conditions yet, just a general information leaflet. I will be contacting the dealer first thing tomorrow, but would like to know my rights and be prepared!

neilmcl

Just tell them thank you but you've decided not to take their GAP insurance, simple as that. You're not obligated to take it at this stage.

DrEskimo

They have just reduced the price of the car and added the GAP in it's place. It doesn't affect the amount you are paying for the car.

As I understand it, it just means the dealer gets the commission on the GAP, but I don't know for sure.

AbigailH

Hi, thanks for your reply. I was just unsure if I was bound to it as I've already paid half of the gap insurance

dacouch

A motor dealer is not allowed to sell you Gap Insurance on the same day you discuss buying the car

https://www.autotrader.co.uk/car-finance/guides/what-is-gap-insurance-and-do-i-need-it-when-buying-a-car

loskie

as an insurance product there should be a 14 day coolong off period whereby yo can cancel at no loss to yourself. You should do this and benefit from the car dealer's sharp practice of clouding the figures.

neilmcl

AbigailH wrote: »

Hi, thanks for your reply. I was just unsure if I was bound to it as I've already paid half of the gap insurance

You haven't, you've paid a deposit. As above they cannot sell you GAP on the day you discuss the purchase of the car, unless you agree to complete the GAp contract there and then, which you haven't done. All they've done is "massage" the figures to show that your deposit was a down payment for the GAP, presumably so the salesman can get his commission.

tonyh66

If the GAP is added to the finance, you will pay way over the odds for it (as you will anyway), get it cancelled and get independant GAP from ALA or somewhere else.

BOBBIs_MUMMY

I recently purchased a Grand Scenic from a Renault dealer. I initially took out the GAP insurance from them at the cost of £329 (I was going to be paying monthly for 12 months interest free) There was a 30 day cooling off period in which to cancel. When I checked online I found the same cover for £169!!! so cancelled the original and took out the GAP insurance with ALA