Gap insurance, how does it work?

guzzbuzz

danny91 wrote: »

No, it doesn't have to be purchased via finance. As others have said you will need the RTI GAP (Return To Invoice)

But please, whatever you do. Don't purchase it through motorpoint! ive just taken out a 5 year policy for £150!!

Where did you get this from mate? Seems like a good deal

force_ten

if you look at the link i posted above it has a section on where to find the cheapest gap insurance and there is a couple of discount codes from MSE that should give an extra 25% off

guzzbuzz

force_ten wrote: »

if you look at the link i posted above it has a section on where to find the cheapest gap insurance and there is a couple of discount codes from MSE that should give an extra 25% off

Yeah i did that mate, but the cheapest i could find on there was click4gap which was £150 for 4 years

Danny91 seems to have got an even better deal

force_ten

guzzbuzz wrote: »

Yeah i did that mate, but the cheapest i could find on there was click4gap which was £150 for 4 years

Danny91 seems to have got an even better deal

£150 for four years shows what a rip off the dealer offering is at £400 for three years

but £150 for five years would be very good

danny91

guzzbuzz wrote: »

Where did you get this from mate? Seems like a good deal

Directgap.co.uk
It was the cheapest I could find and also seems to provide the best cover.

If I remember rightly they rang me after I’d done an online quote and offered a bit of discount as well.

boundy

I took out RTI gap with Chris Knott insurance, £7500 of cover was just under £80, also came with excess insurance

guzzbuzz

force_ten wrote: »

£150 for four years shows what a rip off the dealer offering is at £400 for three years

but £150 for five years would be very good

Yeah exactly, glad i said no!!

guzzbuzz

danny91 wrote: »

Directgap.co.uk
It was the cheapest I could find and also seems to provide the best cover.

If I remember rightly they rang me after I’d done an online quote and offered a bit of discount as well.

Thanks Danny, i just checked got a quote from them, its £250 for 5 years and £189 for 4 years

Was it a hefty discount they offered you?

Or maybe the value of your vehicle is lower than mine?

danny91

guzzbuzz wrote: »

Thanks Danny, i just checked got a quote from them, its £250 for 5 years and £189 for 4 years

Was it a hefty discount they offered you?

Or maybe the value of your vehicle is lower than mine?

I think the discount was around a fiver a year. So not massive.
My cars value is £10495
My gap insurance pays the difference between the standard insurer settlement if my cars written off, and the settlement figure to the finance company, so the negative equity so that could be why.
They do also cover your insurance excess up to £250 as well.

jon505

Hi, Best example of a non finance use of gap insurance may be as follows. You buy the gap product that will give you the purchase price back in the event of an RTI / Write off. You buy a very up market Merc, that are well known to depreciate between owner 2 and 3. The car is in an RTI and non repairable then your insurance company will pay out to the value of the car at that time and the gap insurance will put you back to where you should have been.


The car does NOT have to be on finance to get gap insurance.