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Car finance & GAP insurance
Beaujolais7
Posts: 12 Forumite
in Motoring
Hello, we have a car on finance 1 year left to pay on a 3-year loan, we took out GAP insurance on buying the car to cover ourselves as we had a newish car written off a few years ago and GAP covered us. Our current car has mechanical issues where the repair cost is beyond economical repair, we have £2600 to pay on hp. Has anyone else been in this situation ? It's the weekend and we can't get through to the HP or GAP company, to find out.
Many thanks
Many thanks
0
Comments
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Gap is for stolen or written off isn’t it? Not sure it covers mechanical?1
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My understanding of GAP matches @Deleted_User but what type of mechanical failure puts a "newish" car beyond economical repair?1
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Gap insurance covers the difference between an insurance payout and the finance.
Is this an insured claim?0 -
Would GAP also payout if there was a Mechanical Breakdown Insurance in place? I would expect not?0
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As per all of the above, GAP wont cover mechanical issues.
What sort of mechanical failure are you seeing thats putting the car beyond economical repair?0
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