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Gap insurance - guide discussion

edited 22 October 2018 at 1:46PM in Insurance & Life Assurance
126 replies 84.5K views
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  • I just want to make sure I'm going with the right insurer - my car is due to be delivered from assembly line next week and my salesman wants to talk to me over the phone about GAP insurance. I'm not interested but want to make sure I insure with a company that replaces like for like.
  • Hi All,

    I'm not au fait with posting on forums but really wanted to say thank you all for sharing your experiences which have helped me to obtain my gap insurance for £92.00 from Aequitas Automotive Ltd (same co. as the other forum member on the previous page). My policy is also a hybrid between Return-to-Invoice and Full Replacement cover. It covers the 3yr term on my PCP agreement and is somewhat cheaper than the £399 that the dealership wanted to charge!

    May the Lord Jesus Christ bless and keep you all in His care..:j
  • Lesley5Lesley5 Forumite
    14 posts
    Eighth Anniversary Combo Breaker
    MoneySaving Newbie
    My insurance is with Churchill and I have just renewed (after comparing of course!).
    Quote from the Motor Insurance Schedule, Car Details, Estimated Value :
    "Market Value (not exceeding £75,000).
    We will not pay more than the market value of your car at the time of the loss (less any excess that may apply)."
  • GAP Insurance 123 were brilliant. We had a major accident which wrote off our 2014 Octavia and GAP Insurance 123 made the claim process pain-free and straightforward. They quickly paid out £9,738 to bring us back to invoice price for our new replacement Octavia.

    Cannot not praise them highly enough - which is more than can be said for our car insurers claim process! So impressed, we have just taken out GAP insurance for our new car through GAP Insurance 123
  • Oxo1Oxo1 Forumite
    14 posts
    Second Anniversary 10 Posts
    MoneySaving Newbie
    I took gap insurance on my new car, I asked them why am I paying for it from the off if the car insurance covers replacement car fiance etc, I pointed out that it should start after first year of my insurance, I persisted as he said never been asked that before.
    He called up insurance and they said if anything happened to my car they would cover the finance owing or transfer to replacement car
    They have sent me the gap cover but it starts immediately rather than a year later as discussed.
    Feel to call them up but I'm now doubting my understanding of it. Despite it was me who pointed out that it didn't need to start untill next year.
    They did not put gap on paperwork ( I paid cash for it) but I researched and read they are not allowed to sell you when you are first there and put down deposit which they don't tell you.
  • Oxo1Oxo1 Forumite
    14 posts
    Second Anniversary 10 Posts
    MoneySaving Newbie
    Hi all great posts
    In regards to my post in July does anyone think i could get them to change my gap insurance to start next year or is it too late.
    I definatly paid over odds but was recovering from an accident and in rush to purchase new car.
    Regards
    Oxo1
  • Oxo1Oxo1 Forumite
    14 posts
    Second Anniversary 10 Posts
    MoneySaving Newbie
    Thanks lostinheaven
    Might try
    Oxo1
  • Maple Manor parking (Birmingham) wrote off my 1 year old Audi TT. Thank God I had Gap insurance as there was a nine thousand Gap to what the insurance company paid and I owed. I would have had no deposit for a new car. I was very let down with the inital GAP service, where I had to keep ringing for updates as there policy was to not contact me?? The Gap was bought with the car, but they did pay out in the end.
    I'm currently looking for GAP independently and much cheaper.
  • I'm currently in the process of sorting out a Contract Lease for 2 years. The lease company sent an email detailing how much they could do it for. Have shopped around and can get it cheaper. The problem is, I don't know whether I need it or not! Is it essential? I'm swaying towards getting some cover but also don't want to be ripped off for anything unnecessary!!
  • I have just taken car finance for a car on hire purchase for my daughter as she could not get finance, the car is secondhand. Now, i will never drive the car but my daughter wants GAP insurance, i also won't be insured to drive the vehicle as i have my own car.
    What would be my easiest option for GAP insurance with the finance being in my name or is there an alternative to GAP insurance?
    I live in Scotland in case that is relevant. Thanks
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