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  • FIRST POST
    • jagbeth1
    • By jagbeth1 22nd May 13, 9:00 PM
    • 313Posts
    • 5,692Thanks
    jagbeth1
    Gap Insurance Recommendations Please
    • #1
    • 22nd May 13, 9:00 PM
    Gap Insurance Recommendations Please 22nd May 13 at 9:00 PM
    Official MSE Insert:

    You may also find our fully researched Gap Insurance guide helpful.

    Back to the original post...


    My son is purchasing a new car and is due to pick it up at the beginning of June.
    We have been looking at gap insurance and the quote from the dealer is about 350. I am aware that he can purchase this insurance online for about 140 or so however having never used on of these companies I am asking for recommendations from people that have.

    As my son is only 19 yrs and the car is brand new I would rather he have this cover for peace of mind but dont want him to pay any more than he has to, however I also dont want him buying cover with a co that disappears in the first 3 months!

    So any recommendations would be appreciated.

    Thanks

    Nikki
    Last edited by Former MSE Zorica; 18-01-2016 at 3:48 PM.
    Elite 5:2 #6 8 /34lbs
Page 1
    • BJV
    • By BJV 23rd May 13, 10:55 AM
    • 2,255 Posts
    • 3,376 Thanks
    BJV
    • #2
    • 23rd May 13, 10:55 AM
    • #2
    • 23rd May 13, 10:55 AM
    Rather than turn this thread into an advert for all and sundry to post their so called recommendations I would look at the which money Gap Insurance review and the defatqo gap insurance ratings..

    There are also a couple of things that you can do.

    Ist find out if your own motor insurance company offers new for old within the first 12 months. if they do and you are happy with any terms and conditions then why not defer the start date so that you are not paying twice.

    2nd before you start shopping online make sure in your own mind that you have decided what you would like your policy to do if ever you need to make a claim.

    Clear finance, protect the invoice or even the replacement cost.

    Also remember that even if you buy a policy you will have a cooling off period.

    Sorry have to disagree have long a company has been around is no real reflection of how good the policies are, or how claims are handled. Instead it is what is in the terms and conditions that is the most important as yes as who the insurance under-writers are.

    Good luck and your son is a lucky young man. Hope he enjoys it.
    Last edited by BJV; 23-05-2013 at 11:03 AM.
    Happiness, Health and Wealth in that order please!
    • CB1878
    • By CB1878 23rd May 13, 11:14 AM
    • 93 Posts
    • 52 Thanks
    CB1878
    • #3
    • 23rd May 13, 11:14 AM
    • #3
    • 23rd May 13, 11:14 AM

    That being said, it's all bordering on irrelevant because whichever broker you buy from, it doesn't matter if the broker goes under, you'll still have a policy with the insurer/underwriter regardless and because all parties involved in the sale of insurance have to be regulated by the FCA (used to be called the FSA) you're covered by the Financial Services Compensation Scheme anyway (FSCS) which in very simplistic terms means that if the insurer/underwriter cannot meet their obligations to you as a policyholder, the UK Government will step in to pay some or all of your claim depending on the amounts involved ( see here )
    Originally posted by lostinheaven
    After deleting all your carefully crafted links, I have to agree with the bold area. If they are irrelevant then why link to those sites? perhaps because these providers do not rank particularly well in Google's natural search and could do with a mention or two? I have to say your knowledge of the history, and glowing reference to one of the brokers is particularly impressive!

    Sorry if I am doing you a disservice but it does look a little fishy!

    I would say checking out the policy terms is far more important than most other aspects, including who the broker is. The broker will not handle the claim, or underwrite the terms, so actually are pretty irrelevant. If they were to go 'bump' then it does not really matter, it is the claims procedure and underwriter that is ultimately responsible in that case, and this should be checked to be reliable. Of course all of the policies you find in the UK should be backed by the FSCS as a last resort.

    As previous poster said, check out the report on Which? and Defaqto (good for policy comparison), get quotes, check the terms and make your own mind up.

    I would say buying from the dealer will seriously damage your wealth though, online brokers are normally better value and probably better products too
    Last edited by CB1878; 23-05-2013 at 11:25 AM.
    • BJV
    • By BJV 23rd May 13, 5:52 PM
    • 2,255 Posts
    • 3,376 Thanks
    BJV
    • #4
    • 23rd May 13, 5:52 PM
    • #4
    • 23rd May 13, 5:52 PM
    TBH after reading the post again you are correct. It was the OP was pointing to longevity as an indicator. Not necessarily yourself.

    By the sorry that things did not work out for you with which ever retailer it was.
    Last edited by BJV; 23-05-2013 at 5:57 PM.
    Happiness, Health and Wealth in that order please!
    • BJV
    • By BJV 24th May 13, 8:14 AM
    • 2,255 Posts
    • 3,376 Thanks
    BJV
    • #5
    • 24th May 13, 8:14 AM
    • #5
    • 24th May 13, 8:14 AM
    Sorry OP I would look as we have said at Defaqto and the which report. Please also remember that just because your dealership policy is more expensive just because you are paying more it does not mean that your policy is better.

    So if you are shopping around forget everything expect what is written in your policy terms and conditions. And always check the company out on the FSC register.

    Ask what ever questions you want as if the company is completely above board they will never be offended.

    Good Luck
    Last edited by BJV; 24-05-2013 at 11:23 AM.
    Happiness, Health and Wealth in that order please!
    • CB1878
    • By CB1878 24th May 13, 11:00 AM
    • 93 Posts
    • 52 Thanks
    CB1878
    • #6
    • 24th May 13, 11:00 AM
    • #6
    • 24th May 13, 11:00 AM
    I'm not sure I understand your objection.

    My only recommendation focused on the inferred requirements of the OP who doesn't want to buy from a company that will disappear in three months. The companies I included links to have been selling Gap Insurance online longer than most (if not all) others, therefore potentially directly meet the OP's requirement through evidence of historical longevity - I provided the links for the OP's ease.

    My particular focus (hardly a glowing reference?!) towards one of them speaks for itself in a similar regard, but I went on to explain that historical longevity is as entirely relevant as it is (for the reasons I gave and which you agree with and added to) also irrelevant .

    "Given that we launched gapinsurance.co.uk in May 2012" - taken from that companys recent blogpost, also in the public domain, hardly qualifies them as an 'old stager' in Gap does it?

    Also, as the domain is registered to the owner of Surf and Protect, a former online provider, and not the company you name. Does this indicate a long term commitment to the product, or a history, compared with other providers?

    I included links to other online providers of Gap Insurance in a conversation yesterday that were as appropriately relevant to the topic as the links I provided above. Is it your opinion that I was wrong to do that too?

    I have had sustained and very comprehensive involvement in the field of Gap Insurance as a General Insurance product for some years now. At one point I was involved day-to-day at Director level with an online retailer of Gap Insurance that is sadly no longer around. So yes, I know a bit about Gap Insurance and those who provide it.

    - clearly not the fact that FP/gapinsurance.co.uk have been selling it for only one year perhaps?

    Of course your previous position puts you in a fantastic position to assure the OP as to the situation if a provider ceases to provide Gap, ie in that the terms are still underwritten by the insurer, and any claim handled by the policy administrator? I am sure you agree that policy terms and conditions are far more important than the time a provider has been trading?

    Originally posted by lostinheaven
    As I mentioned before I do apologise if I have done you a disservice, the internet is riddled with 'adverts' for online providers, many of which are no doubt placed by the companies themselves, or associates of them.
    Last edited by CB1878; 24-05-2013 at 1:22 PM.
    • jagbeth1
    • By jagbeth1 24th May 13, 2:31 PM
    • 313 Posts
    • 5,692 Thanks
    jagbeth1
    • #7
    • 24th May 13, 2:31 PM
    • #7
    • 24th May 13, 2:31 PM
    Thanks will check out defaqto and also the which report.

    I know that longevity of a co is no promise that they are any better or worse than others but wasn't sure how else to judge. Will now make sure they are covered by FCA and then check out the policy details against the dealers!

    Will now get a copy of the policy from dealers (easy to do my brother works for them) and will compare it to the online dealers.

    Thanks for your help, hopefully comparing them will not be to confusing.
    Elite 5:2 #6 8 /34lbs
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