Anyone use or considered Gap insurance...
- Thread starter Doogle
- Start date
Cheers for this, would you recommend it for a brand new car, do you have experience of Gap Insurance (Sounds like you do?) It's clearly more expensive but then you're hopefully replacing like for like hopefully in the unfortunate event of theft or accident I guess?
I see researching Gap Insurance there's a lot of specialists out there and differing types of cover?
Don’t forget that most insurance policies will replace a total loss with a like for like vehicle in the cars first year. I think GAP is worth nothing in the first year.
I lease mine, so always get gap via ala as you can include cover for the deposit. your insurance company should pay the full value if written off in the first year (always check the policy wording!) but after that You will need to negotiate and hope they pay out enough to cover the outstanding balance. I am risk averse so for a few hundred quid I think it’s worth it.
I got GAP,,,,from total loss gap, used before simple, cheap and always seem to come top in polls. you even can insure your deposit on a lease car...
I wrote off a 51 plate Clio which I had on PCP. 53 weeks from the day I picked it up.
Low deposit, buttons on the monthly payments, massive balloon at the end, plus obscene depreciation in the first year, meant the payout was from memory about 4k short of what I owed!
Despite the fact that in hindsight I was missold GAP, paid off the difference plus the year's insurance and hire car cost that was deducted from the settlement.
I'd never be without it again .....But I'd never get it from the dealer!
Low deposit, buttons on the monthly payments, massive balloon at the end, plus obscene depreciation in the first year, meant the payout was from memory about 4k short of what I owed!
Despite the fact that in hindsight I was missold GAP, paid off the difference plus the year's insurance and hire car cost that was deducted from the settlement.
I'd never be without it again .....But I'd never get it from the dealer!
We have a great GAP insurance sponsor cheaper than dealers. @DBK @ GAPinsurance.co.uk
Just make sure you buy correct product, adequate to form of payment and ownership. If you're first registered owner and your car insurance offers replacement car in first 12 months, you can buy GAP with delayed start from 2nd year.
In case of Cash purchase or PCP, Invoice Gap was good enough, but now with prices of cars going up, it might be better to buy Replacement Gap.
In case of PCH, it's finance GAP that will pay off finance and can cover initial payment.
I used Ala Gap (MSE25 discount code), Shortfall, TotalLoss, GapInsurance.co.uk and probably couple more. I get it for every car, just in case.
In case of Cash purchase or PCP, Invoice Gap was good enough, but now with prices of cars going up, it might be better to buy Replacement Gap.
In case of PCH, it's finance GAP that will pay off finance and can cover initial payment.
I used Ala Gap (MSE25 discount code), Shortfall, TotalLoss, GapInsurance.co.uk and probably couple more. I get it for every car, just in case.
Hi.
Just to let you know that we offer a 12 month product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance we feel for some customers it can make a cost effective alternative.
Please feel free to take a look if you wish.
www.adrianflux.co.uk
Regards,
Dan.
Just to let you know that we offer a 12 month product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance we feel for some customers it can make a cost effective alternative.
Please feel free to take a look if you wish.
Total Loss Protection Insurance
Get total loss protection insurance to prevent a financial shortfall if your car is written off following a claim. Speak to us now.
www.adrianflux.co.uk
Regards,
Dan.
Apologies for the old thread, but for anyone considering skipping the first year of Gap Insurance as I have done previously because the main car insurance typically replaces a written off car with a new car in the first 12 months - check your main car insurance policy.
I am insured with Admiral and their policy for car replacement within 12 months states: If you do not want us to replace your vehicle, or a vehicle of the same model and specification is not available from UK stock, the most we will pay is the market value.
Bearing in mind the lack of availability of UK stock and current new car delivery lead times, you may well end up with the market value of your written off car, which (as Gap insurance is designed to cover) may be less than what you may owe on your finance agreement.
I am insured with Admiral and their policy for car replacement within 12 months states: If you do not want us to replace your vehicle, or a vehicle of the same model and specification is not available from UK stock, the most we will pay is the market value.
Bearing in mind the lack of availability of UK stock and current new car delivery lead times, you may well end up with the market value of your written off car, which (as Gap insurance is designed to cover) may be less than what you may owe on your finance agreement.
This is why I've always done 4 year gap to cover the PCP term, that little nugget is within the T&C's and is easily missed.
Just used gapinsurance.co.uk for a 4 year gap on my pcp. Sooo much cheaper than the dealer quote and was a pleasey re speaking with them too… mentioned I found them through this forum and got the discount too! Just for piece of mind it’s worth the cost. (Ps I’m in no way affiliated with them lol just thought their service and manner in which I was dealt with was top drawer).
just need to pick the car up now!
just need to pick the car up now!
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