Gap insurance recommendations

[lonny]

Is gap insurance a con? Has anyone ever successfully claimed on it ? Can anyone recommend a decent insurer who offers it?

[P10DGR]

Is it for a car your buying? If so i'd look for vehicle replacement insurance rather than gap, gap only covers the amaount due to pay off outstanding finance whereas VRI pays the difference between obtaining the market value from your insurance company and the purchase price of the car, for me thats the no brainer option rather than gap where you end up at square one.

[lonny]

Ah, thanks - sounds like vri is what I need. I've paid cash for new car but insurance only pays Market value so looking for something to cover difference for first few years.

[Yuxi]

Why pay more than market value for a car?

[jason s4]

It makes sense, especially if you have a large percentage on finance.

[cahami]

Shop around, i got mine for half of original quote

[andy665]

GAP has various incarnations and many differnet trading names applied to it - in essence there are two main types:

1. Pays purely the shorthfall between insurance company pay out and amount outstanding on a finance agreement

2. Pays the difference between insurance company pay out and original invoice price of car

Highly recommend it, know of many people who have benefitted from it - there is a great company that has been providing Gap cover online for a good few years now

[sinizter]

Not a con.

My dad claimed on it twice. Saved him a lot of hassle - and paid out without issue.

The 2nd time was back to invoice, which meant he didn't lose anything on that car when he wrote if off, not even depreciation for the year and a bit he had it.

[Pharoah]

I can provide GAP for £6 per month - pay as you go for as long as you want or RTI (Return to Invoice value) for £12.95 per month on cars up to 5 years old. Dealers tend to charge an up front sum of approx £500 which isn't a great deal as if you sell or write off the car in the first few years you haven't gotten great value for money. If anyone wants to PM me I can provide further details.

[lonny]

andy665 said:

GAP has various incarnations and many differnet trading names applied to it - in essence there are two main types:

1. Pays purely the shorthfall between insurance company pay out and amount outstanding on a finance agreement

2. Pays the difference between insurance company pay out and original invoice price of car

Highly recommend it, know of many people who have benefitted from it - there is a great company that has been providing Gap cover online for a good few years now

It's type 2 i'm after - anyone know any good names?

[andy665]

www.click4gap.co.uk - job done