GAP insurance?

[gmk666]

I know it's all subjective, but is it worth it?

I'm getting a fair bit of pressure from the OPC about buying it and all I keep hearing is "the majority of our customers do".

That'll be you lot then.

So has anyone bought it really?

Can anyone talk me into giving Porsche another £590 for two years' cover?

[fidgits]

i personally dont think its worth it - unless your taking out substantial HP on the car, or think its likely to be written off within a year..

[gmk666]

My thoughts entirely. Although the main reason I'm saying no is because they're trying so hard to push it.

[fidgits]

gmk666 said:

My thoughts entirely. Although the main reason I'm saying no is because they're trying so hard to push it.

salesmen make a nice commission if they sell GAP

[gmk666]

And they'll be trying extra hard because I've already said no to their offers of finance and Supaguard paint protection.

[pikey]

Depends on your insurance company.

Mine would only replace the car at "market value"... and that was the base car without options. So the £6k of options were never insured. Had the car got nicked / written off within the first week, they would have given me enough cash for a second hand £44,000 Cayman S with no options.

Mmmm... wasn't a difficult decision!

The gap insurance (or rather asset protection) plugs the whole between invoice value and insurance pay out (for 2 years & up to £25k).

Well worth £240

[surfandprotect]

I wouldn't pay £590 to Porsche when there's online companies (like ourselves) wo are usually able to offer the same (if not better) cover for substantially less than the dealer.

To clarify, there are generally four types of GAP Insurance available.

Finance GAP Insurance, covering the difference between Motor Insurance payout and amount required to settle the finance secured on the vehicle.

Retail Value GAP Insurance, covering the difference between Motor Insurance payout and the retail value of the car when you purchased the policy (ours refers to Glass' Guide, others don't)

Invoice GAP Insurance, covering the difference between Motor Insurance payout and the original price paid for the vehicle

Replacement GAP Insurance, covering the difference between Motor Insurance payout and the equivalent cost of replacing the vehicle New-For-Old at the time of claim.

Less widely available is Contract Hire GAP Insurance (also available for corporate vehicles) covering the difference between Motor Insurance payout and the early termination fee of the Contract Hire / Lease Agreement. Although some online providers of Invoice (RTI) GAP Insurance have opted to somehow shoe-horn cover in for Contract Hire Agreements... we prefer to have it as a stand-alone specific product.

Regards

David

[bund]

If the car is written off can you just not keep pushing untill the insurance company replaces your car for one the same?

[xxplod]

Interesting the OPC were pushing it. The salesman I dealt with pretty much asked if I wanted it, I said, no and we moved on.