Gap insurance advice
Discussion
fatboy b said:
Google ‘gap insurance’. Make your own mind up if you want it. No need to ask on here.
Why didn'y you follow your own advice here: https://www.pistonheads.com/gassing/topic.asp?h=0&...Bob-2146 said:
Gap insurance is a massive con. “Yes sir please give me the extended warranty and the alloy wheel cover” ...
If you must have it never buy from a dealer. Ala gap on here will quote you I believe.
It’s risk mitigation. Not a con at all unless you buy from the dealer and have your pants pulled down. If you must have it never buy from a dealer. Ala gap on here will quote you I believe.
Must create an incentive to park your three year old car somewhere dodgy (Bradford?) and hope it gets nicked so you can get a shiny new one. Otherwise chances of actually needing to claim due to a full loss must be fairly negligible.
I suppose the product is mainly geared towards those buying something they can’t really afford on finance.
On something that will depreciate faster than falling off a cliff edge I can see how it may be useful (e.g. new f type, Renault Alpine a110). But for 7k used I personally wouldn’t bother.
I suppose the product is mainly geared towards those buying something they can’t really afford on finance.
On something that will depreciate faster than falling off a cliff edge I can see how it may be useful (e.g. new f type, Renault Alpine a110). But for 7k used I personally wouldn’t bother.
I have an RTI on the car which i bought for £30k 12 months ago, and which is now worth about £22k. Policy cost about £300 for three years. Absolute no brainer for me - if there's a total loss then I'll be able to replace with a much newer car than i currently have.
It does create a perverse incentive insofar as I'd be better off binning it then selling it...
It does create a perverse incentive insofar as I'd be better off binning it then selling it...
GAP is included as standard on my NFU Mutual insurance policy for the first two years of the cars life. (Strictly speaking, they will provide an equivalent new car or recompense the invoice cost if it is considered a write off or stolen and unrecovered. Write off is if repair exceeds 60% of current value).
greamec said:
mcflurry said:
Thinking with a £7000 car, if you make a claim in a year's time, assuming the car will be worth £4500-5500 the £100 Gap cover would cover you back to the £7000.
IMHO I'd say that was worth paying the ~£100
agreed me to, waiting for my quote. thanks again everyone.IMHO I'd say that was worth paying the ~£100
True GAP would cover the gap (!) between insurance payout and any outstanding finance I believe, so check what your getting.
ALSO, when I had my car stolen and started my claim on my Return To Invoice, they asked me to produce the original invoice, not the order form which is what you normally get. I did not have a copy, so had to get the dealer to scour the old filling cabinets (and it had changed hands) to find their copy.
so, if you have RTI, make sure you have an invoice and confirm that it is acceptable.
in my case £300 payed out ~£13K and I got £26K back for a car that was 3.5 years old.
So certainly not a con.
Gary C said:
in my case £300 payed out ~£13K and I got £26K back for a car that was 3.5 years old.
.
It might be useful for others to post who it was that paid out, as the concern people often have is whether the company they trust their money with will actually pay out come claim time. .
bungle said:
Gary C said:
in my case £300 payed out ~£13K and I got £26K back for a car that was 3.5 years old.
.
It might be useful for others to post who it was that paid out, as the concern people often have is whether the company they trust their money with will actually pay out come claim time. .
Miss that car.
Gary C said:
But isnt that RTI rather than GAP
True GAP would cover the gap (!) between insurance payout and any outstanding finance I believe, so check what your getting.
GAP is not so named because it covers the gap!! It stands for Guaranteed Asset Protection, and can be sold in various guises, all of which are forms of GAP insurance!True GAP would cover the gap (!) between insurance payout and any outstanding finance I believe, so check what your getting.
TwigtheWonderkid said:
Gary C said:
But isnt that RTI rather than GAP
True GAP would cover the gap (!) between insurance payout and any outstanding finance I believe, so check what your getting.
GAP is not so named because it covers the gap!! It stands for Guaranteed Asset Protection, and can be sold in various guises, all of which are forms of GAP insurance!True GAP would cover the gap (!) between insurance payout and any outstanding finance I believe, so check what your getting.
TwigtheWonderkid said:
Gary C said:
But isnt that RTI rather than GAP
True GAP would cover the gap (!) between insurance payout and any outstanding finance I believe, so check what your getting.
GAP is not so named because it covers the gap!! It stands for Guaranteed Asset Protection, and can be sold in various guises, all of which are forms of GAP insurance!True GAP would cover the gap (!) between insurance payout and any outstanding finance I believe, so check what your getting.
We’ve never had GAP before but have recently taken it out for my wife’s new leased Kuga, it’s a £28k car and it’s owned by somebody else, so if for whatever reason it’s written off or stolen then we won’t have an issue paying the lease company back.
Probably wouldn’t have done it if bought outright because we would be (theoretically) put back in the same position of having a car given to us if the correct age.
Probably wouldn’t have done it if bought outright because we would be (theoretically) put back in the same position of having a car given to us if the correct age.
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