GAP insurance

[sparkypete]

GAP insurance, is it worth having, has anybody any experience of it or claiming against it.

[Asgardian]

sparkypete said:

GAP insurance, is it worth having, has anybody any experience of it or claiming against it.

I used to sell it and tbh I wouldn't if I were buying a car...

[T5SOR]

GAP Insurance = Rip Off

[fatboy b]

I'm sure it's only a matter of time before we start seeing adverts "we're you mis-sold gap insurance? Your claim could be worth upto £7000. Call us now on xxxxxx"

[Tjw85]

I took combined rti/gap it as it covers finance balance as well as invoice price. As above, a rip off until the day someone drives into you and writes it off...

[lazyitus]

sparkypete said:

GAP insurance, is it worth having, has anybody any experience of it or claiming against it.

If you use it, YES, it's a great thing to have.

If you don't use it, it was a good thing to have but cost you money for no eventual reason.

Think of it like betting.

[Gruber]

T5SOR said:

GAP Insurance = Rip Off

In fairness, gap insurance at dealer headline prices is a rip off.

Bought through an agent at a sensible price, it has always struck me as a good idea. £100 to cover the difference between your insurance payout and the amount you owe a finance company seems to me like £100 well spent.

[lazyitus]

T5SOR said:

GAP Insurance = Rip Off

So if you had a total loss and your insurers paid you the traditional 'trade' value of the car, would you still think it was a rip off or would you think to yourself.. "Basturd, should have taken GAP out" ?

[Ozzie Osmond]

T5SOR said:

GAP Insurance = Rip Off

Second only to "Swissvax", the £499 car polish available from your local P*****e dealer.

[daemonoid]

lazyitus said:

So if you had a total loss and your insurers paid you the traditional 'trade' value of the car, would you still think it was a rip off or would you think to yourself.. "Basturd, should have taken GAP out" ?

Yes. For a start most insurers offer you new for old for the first 12 months anyway.

As some one above said it's like gambling, except you get really bad odds and most likely already have a bet on that nullifies the second one...

[sparkypete]

It does appear cheaper if you shop around, approx 150.00 for 4 years RTI. My question is do they pay out or hide behind a lid of small print.

[RammyMP]

I was offered it from BMW when I bought my 318, their first offer was £400, final offer was £200 so I took it, pays up to £10k up to 3 years after I bought the car. It'll be handy if the cars wrote off, but if not, then £200 down the drain!

I took the tyre insurance out too for £250, that's paid for itself twice now, had 2 punctures on the run flats, £250 each, replaced for free, happy days!

[Dave Hedgehog]

GAP is defiantly worth having, doubly so if you have finance on a car

just dont get it from a stealer

I got 25k RTI, 4 year cover for £250


mate had his car written off last year and got a 8k check on top of the insurance payout

[jimmy156]

A colleague recently had his GAP insurance pay out on his wife's Suzuki. He got about £6500 on top of what the third parties insurers paid for the value of the car (which was also slightly more then book rate) so he hasn't stopped singing its praises.

TBH if you do write it off it'll be the best money that you have ever spent. I'm amazed that there isn't more fraud involved with GAP insurance, with people "writing off" the three year old hatchback bought on finance and getting a full 15k back from the various insurers.

[Dave Hedgehog]

jimmy156 said:

A colleague recently had his GAP insurance pay out on his wife's Suzuki. He got about £6500 on top of what the third parties insurers paid for the value of the car (which was also slightly more then book rate) so he hasn't stopped singing its praises.

TBH if you do write it off it'll be the best money that you have ever spent. I'm amazed that there isn't more fraud involved with GAP insurance, with people "writing off" the three year old hatchback bought on finance and getting a full 15k back from the various insurers.

4 years time, cheque for 25 grand, hmmmm

[jimmy156]

Dave Hedgehog said:

4 years time, cheque for 25 grand, hmmmm

Exactly! Must be tempting for some people who are of a certain mindset! With all the people committing insurance fraud for whiplash etc. i'm surprised this hasn't been picked up on. Maybe it has but is harder to prove/isnt in the media.

[Maty]

I've just bought the OH a car as a wedding pressie. Came to doing the figures and they added GAP on at £360, I told them to take that straight off and they promptly launched into scare tactics about why I should have it. When I told them I would be getting it but online myself for £100 they dropped the price to £160, would you like us to include it now!! You weren't listening were you, I can get it for £100!!!!

[tercelgold]

Maty said:

I've just bought the OH a car as a wedding pressie. Came to doing the figures and they added GAP on at £360, I told them to take that straight off and they promptly launched into scare tactics about why I should have it. When I told them I would be getting it but online myself for £100 they dropped the price to £160, would you like us to include it now!! You weren't listening were you, I can get it for £100!!!!

Online GAP insurance makes a great deal of sense on finance or lease cars (or even new cars), someone rear ends you and it's either £100 GAP insurance or you pay the rest of the contract in cash or keep paying and have no car and a huge bill.

[Sonic]

I recently took out GAP/RTI insurance for my new car... BMW tried it on with the £500 option, but i paid £188 for £20k cover over 4 years from ala.co.uk which came recommended on a BMW forum.

GAP12 will get you a further 10% discount.

[POORCARDEALER]

The right GAP product is excellent if bought at the right price.