Best Gap insurance cover?

[Andehh]

I bought my car 6months ago with the expectation of doing limited miles. Name job has now moved increasing my annual mileage dramatically. Works paying for the fuel etc, but it has got me wondering about gap insurance should the worst happen.

The car - BMW F10 530D depreciates like hell, so gap insurance could come in useful in a couple of years if something should happen.

For £150odd is it worth it? Any recommendations?

Cheers

[Monty Python]

Mines with ALA - cost ~£130 for 3 years with a limit of £15000.

[Andehh]

So how does it work, they estimate a value for your car prior to policy then pay you the difference between insurance and the figure over the years of cover?

[Defcon5]

It makes up,the shortfall between how much you owe on finance/how much insurance pay out

[oobster]

I also purchased GAP through ALA for my brand new car a couple of years ago, fortunately I haven't had to use it yet but was very easy to set up and seemed to be competitively priced at the time.

[Andehh]

Cheers guys, how does it work if you bought the car second hand? Would they generally pay you up to the value you got the car for?

[northandy]

Return to invoice cover isn't much more expensive, that then pays out the difference between the insurance settlement and what you paid. If your considering gap I'd be looking at the extra £40 ish for RTI cover.

[Monty Python]

Andehh said:

So how does it work, they estimate a value for your car prior to policy then pay you the difference between insurance and the figure over the years of cover?

It depends what cover you take - mine covers any shortfall between the insurance and the price I paid for the car up to £15000.

[Andehh]

And do they cover cars 6 months+ after purchase? As most of the quotes ask for <3 months, but still give me a price etc when I select 'no'? Hence wondering if it is the current value, or the price I paid 6 months ago they will pay up to?

Just wondering if there is a hard & fast rule with them, or YMMV based on which provider you go for.

Cheers guys, appreciate the help!

[Monty Python]

With ALA it has to be taken out within 6 months of purchase.

[Andehh]

bks, I am a week over that! Will have to see if other providers allow for over 6 months.

edit; I take it back I am under their 105 day limitation by a couple of weeks so all good. Policy bought with ALA, also got 10% off via Honest John code HJ64.

Many thanks guys

Edited by Andehh on Monday 13th October 12:19