Gap insurance on a lease car
Discussion
First new car for me. 2 year lease from Seat. Have paid approx 3 month deposit.
I had sort of assumed that GAP insurance would be a no brainer and it would cost around £70 for the 2 years for £10k worth of cover (invoice value of car is £32380).
However I notice that my insurer (e-sure) would replace the car with new in first 12 months. So I'm starting to question whether I should bother with GAP insurance, at least for the first year.
Can I ask what would happen in the event that the car is written off by a third party? If their insurer's payout doesn't clear the outstanding finance, am I then out of pocket? Is this why I should still consider GAP cover?
I had sort of assumed that GAP insurance would be a no brainer and it would cost around £70 for the 2 years for £10k worth of cover (invoice value of car is £32380).
However I notice that my insurer (e-sure) would replace the car with new in first 12 months. So I'm starting to question whether I should bother with GAP insurance, at least for the first year.
Can I ask what would happen in the event that the car is written off by a third party? If their insurer's payout doesn't clear the outstanding finance, am I then out of pocket? Is this why I should still consider GAP cover?
Edited by Gad-Westy on Tuesday 3rd October 09:59
Check out the Audi S5 lease thread.
Poster on there had his S5 nicked shortly after having taken delivery.
Had GAP but this didn't cover the deposit.
Remember that the car isn't yours on a lease. Your insurance may replace the car, but the owner may not give it to you!!!
Can you get GAP on a car after you've had it a while?
You may have to buy the GAP and defer it for a year - which they will charge you for! IIRC, mine wanted another £60 odd. (4 years GAP £47k list). My insurance replaces car within the first 12 months but that insurance runs out in March and I don't want to be tied down to companies that do this when i renew.
Poster on there had his S5 nicked shortly after having taken delivery.
Had GAP but this didn't cover the deposit.
Remember that the car isn't yours on a lease. Your insurance may replace the car, but the owner may not give it to you!!!
Can you get GAP on a car after you've had it a while?
You may have to buy the GAP and defer it for a year - which they will charge you for! IIRC, mine wanted another £60 odd. (4 years GAP £47k list). My insurance replaces car within the first 12 months but that insurance runs out in March and I don't want to be tied down to companies that do this when i renew.
AlwynMike said:
Check out the Audi S5 lease thread.
Poster on there had his S5 nicked shortly after having taken delivery.
Had GAP but this didn't cover the deposit.
Remember that the car isn't yours on a lease. Your insurance may replace the car, but the owner may not give it to you!!!
Can you get GAP on a car after you've had it a while?
You may have to buy the GAP and defer it for a year - which they will charge you for! IIRC, mine wanted another £60 odd. (4 years GAP £47k list). My insurance replaces car within the first 12 months but that insurance runs out in March and I don't want to be tied down to companies that do this when i renew.
Cheers. I suspect I will go for it. I'm just trying to understand the circumstances in which it comes into play and obviously make sure that if I do get it, I get an appropriate level of cover.Poster on there had his S5 nicked shortly after having taken delivery.
Had GAP but this didn't cover the deposit.
Remember that the car isn't yours on a lease. Your insurance may replace the car, but the owner may not give it to you!!!
Can you get GAP on a car after you've had it a while?
You may have to buy the GAP and defer it for a year - which they will charge you for! IIRC, mine wanted another £60 odd. (4 years GAP £47k list). My insurance replaces car within the first 12 months but that insurance runs out in March and I don't want to be tied down to companies that do this when i renew.
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