Hovering on GAP
Discussion
Panamax said:
I've never understood the point of trying to insure normal depreciation.
However, I believe GAP is favoured by people who buy cars on finance and don't want to be left paying off, say, a £10k loan but only receiving £7k if the car gets written off.
This. The lease/finance company will still want their payments as well as a car or cash equivalent. I took GAP insurance on my car for the peace of mind - it worked out at about £60/yr I think. Mine also covered reimbursement of the initial upfront as well which would be unlikely to be covered with standard insurance. Essentially if my car was written off in year one I'd have no liabliity to the lease co and the £xxxk back in my pocket to fund its replacement.However, I believe GAP is favoured by people who buy cars on finance and don't want to be left paying off, say, a £10k loan but only receiving £7k if the car gets written off.
Edited by Funk on Tuesday 31st May 20:36
Panamax said:
I've never understood the point of trying to insure normal depreciation.
However, I believe GAP is favoured by people who buy cars on finance and don't want to be left paying off, say, a £10k loan but only receiving £7k if the car gets written off.
It should be favoured by everyone equally. A loss is a loss, regardless of the purchase method. However, I believe GAP is favoured by people who buy cars on finance and don't want to be left paying off, say, a £10k loan but only receiving £7k if the car gets written off.
Panamax said:
I've never understood the point of trying to insure normal depreciation.
However, I believe GAP is favoured by people who buy cars on finance and don't want to be left paying off, say, a £10k loan but only receiving £7k if the car gets written off.
I purchased my car with cash. There is no finance on it. You would be a fool not to take GAP insurance out on it. However, I believe GAP is favoured by people who buy cars on finance and don't want to be left paying off, say, a £10k loan but only receiving £7k if the car gets written off.
I can't see the benefit of GAP on a second-hand car.
If the car is a write off you show the insurer links to equivalent cars for sale as evidence to its value.
I've first hand experience of this.
GAP is of most benefit when taking finance and the car's value might be less than the outstanding finance remaining.
If the car is a write off you show the insurer links to equivalent cars for sale as evidence to its value.
I've first hand experience of this.
GAP is of most benefit when taking finance and the car's value might be less than the outstanding finance remaining.
For the small price of the gap insurance, I'd suggest you get it. Shop around and buy it on the internet not from the dealer, it's cheaper.
You'll get options for clearing finance, return to invoice value, or Vehicle replacement.
Last time i bought gap I took a 5 year term, sold the car after 3 years and got a refund for the 2 years remaining. Hence would also suggest if you're a cash buyer to buy a long term insurance.
You'll get options for clearing finance, return to invoice value, or Vehicle replacement.
Last time i bought gap I took a 5 year term, sold the car after 3 years and got a refund for the 2 years remaining. Hence would also suggest if you're a cash buyer to buy a long term insurance.
austina35 said:
Panamax said:
I've never understood the point of trying to insure normal depreciation.
However, I believe GAP is favoured by people who buy cars on finance and don't want to be left paying off, say, a £10k loan but only receiving £7k if the car gets written off.
I purchased my car with cash. There is no finance on it. You would be a fool not to take GAP insurance out on it. However, I believe GAP is favoured by people who buy cars on finance and don't want to be left paying off, say, a £10k loan but only receiving £7k if the car gets written off.
1. I've never understood the point.
2. You'd be a fool not to.
The correct answer is......for some people there's no point, and for others they'd be a fool not to. Just like loads of other types of insurance, for some it's a total waste of money in their circumstances, whereas someone else's circumstances mean it's an absolute must.
People who say it's pointless or it's a must buy are both wrong. It depends solely on the individuals circumstances.
I have it, got it in March for my F90 M5.
Return to invoice is best as you get back what you paid.
ALA are highly regarded on here.
Free month up front whilst you think about it.
Use piston12 for a 12% discount for pistonheads
It’s a no brainer.
See here
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Return to invoice is best as you get back what you paid.
ALA are highly regarded on here.
Free month up front whilst you think about it.
Use piston12 for a 12% discount for pistonheads
It’s a no brainer.
See here
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Canon_Fodder said:
To paraphrase Handforth Parish Council
"READ THE SMALL PRINT! READ IT AND UNDERSTAND IT!"
Insurance products don't have small print. They have normal sized print, that people don't read, and then claim it was small print when their laziness comes back to bite them. "READ THE SMALL PRINT! READ IT AND UNDERSTAND IT!"
However, GAP insurance is usually pretty straight forward. Of course, there are some Ts & Cs, but by and large, it does what it says on the tin.
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