Discussion
Now I don't buy these type of products usually but I've just brought this with my new RS at £457 for 3 years cover. I can cancel in first 14 days so as I brought last Monday I can still get a refund
Year 1 not relevant so cover only really applies in years 2 and 3.
Interested to know if anyone here has ever claimed and what the outcome was.
Also if anyone is interested the OPC have a used White/Black 997 RS in stock
Year 1 not relevant so cover only really applies in years 2 and 3.
Interested to know if anyone here has ever claimed and what the outcome was.
Also if anyone is interested the OPC have a used White/Black 997 RS in stock
I've not had to use GAP insurance thankfully but I have had plenty of customers who have, and I must say it is definately worth the money. We have had countless amount of customers turn up with a cheque from the insurance company to buy themselves a brand-new car. Chubb is not going to give you back invoice price for your 3 year old car if it is nicked/written off but the GAP will.
I definately would not hesitate to take this out on any car I own, even a £15k Mini!!
I definately would not hesitate to take this out on any car I own, even a £15k Mini!!
A pal of mine bought this product by accident, ie stitched up by a rogue salesman at the point of sale.Anyway they didn't know they had it until the car was written off 2 1/2 years later and while looking at the finance paperwork to settle the car they noticed Gap insurance. Couple off calls later and a three week wait and their insurance company and the gap people had paid back every penny she paid for the car.Chuffed to bits she was.
RVVUNM said:
A pal of mine bought this product by accident, ie stitched up by a rogue salesman at the point of sale.Anyway they didn't know they had it until the car was written off 2 1/2 years later and while looking at the finance paperwork to settle the car they noticed Gap insurance. Couple off calls later and a three week wait and their insurance company and the gap people had paid back every penny she paid for the car.Chuffed to bits she was.
What happens if you take 3 year Finance and GAP from the OPC, then decide to settle the finance early. Is the GAP now worthless? Or will it still pay the invoice price out in the event of write off??955 GUY said:
RVVUNM said:
A pal of mine bought this product by accident, ie stitched up by a rogue salesman at the point of sale.Anyway they didn't know they had it until the car was written off 2 1/2 years later and while looking at the finance paperwork to settle the car they noticed Gap insurance. Couple off calls later and a three week wait and their insurance company and the gap people had paid back every penny she paid for the car.Chuffed to bits she was.
What happens if you take 3 year Finance and GAP from the OPC, then decide to settle the finance early. Is the GAP now worthless? Or will it still pay the invoice price out in the event of write off??fbrs said:
i was driving along financed up to the eyeballs in my 2 3/4 year old car when i realised i had gap insurance. i was so shocked i accidently swerved into a lamp post and got all my money back. 
Thats what I was thinking. This must be up for abuse. You buy a new car, small deposit, have it for 3 years then in year 2 month 9, yo uhave an accident, the car getts written off, and you get all your money back.Where is the catch, apart from your insurance premuim going up on the next car as you have a claim history, and, if you have PNC, the loading would only be 5-10% anyhow...
Mr F
It looks like there are two quite different risks being insured, presumably by different products.
1) insurance against negative equity for financed cars - the risk to the insurers decreases as the "gap" should reduce over time (because the predicted depreciation over the financed term is split over the entire term equally, yet is heavier at the start), ideally to nil before the term ends.
2) insurance of the difference between price paid at point of sale and insurance payout at time of total loss claim - the risk to the insurers increases over time as the car depreciates
In case 2) it shouldn't matter whether there is/was finance in place or not.
1) insurance against negative equity for financed cars - the risk to the insurers decreases as the "gap" should reduce over time (because the predicted depreciation over the financed term is split over the entire term equally, yet is heavier at the start), ideally to nil before the term ends.
2) insurance of the difference between price paid at point of sale and insurance payout at time of total loss claim - the risk to the insurers increases over time as the car depreciates
In case 2) it shouldn't matter whether there is/was finance in place or not.
thegoose said:
It looks like there are two quite different risks being insured, presumably by different products.
1) insurance against negative equity for financed cars - the risk to the insurers decreases as the "gap" should reduce over time (because the predicted depreciation over the financed term is split over the entire term equally, yet is heavier at the start), ideally to nil before the term ends.
2) insurance of the difference between price paid at point of sale and insurance payout at time of total loss claim - the risk to the insurers increases over time as the car depreciates
In case 2) it shouldn't matter whether there is/was finance in place or not.
Thats right; and with the FSA regulations now in place you should not be sold GAP unless you have a small depsoit and finance nearly 100% of the vehicle. I would definately reccomend RTI cover in every other instance.1) insurance against negative equity for financed cars - the risk to the insurers decreases as the "gap" should reduce over time (because the predicted depreciation over the financed term is split over the entire term equally, yet is heavier at the start), ideally to nil before the term ends.
2) insurance of the difference between price paid at point of sale and insurance payout at time of total loss claim - the risk to the insurers increases over time as the car depreciates
In case 2) it shouldn't matter whether there is/was finance in place or not.
The system is up for minor abuse, but the insurance company has to be happy that the claim is valid to pay out before the GAP/RTI policy provider would pay you any money. In any instance it is surely a must have for anyone buying these high value, high depreciating cars :runs and hides:!!
The other benefit is that you no longer have to haggle with the insurance company over the price of your mangled/stolen P&J.
Edited by matc on Tuesday 15th January 17:11
yorksdrive said:
Resurrecting an old posting but does anyone have advice on buying GAP insurance and who to deal with. Finance is over 3 years and have read about the problems if I have a total loss. Many thanks.
Insure your car with Chubb, then you won't need it. They pay out agreed value.GAP insurance is the biggest con ever.
My wife took gap insurance out on her first car. It wasn't expensive and she thought the risk of trashing the car was quite high as she had very little driving experience. As it happens she never trashed it, so she got no benefit. But the peace of mind was worth it for her. It's just another insurance product, so read the small print and decide for yourself if you want it.
lazyitus said:
...3 people I know in the last couple of months that have benefitted to the tune of c£7K each because they had a Gap policy.
outside of this forum i've never even heard of gap insurance, yet you know 3 people who; all have it, all claimed at the same time, all for the same amount. buy a lottery ticket! 
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