Gap insurance advice

[greamec]

Hi all,

Trying to work out best option and find best price.


Just purchased a second hand car for £7000 from main dealer and would like some peace of mind. Plan on keeping the car at least 3 years.
What is the best / cost effective gap cover.

I have not been on the forum for a while but remember the quotes for pistonheads insurance were always raved about for price. My initial research is telling me otherwise so any advice/ tips would be welcome as I know policies can vary.

Many thanks Greame

[greamec]

fatboy b said:

Google ‘gap insurance’. Make your own mind up if you want it. No need to ask on here.

Try getting out of the other side in the morning, see how your day goes

[greamec]

SteveC72 said:

That’s a bit harsh, man. The guy wants a bit of advice from some like minded people.

Thanks brother Steve

[greamec]

kelevraz said:

I bought RTI (return to invoice) gap insurance when i bought my car for 12k in 2016, it cost me £349 over 4 years, so added something like a £8 to the monthly bill. Ironically, at the time i didn't even really know all that much about gap insurance

The car was stolen recently, and my insurer's first offer came in at 3.5k

Didn't need to argue with them, didn't need to try and get them to negotiate a larger settlement or any of that bks. Just forwarded the offer onto my gap insurer with all the relevant documents.

The only thing they said to me when i contacted them (other than get us X docs) was 'don't accept any offer from your insurer, as if they try to low ball you, we'll negotiate on your behalf for them to pay more, as its in our interest that they give you as high an offer as possible'

5 Days later, my GAP insurer wrote back saying they had no problems, and were happy to settle and pay the remaining £4.5k

Best £349 i've ever spent

Nice which company did you use? Return to invoice looks like the cheapest option but was wondering if it is worth paying more, not sure I understand the other type of gap though.

Thanks Greame

[greamec]

Well what can I say!!! Thanks very much everyone that's a great help. Just to clarify I purchased the car for cash and part exchanged the old one. I take it I am covered for the full sale price and not just the amount of cash I paid ( does that make sense?) . I will get a quote from the company suggested.
Thanks again greame

[greamec]

mcflurry said:

Thinking with a £7000 car, if you make a claim in a year's time, assuming the car will be worth £4500-5500 the £100 Gap cover would cover you back to the £7000.
IMHO I'd say that was worth paying the ~£100

agreed me to, waiting for my quote. thanks again everyone.