malkiserow Posted April 29, 2014 Report Share Posted April 29, 2014 What do the PW 's think of Gap insurance for cars? Worth it or not? If you think it good, what do you pay? Any recommendations for companies? Thanks, MS Quote Link to comment Share on other sites More sharing options...
al4x Posted April 29, 2014 Report Share Posted April 29, 2014 Depends if buying new or second hand and also whether paying in full or finance. I pay for vehicles so don't have gap insurance as it's simply another cost on top and I can take the chance. However if I was buying new I would think a little more about it Quote Link to comment Share on other sites More sharing options...
robbiep Posted April 29, 2014 Report Share Posted April 29, 2014 Honest John (www.honestjohn.co.uk) reckons that gap insurance through a dealer is 80%-90% commission. You can find it online through lots of different companies, just search. Quote Link to comment Share on other sites More sharing options...
Rupert Posted April 29, 2014 Report Share Posted April 29, 2014 if buying new or a fast depreciating car on a low deposit and without personal funds to cover the gap should you have to bail early or in the event of an accident then yes its a good idea. Quote Link to comment Share on other sites More sharing options...
kent Posted April 29, 2014 Report Share Posted April 29, 2014 I bought it and payed cash for a new L200, cost about £250 and if its gets done in or nicked in the first few years I get a brand new one. That sounds like a fair thing to me, I mean you got a lump of vat and depreciation in a new motor Quote Link to comment Share on other sites More sharing options...
phil123 Posted April 29, 2014 Report Share Posted April 29, 2014 20k on my freelander, think the gap insurance was around £150 - if it gets nicked or written off within 3 years I get the full original invoice amount back. Bit of a no brainer to me! Quote Link to comment Share on other sites More sharing options...
Davyo Posted April 29, 2014 Report Share Posted April 29, 2014 (edited) Wife took it out on the her new focus, as phil123 says its about £150 for 3 years.If stolen or written off,you are supposed to get back the full purchase price (i think however its the diff between the current value at the time of getting written off and the outstanding finance)But we all know insurance companies will try their hardest to get out of paying. There are 2 diff levels of gap insurance, invoice gap and combined gap. Edited April 29, 2014 by Davyo Quote Link to comment Share on other sites More sharing options...
Guest stevo Posted April 30, 2014 Report Share Posted April 30, 2014 Wouldn't be without it , I know a couple of people that has been stung with a great big fat bill . when there car has been written off !! its Pence in comparison to you could end up paying stevo Quote Link to comment Share on other sites More sharing options...
malkiserow Posted April 30, 2014 Author Report Share Posted April 30, 2014 Wife took it out on the her new focus, as phil123 says its about £150 for 3 years.If stolen or written off,you are supposed to get back the full purchase price (i think however its the diff between the current value at the time of getting written off and the outstanding finance)But we all know insurance companies will try their hardest to get out of paying. There are 2 diff levels of gap insurance, invoice gap and combined gap. interesting there are 2 types...... Quote Link to comment Share on other sites More sharing options...
washerboy Posted April 30, 2014 Report Share Posted April 30, 2014 I had problems with mine, didn't payout even half the value of a car when it was wrote off and I still owed money on the finance Quote Link to comment Share on other sites More sharing options...
malkiserow Posted April 30, 2014 Author Report Share Posted April 30, 2014 I had problems with mine, didn't payout even half the value of a car when it was wrote off and I still owed money on the finance what company was that with if you don't mind me asking? Quote Link to comment Share on other sites More sharing options...
washerboy Posted April 30, 2014 Report Share Posted April 30, 2014 Will look when I get home, I was paying out for a car I no longer owned for three yrs Quote Link to comment Share on other sites More sharing options...
dougall Posted April 30, 2014 Report Share Posted April 30, 2014 yes no brainer......if car is new/valuable.... Quote Link to comment Share on other sites More sharing options...
NickB65 Posted April 30, 2014 Report Share Posted April 30, 2014 Never buy it from a garage as you can buy the same cover from any insurance broker. You do not have to buy it when you buy the car so when buying a new car the car is covered for the first 12 months. There was an article on Radio 4 and the outcome was that for most people it was not worth doing....... Quote Link to comment Share on other sites More sharing options...
Fisherman Mike Posted April 30, 2014 Report Share Posted April 30, 2014 I had problems with mine, didn't payout even half the value of a car when it was wrote off and I still owed money on the finance Wife had a similar problem. The lower the premium the more spurious it is in my experience. Always read the small print. Quote Link to comment Share on other sites More sharing options...
kent Posted April 30, 2014 Report Share Posted April 30, 2014 Never buy it from a garage as you can buy the same cover from any insurance broker. You do not have to buy it when you buy the car so when buying a new car the car is covered for the first 12 months. There was an article on Radio 4 and the outcome was that for most people it was not worth doing....... Actually some main dealers just love to get you in for another new car after yours gets stolen or written off, though some might build a healthy commission in it not all do as its an easy sale every time it happens. Trust me if you selling a good volume it will happen and its a not a bad conversation to have with a client Quote Link to comment Share on other sites More sharing options...
washerboy Posted April 30, 2014 Report Share Posted April 30, 2014 Can't find paperwork for it, it was through D.C Cook. Totally waste of money, miss sold me it Quote Link to comment Share on other sites More sharing options...
markm Posted April 30, 2014 Report Share Posted April 30, 2014 Can't find paperwork for it, it was through D.C Cook. Totally waste of money, miss sold me it No reason to doubt you but I would have the name on the tip of my tongue if that happened to me. Quote Link to comment Share on other sites More sharing options...
washerboy Posted April 30, 2014 Report Share Posted April 30, 2014 It's no longer dc cook, car was a 4 yr old Nissan primera gt...so that ages it a bit. Quote Link to comment Share on other sites More sharing options...
bullet1747 Posted April 30, 2014 Report Share Posted April 30, 2014 yes I've had to use it years ago Quote Link to comment Share on other sites More sharing options...
DaveyTed Posted May 1, 2014 Report Share Posted May 1, 2014 Most car insurance replaces the car if stolen or written off in first year. Take out gap insurance, if you want, when a new car is 12 months old. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.