ilovemyheckler Posted December 31, 2019 Report Share Posted December 31, 2019 What is GAP insurance? I am getting quotes for a new vehicle and 1 of them has included £400 for GAP insurance I don’t know what it is and would the quote be a one off payment or an annual payment? Seems a lot of money if it’s annual Thanks Quote Link to comment Share on other sites More sharing options...
TIGHTCHOKE Posted December 31, 2019 Report Share Posted December 31, 2019 Guaranteed Asset Protection, it's another American thing. Quote Link to comment Share on other sites More sharing options...
washerboy Posted December 31, 2019 Report Share Posted December 31, 2019 Usually monthly, I got stung by it when I had a car written off while on finance Quote Link to comment Share on other sites More sharing options...
steve_b_wales Posted December 31, 2019 Report Share Posted December 31, 2019 My wife has just bought a new car on interest free credit. She was advised to take out GAP insurance, and it was explained to her that if her car got written off, and the money she would receive from her insurance was less than the balance owing, the GAP insurance would make up that shortfall. Quote Link to comment Share on other sites More sharing options...
Rupert Posted December 31, 2019 Report Share Posted December 31, 2019 Gap insurance is available from other providers outside the main stealer, see martin lewis. Quote Link to comment Share on other sites More sharing options...
team tractor Posted January 1, 2020 Report Share Posted January 1, 2020 It’s worth it although I haven’t got it. A Vw rep I know sold it last year (2018 not 2019) to 80 people buying golf gti/gtd/gte and he said 100% had to claim for theft . They all got a the full amount to buy brand new again where they might of been a few grand short. Another thing worth looking at is the service package. £500 usually for 3 years . If you clock the miles it’ll save you loads. Quote Link to comment Share on other sites More sharing options...
norfolk dumpling Posted January 1, 2020 Report Share Posted January 1, 2020 Write offs are so rare that this is an unnecessary add-on unless the salesman is desperate to sell the car and chucks it in 'free'. Wife and I have 90+ years of driving and have never had a fault claim so salesmen struggle to sell to us although on one deal; an unregistered car where a newer model was already on sale we got £5k off the OTR price plus he chucked in wheel/tyre cover, GAP and paintwork insurance. The only slight dodgy element was a warranty that commenced when car manufactured which was 6 months prior to date it was registered. Quote Link to comment Share on other sites More sharing options...
team tractor Posted January 1, 2020 Report Share Posted January 1, 2020 10 hours ago, norfolk dumpling said: Write offs are so rare that this is an unnecessary add-on unless the salesman is desperate to sell the car and chucks it in 'free'. Wife and I have 90+ years of driving and have never had a fault claim so salesmen struggle to sell to us although on one deal; an unregistered car where a newer model was already on sale we got £5k off the OTR price plus he chucked in wheel/tyre cover, GAP and paintwork insurance. The only slight dodgy element was a warranty that commenced when car manufactured which was 6 months prior to date it was registered. You can drive like ms daisy but if someone hits you it’s game over. Write offs are more common now I’d say due to crumple zones. The most common thing now is being stolen if you have a nice car. My mates a copper and has said to me that every rs4 /6 will be stolen at some point in its life. Golfs are stripped for parts esp gti’s Quote Link to comment Share on other sites More sharing options...
WinchesterDave Posted January 4, 2020 Report Share Posted January 4, 2020 One off fee. Buy a car for £25,000 on finance, for example, in two years time the car is worth £20,000 (again for example) but you have £22,500 left to pay off your finance leaving you in negative equity. your insurers will give you the current market value of the car at the time of write off but you still have X amount on finance to fund yourself - GAP insurance bridges the ‘gap’ and gives you the difference to make up to what you bought your vehicle for initially. Thats my understanding of it anyway. If you’re Vehicle is on finance and it gets written off and you’re in negative equity it can sting without GAP, basically. Dave Quote Link to comment Share on other sites More sharing options...
Raja Clavata Posted January 7, 2020 Report Share Posted January 7, 2020 Wouldn't buy new or recently new car without it. Had it on a BMW that was stolen in May 2018 and they gave me the original invoice price back. After I'd paid off the remaining credit I was ~ £6k better off. Brilliant product! Quote Link to comment Share on other sites More sharing options...
oowee Posted January 7, 2020 Report Share Posted January 7, 2020 If you are buying new it's also worth looking at a site like car wow or the like. I bought my wife's through it and part exchanged another. I was able to get the price I wanted for my sale and a very substantial discount off the new car. It's a buyers market (unless you want a new Jimney) and there are good discounts to be had. The site's are easy to use and effectively allow dealers to bid for your business rather like an auction. Quote Link to comment Share on other sites More sharing options...
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