GAP insurance

[euan]

I had a nose about and couldn't find the thread, we had one on GAP insurance a while ago can anyone point me in the direction? Ordered a new Polo for the missus at the weekend and I wanted to review the comments people had at the time about it.

[FergusM]

worth getting, my last car was stolen and it paid out and saved me from a massive loss.

[Sweeney]

I got it for my golf, im not handing that amount of cash over to lose so much more for some eejit to prang it!

Although shop around, vw's gap rate is as ever with a car dealer, not exactly cheap :P

[Gismo]

Not wanting to open up the big debate again, but, isn't there something wrong when you have to buy insurance and then another type of insurance to cover that :eek: :mad:
I don't get it and i've never paid extra for it either, i suppose it's the risk i take :mad:

[FergusM]

Well lets me put it this way... I paid £34k or so for my Lexus...when it was stolen I got ~£25k from insurance company...and the £300 I paid for gap insurance, that covered me for 3 years or £15k, paid out £9k.... a big loss otherwise.

well worth every £ and is something that I have for the mini.

[AndyP & Lenore]

Alan, you're absolutley right on both counts... we shouldn't have to pay insurance and then top up with more insurance because the original policy is inadequate.:o :(

But, thems the challenges you face in life and if you want/need to ensure you aren't faced with a bill for £several thousand£ if the worst happens, you've not much choice.:o :(

We always take GAP or VRI. Just in case.:(

A.;)

[Craig]

I took GAP on my "S" but that was because the car was over £20K. haven#t got it on my current Coop, but as you say, that is the chance I am taking.

I would definately take it on an expensive car..;)

[euan]

BS - I agree completely and can feel a letter to Watchdog coming! It's the insurance industry coming up with new products to sell us so they can make more money.

So, the advice seems to be on an expensive car do, if not then don't. I have to admit, I've never taken it but am thinking about it for this one as it's her first car in a long time.

Will need to see what it's going to cost - where have people got it if not from the dealer?

[Scottie]

I've never taken GAP but got it for free with my Audi.

It would seem to me to be a good idea if you finance a car any car where your deposit is small. Should anything happen to the motor you are not left trying to find money to clear the loan should you owe more than the car is worth.

Reading a recent thread on here about PCP deals where the deposits are with £500 or £1000 it seems to me that it could be a real risk to go without GAP.

[Gismo]

It would seem to me to be a good idea if you finance a car any car where your deposit is small. Should anything happen to the motor you are not left trying to find money to clear the loan should you owe more than the car is worth
Fair enough if you want to get your money back, but, the gap insurance won't give you the amount to pay off an interest accrued loan, especially in the early days of the loan.
Surely insurance is there to replace the car you have with like for like, not to get a lump sum and then to find a replacement.

It's a legalised thieving scum way of getting more money out of you, you can't drive a car without it and yet if you're innocent you're still penalised, the system sucks in my book

[euan]

Fair enough if you want to get your money back, but, the gap insurance won't give you the amount to pay off an interest accrued loan, especially in the early days of the loan.
Surely insurance is there to replace the car you have with like for like, not to get a lump sum and then to find a replacement.

It's a legalised thieving scum way of getting more money out of you, you can't drive a car without it and yet if you're innocent you're still penalised, the system sucks in my book

BS, I'm sensing you have a serious issue with insurance companies :D

And I have to admit, I agree completely with your thoughts of the insurance industry!

[N12 JLK]

we have it on our S. Lesley knows all about this, if a car is less than one year old and a right off most insurers will replace the car from new.
The above fact is from Lesley top woman in morethan.

[AndyP & Lenore]

Fair enough if you want to get your money back, but, the gap insurance won't give you the amount to pay off an interest accrued loan, especially in the early days of the loan.
Surely insurance is there to replace the car you have with like for like, not to get a lump sum and then to find a replacement.

It's a legalised thieving scum way of getting more money out of you, you can't drive a car without it and yet if you're innocent you're still penalised, the system sucks in my book

Wouldn't /shouldn't make a difference when in the loan these days Alan, as the vast majority of regulated (and some non-regulated) finance agreements have an interest rebate scheme. We took the red MINI on finance, then paid it off two days after the first payment came out. Total overall cost, for taking finance instead of just writing a cheque in the showroom - £75.

And the GAP insurance WILL cover the difference between the insurance company's valuation on the car and what is outstanding on the finance. if you want the vehicle replaced like for like you want VRI.

A.;)

[AndyP & Lenore]

Euan, we've found that there are companies out there who will beat the dealer's price for GAP/VRI. And when you tell the dealer what you're quote is, they immediately drop their price to match. A BMW garage quoted us £350 for the X5. Told them we could get the same cover for £199 from a third party. Didn't even blink. Agreed to match price immediately. Made me wish I'd said £150.:rolleyes: :D ;)

A.:D

[KenL]

Remeber that insurance companies will replace your car completely if it is stolen/written off within the first year. Watch out for some companies that will only give you a totally base ONE, Cooper, S etc.

If you are going for gap - shop around! Dealer prices have the usual dealer mark up applied :-(

[AndyP & Lenore]

Remeber that insurance companies will replace your car completely if it is stolen/written off within the first year. Watch out for some companies that will only give you a totally base ONE, Cooper, S etc.

If you are going for gap - shop around! Dealer prices have the usual dealer mark up applied :-(

Not true.:eek:

Sadly, lots of insurance companies now restrict that offer to 6 months.:mad:

A.