GAP INSURANCE

Hi

My husband picks up his new car today, the garage want £900 for GAP insurance. I have looked on the web & have found it a lot cheaper but i'm not sure if the policies any any good.

Any recommendations for a good GAP policy? Are there any companies we should avoid?

Thank you in advance for any help

17 Comments

That's a ridiculous price. I work in car sales and we charge £249 for finance GAP and £399 for invoice GAP. Try going to St Andrews group and if they'll directly with you. What dealership is he using?

I paid £150 for GAP insurance online for a £20k car a few years ago.

Google it and you'll be amazed at the amount of companies that offer this - you'll be spoilt for choice. £900 is a **** take if you ask me :x

GAP insurance is a con anywho

Alfonse;6630047

GAP insurance is a con anywho



Why's that then?:?

Alfonse;6630047

GAP insurance is a con anywho



What a ridiculous statement. Obviously unaware of what it is/does.

kyalion;6630144

What a ridiculous statement. Obviously unaware of what it is/does.



fully aware thank you, i don't care if you waste money on it :roll:

no skin off my nose

What's gap insurance?

Niafromwales;6630612

What's gap insurance?



if you write off a car etc then the GAP insurance will pay the difference between the price you paid for the vehicle and the depreciation value, hence the GAP

but i know nothing about it

I consider £150 a reasonable outlay for a potential loss of £8K.

In my case the car wasn't 'brand' new - it was an ex-demo with 150 miles on the clock so i considered this the best cover at the time.

It really depends on your circumstances.

Alfonse;6630646

if you write off a car etc then the GAP insurance will pay the difference … if you write off a car etc then the GAP insurance will pay the difference between the price you paid for the vehicle and the depreciation value, hence the GAPbut i know nothing about it



That's one version, Return To Invoice GAP. The other is Finance GAP that pays off the negative equity on a HP agreement should your car become a write off and the payout from the Ins. Co. is not enough to clear the lan in total.

Alfonse;6630646

if you write off a car etc then the GAP insurance will pay the difference … if you write off a car etc then the GAP insurance will pay the difference between the price you paid for the vehicle and the depreciation value, hence the GAPbut i know nothing about it



You said it was a con. Explain yourself.

Many insurers will replace a new car, like for like, that is written off in it's first year.

Check with your insurers.

£900 is daylight robbery for Gap Insurance.

Original Poster

Thank you :thumbsup:

its not a CON. its actually worth it.

Yes £900 is steep i think as i paid from my dealer £299 for invoice gap on a car worth £19k.

It is worth it as my mate bought a new Astra VXR £19k bought gap, wrote it off within 3 months!

Bell insurance would only give him £12k back and GAP had to make up rest to pay his finance off as other wise he would be still in debt by £7k!

so yes in my opinion it is worth it on a new car

mds1256;6632440

its not a CON. its actually worth it.Yes £900 is steep i think as i paid … its not a CON. its actually worth it.Yes £900 is steep i think as i paid from my dealer £299 for invoice gap on a car worth £19k.It is worth it as my mate bought a new Astra VXR £19k bought gap, wrote it off within 3 months!Bell insurance would only give him £12k back and GAP had to make up rest to pay his finance off as other wise he would be still in debt by £7k!so yes in my opinion it is worth it on a new car



You friend would have been better off using a decent insurance company in the first place, all insurers are not the same.
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