Hi
Just bought a 1 year old Vauxhall Zafira Design (150) from Network Q 0 pick up next week once they have added my bits and pieces.
Anyway - they mentioned the GAP insurance policy which is if you car is written off in its first 4 years, and they will pay the difference from what the insurance company offer on pay out to what you actually paid.
Is this worth it as its like £400 approx?
Any advice appreciated?
Thanks
Scott
Edited by Dynamic Dave on 10/05/2008 at 16:44
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First hit on Google (not a recommendation, just an easy observation) is for a company that gives an online immediate quote for GAP.
I just tried for my new car and it offered me what you are talking about for about £100 quid, but of course your figures will vary.
Independent GAP may well be cheaper rather than through the dealer, if you do want it.
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Hey Scott,
When I got mine I took the GAP , but haggled and paid £145. It was offered at £300, but I told them I could get a better deal elsewhere.
Push them...
Regards,
John
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No matter where you buy it from just buy it ... best money you will spend if you have to claim .....
check small print though IE you have to be fully comp etc etc
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best money you will spend if you have to claim
Big IF. And true for any insurance, but in this case, the probability that you are insuring against could be the same order as that of being struck by lightening.
IMO, this is one of the worst insurance products you can buy.
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You can tell how unlikely it is that the insurance company will have to pay out by how cheap the real (not the dealer) price of the cover is.
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I thought GAP insurance only offered the difference in what you owe and what your car is worth, not what you paid surely otherwise you could just 'damage' your car after 3 years 11 months and 29 days and get back the full price paid?
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Check your insurer, many offer it free for the first year, and mine, gives me two years cover at no extra cost.
(Mine's NFU mutual, cheap for Landrover and trailer, and include quite a few odd bits of cover that other policies don't).
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I thought GAP insurance only offered the difference in what you owe and what your car is worth not what you paid
You get the full purchase price refunded (minus any money owed to HP / Finance companies). You insurance company will pay the cars current market value; the GAP insurance will then make up the difference to equal the original purchase price.
eg, say you paid £14,000 for the car. 2 yrs 11 months later it gets written off. The insurance company give you it's current market value of £8000. GAP will then pay £6000.
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>> I thought GAP insurance only offered the difference in what you owe and what >> your car is worth not what you paid
There are several different types - the two main ones are:
1) Finance GAP (pays the finance shortfall).
2) RTI (Return to Invoice) or Invoice GAP - you get the difference between the original invoice price and your insurance company's pay-out.
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