Is GAP insurance a worthwhile investment?

I have been offered 'shortfall' GAP insurance for car at £449 for three years. If the car is a total loss due to accident/theft, then the value would be made up to the original buying price (£22250) by insurance company. Is this considered a reasonable option?

Asked on 19 July 2018 by John Smyth

Answered by Honest John
Is your car on finance? If it is, definitely a good option, if not, then not so much. If you have never had an accident in all you driving history, then you are less probable to have one in the future. If you have had a few, then your driving may be contributing to it, and you would be more probable to have another. Low risk, I would not bother buying shortfall insurance, High Risk, I would certainly be considering it and definitely with finance.
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