GAP insurance - worth it?

Honest John Back Room » Motoring discussion
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Thu 11 Dec 2003 10:45
GAP insurance - worth it? - blank
What do you all think?

Recently collected new car (MR2, it's lovely!) and the salesman is pushing GAP insurance.
I won't bore you with the details but the car is effectively not financed and Tesco will replace the car like-for-like if written off within 12 months.
So, is the £300ish for GAP insurance to cover the difference between Tesco's payout and the replacement value of a new car if written off within 3 years a good buy? I have looked on the web for others offereing GAP insurance and the price seems sensible.

Any thoughts

thanks
Andy
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Thu 11 Dec 2003 10:52
GAP insurance - worth it? - No Do$h
£300 for what could be half the value of the car? Sounds reasonable to me!

Bear in mind the salesman and dealership will get a hefty wack of the premium, so push for a bit of discount, but I would go for it.
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Thu 11 Dec 2003 10:55
GAP insurance - worth it? - M.M
Andy,

Have a look at this recent thread...

www.honestjohn.co.uk/forum/post/index.htm?t=18124&...e

Seems you might also need "Plug the GAP gap" cover as well!

M.M
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Thu 11 Dec 2003 11:40
GAP insurance - worth it? - mal
Have a look also, (via the forum search) at these postings.
www.honestjohn.co.uk/index.php?url=/forum/search.h...m

Mal.
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Thu 11 Dec 2003 11:56
GAP insurance - worth it? - Colin M
An lot of insurers already cover you for this for the first 12 months on their policies.

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Thu 11 Dec 2003 12:13
GAP insurance - worth it? - OldPeculiar
I'm a little dubious about this latest thing the insurers have come up with. I'd advise you to read the small print carefully and make sure it covers all the circumstances that your normal car insurance does.

I guess it boils down to your own feeling on risk. Are you the sort of person that takes out plumbing insurance, extended warrenties, mortgage payment protection etc, or do you put the money that you would spend on additional insurance in a savings account 'for a rainy day'
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Thu 11 Dec 2003 12:44
GAP insurance - worth it? - blank
Thanks for the comments and links.

Another recent thought by me. I realise that the fact that I have never written off, or indeed significantly damaged a car in my 13 years of driving, perhaps I am due for a biggie?! Also we will barely miss £25/month for 12 months (interest free installments)and it would be so much niced to get a brand new replacement for our 3-year old beautifully looked-after car than another 3 year-old.

Edging towards going for it - any last minute objections?

Andy
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Thu 11 Dec 2003 12:49
GAP insurance - worth it? - Mark (RLBS)
I'd be really interested to hear from someone who has claimed under one of these policies.

They appeared after I'd left he insurance industry so I don't know anything about them. I keep intending to get around to reading one of the policy documents, but I haven't yet.
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Thu 11 Dec 2003 12:59
GAP insurance - worth it? - No Do$h
Ford Credit were marketing GAP through Ford Dealers back in 1992 or 3 so there must be a fair few around who have personal experience of claims.
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Thu 11 Dec 2003 13:02
GAP insurance - worth it? - blank
I keep meaning to read the document for my (proposed) policy too!
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Thu 11 Dec 2003 13:06
GAP insurance - worth it? - Mark (RLBS)
scan it and mail it to me - I'll read it for both of us.
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