GAP

Honest John Back Room » Motoring discussion
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Sun 6 Nov 2005 18:45
GAP - budu
I have been offered Guaranteed Asset Protection in connection with a new Mitsubishi Coplt Red, for £395 for 3 years. This is a top-up to normal insurance which, of course, only offers current market value in the case of total loss. With GAP added, you get back the full invoice price. Does this seem a good deal?
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Sun 6 Nov 2005 19:06
GAP - Quinny100
At £395 its a rip off. A search on Google will reveal a number of providers who offer GAP for around £100.

Be aware that most insurers offer new-for-old cover for the first 12 months of the cars life so its only really worthwhile if you keep the car longer than that.

My personal view is that for £100 I'd take it out, especially if the car was on finance.
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Mon 14 Nov 2005 20:59
GAP - Sponge
I picked up a new Audi last month and they wanted £349 for Return To Invoice (RTI) GAP insurance. A friend of mine had recently taken out GAP insurance on his new car and had paid significantly less, so I knew to look elsewhere. I ended up going with this company on their Gold plan.

www.surfandprotect.com

Slightly more expensive, but it offers greater cover than RTI. It covers up to the cost of a replacement car at the time of loss.
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Tue 15 Nov 2005 09:15
GAP - commerdriver
Friend's daughter who worked in Skoda dealership reckoned (dealership) GAP insurance was a total rip off, great for commission but you wouldn't sell it to a friend
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Tue 15 Nov 2005 10:51
GAP - mountainkat
Won't be a rip-off if you write-off your 2yr old car, like all insurance chances are you won't need it but if you do it may well be worth a good few grand !!
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Tue 15 Nov 2005 11:37
GAP - bhoy wonder
Three words here Haggle, Haggle, Haggle. Bought VW Passat in June. They wanted to sell me GAP for £349. After a few minutes got him down to £120. They get commision on this insurance. Do not be afraid to haggle. Always remember that £5 is better in your pocket than in theres.
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Tue 15 Nov 2005 12:32
GAP - commerdriver
Won't be a rip-off if you write-off your 2yr old car,
like all insurance chances are you won't need it but if
you do it may well be worth a good few grand
!!

Gap insurance itself isn't a rip off as such but to pay the main dealer / manufacturer price for it as part of the deal may well be
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Tue 15 Nov 2005 12:40
GAP - Roly93
Bear with me if I'm being a bit thick, but I'm unfamiliar with this and wanted to ask if my understanding is correct.

If you were to insure a 2 year old car and suffered a total loss, would you get back the original invoice price for the car even if you bought it new ?

eg £20,000 car worth say £13000 after 2 years written off, - insurance gives you cheque for £20,000 rather than the realistic market value ??
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Tue 15 Nov 2005 12:52
GAP - daveyjp
That's one version of it. Another pays the differnce between what you get from the insurance company pay out and what is owing on finance. GAP is a potential minefield - you need to know what you are getting and read through it carefully. There are more get out clauses than you would believe. I've always avoided it like the plague as to date no one has offered it for nothing!
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