Just popped into the Ford Garage to check on my New car that i pick up on Saturday and they have asked me if i want GAP insurance on it??

Basically for those that dont know this is how it works.

Say for instance you bought a car for 20k........2 years later for instance it got stolen/Wrote off ect.....

Your insurance company would probably offer you....say 12k

The Gap insurance will pay the remaining 8k that will take it up to the Original price you paid for it...20k

All this for £350 all in....

I will be taking this out on the new car

Just wanted to know if anyone has had it and had to claim on it at all?????

 

I have on both my new vehicles bro seems like a good system

 

Dont know if it works like that does it??

Doesnt it only cover the difference owing on finance or the like??

 

GAP insurance is great if your car OWES finance ..if it doesnt, then you dont need it as all you'll get is market price anyway unless the car is written off and less than 1 year old, where they'll replace it for a new one (if applicable)

I reckon you could of got it cheaper than £350 as well

Business Managers, dont you love em

 

Damo

No mate as i am paying for mine outright and i did ask that to be sure.....

I have read through the whole thing and tbh it is THAT simple

 

two against two so far lol

 

I would be VERY sceptical - since when has insurance companies wanted to pay people extra $$$

 

This policey covers you for 3 years......

I asked this question

Say my car is 2 years old and has covered 125,000 mile, The insurance offer me 8k.....Will the Gap pay the rest???

The answer was yes

 

its true people

 

The rest what??

Funnily enough I used to work alongside salesmen who spouted no end of shit, just to earn an extra fiver..... and keep their figures up

I would do sme searching on the net just to be sure

 

Once again ...Business Managers

GAP policies were introduced for the sole reason that when Joe Blogs takes a vehicle on finance they owe the Fin Comp £xx amount before they own it.... excluding 1/2 & 1/3 rights.

If the vehicle was written off/stolen a year or 2 down the line, the Insurance company will only pay out market value ..the GAP policy should (depending on purchase/market value) pay the difference to clear it from finance ... Whats the point in oweing say £17.5k on finance, market value £9k ..too much of a short fall ..hence the GAP policy. Also read the small print as it will/ or did only pay up to 40% difference

Its another insurance policy, on top of another insurance policy. No such thing as free money when it comes to Insurance companies and risks...

 

I'm still VERY Sceptical and maybe the GAP policy has changed but a quick scoure found this

http://www.firstcar.co.uk/services/g...FQVNQgod8XrTBg

 

double post

 

triple post

 

I am a car salesman and Gap is a good system, but we sell it for $299 and it costs about £150 to buy for us , ask your insurance company if they can supply a similar product for cheaper. VRI is what you get if u take out finance, its short for vehicle replacement insurance, same thing.

 

Agree with Damo....read it again Tiff as this was offered to us when lindsay was getting a 1 yr old fiesta..

It covers what you OWE on finance. So if you owe 10k, but the market value is 8k and it gets knicked, the outstanding 2k you owe is paid through the gap insurance!

 

your a salesman, you would say it was good

 

There are 2 types of GAP insurance - RTI (Return to invoice) which is what TIFF-C20WTH was offered, and Finance Gap - which is what i think Damo V is on about.

The RTI Gap is generally a very good policy but if you need to claim on it there will be a limited time between your car being written off and you submitting all the relevent paperwork to the insurers for a claim.

I work in a large car supermarket and we sell both - I would personally say that they are worth the money. (we would charge between £199 - £999 depending on how deep your pockets look!)

 

Got it on my focus for £350.

Will check the finance issue on the certificate I have here, as I owe nothing on finance. I'm sure it doesn't matter if you have finance or not it is tied to the invoice value of the vehicle, although I think it excludes any options you take.

 

So you could go out buy a new £48k BMW M3 CASH

then get it .. I mean it gets nicked after 2.5 years and your insurer writes you a cheque for market value, £27kish

You are telling me GAP will then write out a further cheque for £21k ish (max claim25k)

SO you have had 2.5 years motoring in a heavily depreciating car for nothing (bar fuel insurance servicing etc)... Jesus why did I buy the ECos

There would be next to no cars on the secondhand market at all!!! those that are will be stolen/recovered

The rest would be in the english channel

 

But it only covers upto £20k on my policy - mine is £15k so ok.

Tiff - I have the policy scanned in if you want a copy emailed?

 

yeah 20k claim !!!!

(can be up to 25k )

 

Along with Protected NCB !

 

I used to work in vehicle finance and GAP insurance was ALWAYS to cover the difference between the payout from the isurers and the remaining finance amount. Nothing else.

I'd be really careful matey as I did that job for a good year and I dealt with it everyday. Gap insurance only ever covered the car's finance.

 

Would post up the policy if photobucket took more than 512k - no mention of the finance in any of it - just the invoice amount.

 

Tiff is 999% correct

My mate had gap cover on his Pug 206

He bought it for about 8k

2 years odd later he wrote it off on the M1

His insurance payed out about 4k, and the gap topped it up to the on the road price he paid

Its stupid not to take out GAP cover IMO

 

Glad to hear of someone who has used it. My foci is worth about £7-8k now, rather the £15k - for £349 - You do the maths!

 

roybacer

how did he pay?

 

gap is as tiff says

we got a customer at work who just wrote off his galaxy and just got a brand new model that was on sale with more options,,,,,,,, im not taking the piss either

he literally came in, asked about the deals ect coming up and was told about fords winter deal and then hes looses control of his car and wrote it off,,,,,,,,,,, now hes ordered a new model adn a new reg,,,,,,,,,,,

not saying hes done it on purpose as obviously nobody would do a thing like that

just saying it works


also i can get gap for 50 quid at work when i asked about buying a fiesta ST for 9k

shame im a pikey fucker and all i can afford is the 50 quid for the policy

 

He bought the car cash i believe

Its NOTHING to do with how much is/could be owing on the finance





As above it just tops up the money to the on the road amount u payed for the car, end off

 

welll I stand by my statement, shortly, there will be NO seconhand cars coming onto the market

 

Definitely not - none of us would! But its nice to have the reassurance!

 

But protected NCB only lasts a few times eh

 

2 or 3 claims within 3 years... gap lasts 3 years

 

Interesting point then. Probably stop selling it as soon as it gets abused too much.

 

damo not everyone who buys a brand new car buys em with the intention of smashing it up or loosing it,,,,,,,,,,, so just like insurance its generally easy money for em


but if too many people loose there car then it will go up


like the way that the helpfull car supermarkets price there stuff up btw,,,,,,,,, 350 to 999 depending on the customers pockets

and then theres the fact there over priced cars have even higher interest charges,,,,,,,,,, all that cash and there customer service makes simon look customer focused


sorry but i hate companys that are just there to scam the ignorant antrusting people

i say get rid of em and allow proper dealers to hold the responsability

anyway rant over,,,,,, tiff buy the car and when you get fed up crash it into damo's escos,,,,,,,,,,, that would raise this discusion alittle more

 

wonder how many rovers had a gap policy on it,,,,,, if my mate had it on his ZT i recon he would have crashed into his dealer after reading the paper in the morning

 

with a bit of luck I'll have agreed value and salvage rights so long as its written off who cares rofl

 

we could have a business idea for ya here damo,,,, get rich quick,,,,, but a fast depriciating car, drive home and crash into the cossy and then double your cash,,,,,,,,, do that a few times a year

 

Just reading the policy for my GAP cover

Only conditions are

Car has to be insured fully comp
They will only pay out of the person driving at the time of incident is fully comp
If total loss occurs due to civil disorder
And if ur pissed/on drugs at the time of the accident
Also does'nt include damage to extra's bought at the same time of the car (included in on the road price), unless there covered in ur car insurance

IE uprated sterio etc etc