GAP insurance

[Ed...]

sounds good to me.

 

[Maz]

Why does it cost so much less though, is it too good to be true or am I just being silly?

 

[Ed...]

lol u know what the "stealers" are like they probably make mega profit on it

 

[Maz]

Well I will take the details of this with me and ask when im there see what they say.

 

[Ed...]

good idea. they might do you a deal then.

 

[Maz]

I dont think im going to bother with this now tbh,.

 

[PB.200]

I hate gap insurance, it's a con it a lot of cases, intact I'm surprised it's even allowed.

The best situation is you write the car off 1 day before cover ends and get new money back. How can this product exist??

Tons of profit for most sellers. I'm not against profit just massive percentages!

Also you have to be careful that you make sure you get the best payout possible from your motor policy cos if you take a crap offer the gap will only cover book to original invoice.

Also you need to consider the situation you are in if the car gets written off. Does you motor policy do new for old in the first year? Also you motor policy has to leave you as you were so you should never be in a position where you can't get the same car with same spec and miles.

Having said all that if it's cheap it can be worth it. Someone mentioned £100 for 3 years and max 10k. That sounds good to me!

Just make sure you crash your car after 2 years and 364 days and you are laughing!

 

[Maz]

Yeah I found it for that price PB, dealer wanted £400.

If I cant get new for old on insurance I will take this out.

 

[Roy]

stealers must make a fortune selling GAP insurance policys
cus they wouldnt do it.i payed cash on the day for mine and they kept
phoning me all wk to ask me to take it out

 

[200cup andy]

ive had first hand experience of the benifits of gap insurance after someone wrote my car off.

id owned it for about 2 years 8 months and i was selling the car for 6k, my insurance broker would only pay out 5k then the gap made it back up to the origional value of the car including my part ex so i ended up with 9k in my pocket

so id always go for gap insurance as piece of mind that if the worst happens you can get your money back rather than what the insurance want to give you

 

[Maz]

Was that via the dealer Andy?

 

[200cup andy]

yep think it was about £300 in 2005 that was a fiat dealer in cambridge. one bit of paper and a bit of cash and its all sorted

 

[Ed...]

well worth it maz.

 

[Maz]

How can the dealer sell for £400 and other companies less than £100?

 

[PB.200]

How can the dealer sell for £400 and other companies less than £100?

Because there is tons of profit in it.

I don't know the mechanics of it but I'd suggest £100 goes into the pot to pay fir claims(well it will be invested but you know what I mean) and the rest is profit/commission etc

 

[Maz]

I was worried the non dealer option wasn't as good or the same but im guessing you cant go wrong which ever option you got for?

 

[PB.200]

Bare in mind you can bargin with the insurance company on the payout of your write off!

When my 225f1 got nicked I got offered 8750 which I managed to argue upto £10350 or £1350 more than I paid for the car in the first place so GAP would have been a huge waste for me!

Obviously that would be unlikely to happen with a new car but the principal is still the same. An insurer should never leave you worse off!! You should always get what it would cost you to replace the car from the same sales channel as you bought it. I.e. If you bought it at a dealer they should give you dealer money to replace it!!

 

[Jordie]

Got mine through ala.co.uk

went for "Back to Invoice Plus+"

£213 for 4 years.. and a GAP Claim Limit of £17500

 

[Maz]

I dont know what to do ..

 

[Richy200]

Got mine through Renault... £300