GAP insurance

[PB.200]

How could you pay the loan off, if for example it got written off and you got less than you owed on the personal loan? ;/

With the money I saved from not buying gap!!

Seriously though I personally got a huge discount put a bigger deposit down and have a very low interest rate so I will never owe more than it's worth!

If you have bought a car which means you instantly have negative equity I would be worried about the deal and finance package you got!

 

[Deako]

That's not gap that's PPI which most companies are pulling due to all the bad press and claims for miss selling!

Gouldy completely misunderstanding again? Huh.........No!!!!!!!?????

 

[Ed...]

PPI payment protection insurance has nothing to do with this, they give you the difference in value between insurance payout n what you payed. simples

 

[Maz]

With the money I saved from not buying gap!!

Seriously though I personally got a huge discount put a bigger deposit down and have a very low interest rate so I will never owe more than it's worth!

If you have bought a car which means you instantly have negative equity I would be worried about the deal and finance package you got!

Im not not worried about the deal im more worried about what insurance companies are like.. having had to fight out the value of a car before.

 

[PB.200]

Gap is always upfront too!! Never monthly!!

 

[PB.200]

Im not not worried about the deal im more worried about what insurance companies are like.. having had to fight out the value of a car before.

But you still have to argue even with gap!

The salesman my say it pays the difference between your payout and what you paid but actually it's the difference between what you paid and book!

If you take a really bad payout the gap will not cover all the difference!!

 

[Roy]

Im not not worried about the deal im more worried about what insurance companies are like.. having had to fight out the value of a car before.

they all the same take ya money but when it comes to paying out they t like to give you as least they can

 

[Maz]

There's always more to it then you get told in the "sell" stage, glad I asked.

 

[Ed...]

on my gap policy it says they will cover up to 10k shortfall.

 

[PB.200]

on my gap policy it says they will cover up to 10k shortfall.

That may well be the max but it will only pay that if the difference of book to purchase price is 10k

Let's go to extremes.

If you paid £15k and the car gets written off when the book was £10k but you take £5k from your insurance thinking it dunt matter cos the gap will cover it you will be in for a shock.

 

[Maz]

So in short the answer is you dont need gap you need to fight it out your insurance.

Woody, I thought you paid cash for your car, why you got GAP if whats said in here is right and you only need it for finance?

 

[SnapMonkey]

GAP insurance is for anyone who buys a new car, not just Finance buyers.

Its advisable to have it with finance as you can have a written off car, and still owe the finance company the difference between the paid out value, and the financed amount.

Woody got it so if he wrote his car off, he's effectively paying himself the difference, rather than a finance company.

When I ordered my 200, I opted for the Renault GAP Insurance, which is a new vehicle policy, not back to invoice policy. Also, being direct through Renault, there is no messing about with 3rd party companies not willing to pay out.

Its also worth noting that say if in 34 months time it gets written off, I can take the money to another dealership and get ANY other car, your not just restricted to Renault, so long as the financed amount is settled (you pocket the difference).

Whats the penalty for this flexibility you may ask?? £350. Not cheap, but I think for hassle prevention, it will be worth it.

 

[Ed...]

yep as varlski says gap insurance cover the "total loss" of any car. whetehr it be PCP, HP or whatever.

if i smashed the the car up tomorrow and my insurance only wanted to pay 5k i would be claiming on the gap insurance to pay for the rest of the vehicles value.

 

[Maz]

Lots of conflicting messages in this thread, no wonder im confused !!

Thats what I originally thought varlski, thank you for confirming.

 

[PB.200]

yep as varlski says gap insurance cover the "total loss" of any car. whetehr it be PCP, HP or whatever.

if i smashed the the car up tomorrow and my insurance only wanted to pay 5k i would be claiming on the gap insurance to pay for the rest of the vehicles value.

No your motor policy gives you the value of the car, gap tops you back up to purchase price!

 

[SnapMonkey]

Thats what I originally thought varlski, thank you for confirming.

No probs Maz!

I don't know why anyone would turn down GAP insurance, you must be a bit mental or something.

They are the sort of people that 'saved' £300, but ended up paying out £5k 2years down the line, and then bleating about it saying its unfair.

 

[Maz]

I thought about not bothering after reading various things, im not bothered about the cost I just wanted to make sure it was something I needed.

 

[PB.200]

No probs Maz!

I don't know why anyone would turn down GAP insurance, you must be a bit mental or something.

They are the sort of people that 'saved' £300, but ended up paying out £5k 2years down the line, and then bleating about it saying its unfair.

In what situation will I "payout" £5k

You really have swallowed all the salesman says haven't you?

With gap you are not insuring anything? What you are doing is effective gambling against yourself!

If the car get written if you get it's value! Before it was written off you had it's value, without gap you are no worse off!!

Gap makes you better off if you write your car off!!

Why can't people understand this it's simple!!
Lookup credit default swap gap is similar in principle

 

[SnapMonkey]

I've not swallowed anything the salesman has said. Have you got life insurance? Do you take travel insurance? Did you tell the mortgage company you wasn't going to insure your house? The whole point of insurance is that you should never hope to use it, but its there if its required.

The fact you think GAP is gambling is terrifying. Hypothetically speaking, after a horrible crash involving hospital time and time off work etc, do you really want to be paying for a car thats been cubed?

Ultimately its up to you, but i'm in the better safe that sorry camp. That doesn't make me easily influenced.

 

[Ed...]

Agree with u totally varlski gap isnt a gamble its piece of mind