GAP Insurance

[bigvin]

Has anyone had any experience of, or going to take up GAP insurance on their motor? My dealer was trying to sell it to me when I ordered my 182 for £299, but as yet I have not yet made my mind up whether to take it or not. It is supposed to make up the difference between your insurance companys value of your car and the original selling price if it is written off in the 1st 3 years, but as with all insurance policies, I am always sceptical!

Any views folks?

 

[telford_mike]

If you are taking out a hefty finance deal you should take GAP insurance. Heres why:

You pick up your new motor. You have a nice new car, and you owe the finance company £13,000.

3 months later you come out of the pub one night and your car is gone. The police find it the next day, burned out.

Your insurance company offer you £10,500 for your car. You still owe the finance company £12,000. Without GAP insurance you are left with a £1,500 debt, and no car.

If you are paying a large deposit on the car though, you dont need this.

 

[Roamer]

Erm, only thing I have to say is it will only cover years 2 and 3, as most insurance companies replace your car in the first year with a brand new car if written off.

 

[Jim172CUP]

not worth it

 

[rt172]

It was worth it for me. I had GAP insurance on my Williams when it was stolen. Id have been well fecked if I hadnt had it. As Mike says, its worth it if you are buying the car on finance as if you suffer total lost the finance company will make you pay the difference between what the insurance pays out and what you owe. In my case, it was about £1900. The GAP insurance cost me £196.

 

[norfolkminis]

I bought a second hand 172 (mk1) in January 03 and it was written off July 03. I had around £6k left on finance to pay. i managed to get a good payout from the insurance for £9k. So i didnt actualy need it in the end. But for piece of mind Ive got it on my new mk2 172.

not sure how much I paid for it as it was all thrown in the finance package. Try and negotiate a deal.

Same goes for the payment protection. well worth the extra per month as I was off work for 4 months, and had a new 172 sitting on the drive!!!

 

[cliopower]

I told them i wanted GAP free with my car as I have paid them enough,so i thats what happened. I just said I had another deal with dixons and they would give me free gap. It is worth it if your accident prone but at least youll get all your money back. They will add it to your finance so it might work out a tenner a month.