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Has anyone heard of GAP Insurance

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Old 30 November 2005, 11:33 AM   #1
Lady Fozz
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Lightbulb Has anyone heard of GAP Insurance

Hi Guys

I have bought a new car (not a scooby but a lovley little nippy ford!!), whilst collecting the sales man was pushing to sell GAP Insurance. Its an insurance package which guarantees that you get back the full price of the car should anything happening causing the car a total loss in 3 years.

You pay 400 and if you ever write the car off in the 3 years you get back the full purchase price.

Has anyone ever heard of this? Your thoughts would be very welcome please!!
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Old 30 November 2005, 11:38 AM   #2
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Quote:
Originally Posted by Lady Fozz
Hi Guys

I have bought a new car (not a scooby but a lovley little nippy ford!!), whilst collecting the sales man was pushing to sell GAP Insurance. Its an insurance package which guarantees that you get back the full price of the car should anything happening causing the car a total loss in 3 years.

You pay 400 and if you ever write the car off in the 3 years you get back the full purchase price.

Has anyone ever heard of this? Your thoughts would be very welcome please!!
yes i brought it for myo4 sti .
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Old 30 November 2005, 11:39 AM   #3
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Morning

Have a look at the following link, explains it in detail there, so you can make sure you were told the correct info by the sales man!

http://www.autotrader.co.uk/CARS/motoring/ins/in-6.jsp

Good luck
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Old 30 November 2005, 11:45 AM   #4
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Hiya


we have it on the Civic and we also had it on the Focus.

It's a good idea to take out

M
x
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Old 30 November 2005, 11:46 AM   #5
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GAP (Guaranteed Asset protection)

2 different types

back to finance and back to invoice

Cover starts from 195 for 3 years so it may be wise to shop around. 400 may be a good quote though

http://www.click4gap.co.uk/ just one link (there may be others)
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Old 30 November 2005, 01:34 PM   #6
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If your car is written off, the insurance policy will pay out the value of the car, and so GAP insurance will pay out the remaining money owed on the finance

example

total finance: 9000
car value in event of right off 5000

when insurance pays, it will leave you 4000 owing for finance, GAP will cover this 4000
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Old 30 November 2005, 01:53 PM   #7
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No i have Not sorry


Baz















Useless point i know
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Old 30 November 2005, 02:04 PM   #8
Lady Fozz
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Thanks guys this is helpful. The bloke did explain it right then - we didn't take the policy with them wasn't sure!! Thanks again!!

Baz - your right - useless!
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Old 30 November 2005, 02:11 PM   #9
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also check the max value of a claim if needed.

ie...9000 balance on finance
5000 value of car as total loss.

is 4000 within the max limit of the claim.


oh!! 400, barter with them they cost peanuts, you will get a deal out of them epecially as the end of their 1/4 is due.
i reckon you could get that for 300 if you smile nicely

dean
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Old 30 November 2005, 02:16 PM   #10
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Quote:
Originally Posted by scoobytoo

is 4000 within the max limit of the claim.

dean
it depends on the policy taken out

in short, GAP will cover the remaining finance after the value of the car has been paid for from normal insurance (fully comprehensive cover must be taken with cars on finance)
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