has any1 bought gap insurance for their impreza? U know the thing-something happens to your car and the insurance wont give you what its worth?

How much did it cost you and can you buy it anytime or is it when you buy the car,any experences? is it worth it?

 

You can insure the shortfall where a car is financed (and the settlement/market value is less than the finance settlement figure), but Ive never seen a policy to indemnify you against being ripped-off by a penny-pinching insurance company. It doesnt seem like a likely product to me, no matter how usefull if may be, think about it: 'buy this policy for when we rip you off...'..........

MoT

 

I had GAP insurance on my S2000 and used it when it was written off after 9 months.

I had a big battle with them and it took months and was really stressful, but it saved me a few k

Just avoid AON / London General Holdings (LGH) warranty

 

I got GAP free when i took my loan out with the AA. Had it on a couple of previous cars but never had to use it. Paid 150 pound for it when i bought my Focus ST.

 

So is GAP insurance purely for when you have finance on your car simply to cover the difference in market value and the outstanding amount of the loan?

 

I had gap insurance on my previous 3 cars but after a solicitor told me they are not worth the paper they are written on I decided not to go for it with my STI.


Chris.

 

No two types GAP insurance

1) on Total loss They pay the outstanding fiinance for lenth of loan IIRC

Ie
year 1 £10k outsatnding on 12k loan GAP pays £10K
year 2 £6k outsatnding on 12k loan GAP pays £6K
year 3 £2k outsatnding on 12k loan GAP pays £2K


2) on total loss pay the difference of purchase price and the the amount paid out by your road insurance. £500 one off payment normally 3 years

Ie
year 1 bought 27K paid out by insurance £25k GAP thens pays £2K
year 2 bought 27K paid out by insurance £20k GAP thens pays £7K
year 3 bought 27K paid out by insurance £15k GAP thens pays £12K

IMHO

Tony

 

Ahhh, that seems pretty good. It is like old for new in case 2 then. I don't think they would entertain a policy like that for my classic

Thanks for the explanation T5

 

Chris,

Spose it depends on the one you get I got mine from the dealer

I had it on my MY02 Sti Died in action at about 21/2 year old the Invoice price something like £25,995 my Insurance paid me out £16,750 and recieved a Cheque for £9.245 from GAP so no grumles from me

 

My GF had gap insurance when she brought a punto a couple of years ago, the car cost her £4500 i think (on finance), she paid approx £150 for the gap ins.

Her car was stolen around a year later and the insurance was only willing to pay her iirc £3000 (market value at the time) and the gap insurance cleared the rest of the finance no problem.

I have just brought my first Impreza (2002 WRX) and i paid £7995.00 for it on finance, i then got gap insurance with a company called "click4gap" and i only paid £135 which covers me for 3 years and it is on a return to invoice basis so what ever the insurance company wont pay they will!

Well worth it imo.