As above,have just been asked whether I want gap insurance,for a new-ish car,from a dealership.
Take it that this runs parallel with my existing policy?what are the specifics and more importantly,the pit falls?
Are there good and bad policies/companies and what happens if my car is stolen-do I get two pay outs as they would be through seperate companies?
Was offered this when asking whether my new car had tracker fitted-answer-no, but if you have gap insurance and your car is stolen,you won't have to worry about having it back.
I'm obviously very dubious, but could do with educated and none biased advice...
Cheers

 

If the car is written off and the insurers pay you £10k, but you have £14k finance outstanding on the car, the GAP cover pays the £4k shortfall.

It depends on how much finance you have on the car, and expected depreciation as to wether it is worth taking or not.

Should normally cost £200ish.

 

There are different types of GAP too, one which covers what Gary said above/market value or a return to invoice. I.e you get back the difference from what the insurance pays for the car if stolen/written off compared to what you paid for it rather than what it's worth.

Its a bit of extra cover for not much money, i've taken it on my last three cars but didn't previously. Fingers crossed it will be a waste of money and i'll never need it

 

Its another way of telling you your car will depreciate quicker than you can pay the finance off

 

As with most things it's cheaper to buy from someone other than the dealer.

It makes sense to take it out if you are financing as who wants to be paying for something that you don't have.

 

Agreed

Lots of dealers try to charge £400+, but you can get it on the internet for £200ish

 

Ok, the car is a 335d worth iro 22k.I will have finance of about 9-10 k over 60 months.
From those circs,would you say it's a worthwhile investment?

 

No point in GAP policy for you.

 

Thankyou for the advice,thought as much!