Anyone used Gap insurance policys?
 

....the ones where they bridge the gap between what your existing insurance company pays and what the price of a brand new car is.
I'd never heard of it before till my sister took it out on her new car.
Anyone with any experience? :)

Oops - any mod feel free to shift this the the correct forum :rolleyes:

IMHO why would you get insurance to cover another insurance policy? Where will it all end ...

I'm not a big fan of insurance full stop - most of it is just a rip off. We get sold something, pay the monthly fees for years then when you need to make a claim you find out they have a dept full of people just trying to avoid a pay out!

Some on here do have gap insurance so they may be more helpful than me!

TX.

yes i have it on mine just incase anything happens to it ,they will pay the difference from what my insurance gives me so ill end up with what i paid ,so i can get another equivilent car

Most of the M3 guys have it on theirs as the insurance only ever at book. If there is a 4K differece between book and value a £400 GAP policy is way worth it.

Kp

i had it on my last car and this one, its got to be worth it 400 quid over 3 years? you don't pay it it every year and if someone is willing to give me say 5 grand in 3 years time if it gets written off then 400 quid is a small price to pay imho:thumb:

I know 3 people who have used this after thefts and W/O's. I also have it on my car. For 3/400 quid, in my opinion, it is well worth it.

I have heard of back to invoice & the one that makes the difference between the insurance offer and the outstanding finance & have also used GAP before on WO car, not heard about one that pays you more money than the car is worth so you can go and buy a new one?

I took out a gap insurance policy on my RB5 when i purchased it from a Subaru dealer in Colchester several years back. The car cost me approx £17k.
I think the policy was about £300 and lasted for 3 years.

I wrote the car off about 1 year later and was offered approx £14k for the car from my insurers, this was after a bit of haggling on my behalf!

I then had the cover from the Gap policy take it back up to the original purchase price. The only drawback was that i had to use it at the original dealer, although in the end that was not a major drama as i then purchased a nice shiny P1 from them!

Mike

^^ Why would you haggle with the insurance co if you have a gap policy?

TX.

Principle! Surely gap policies are only available to people who have financed the purchase of a new car, where the car may be written off at a value far below the outstanding credit balance?

I have it on my car because I had the finance over 5 years and for the 1st couple of years I expected the amount I owe to exceed the insurers value of the car. Didn't do it on the wifes car because it wasn't that expensive a motor. It was offered to me on both cars and both where second hand. ATEOTD, the insurers will offer you as little as they can get away with, and if you've bought the car from a garage that'll be quite a bit less than you've paid for it. More important if you finance over a longer period of time as you could suffer negative equity

It was the priciple of the matter at the time, although i guess in hindsight i neednt of haggled!

My car wasnt on any sort of finance when i purchased it, i bought it with cash. Was offered the gap policy and thought it was a good option at only £300. Worked out for me in the end...

Mike