chrisdicko

iTrader: (21)

Has anyone ever bought gap insurance on a 2nd hand car? I have on new ones, but never 2nd hand ones?

Worth it for something costing £8-10k? If so who have people used?

mikesfarm1

i had it on a second hand motorbike i bought. when i needed to claim they did'nt want to know. It took ages to get a settlement and then they didn't settle all the short fall in finance. i would never get gap insurance again.

Jamescsti

I think the thing about it is that there is usually a much bigger drop on new cars within a short space of time, they lose a good chunk as soon as you drive it off the forecourt, which doesn't apply to the same extent with second hand cars.
Like the poster above says I think you would have to read the small print very carefully, never bothered with it personally, but i've never bought a car brand new either

Aaron1978

iTrader: (12)

i've got it on my 05sti which i bought second hand, so i'd get the £18.5k i paid for it if anything happened.

Aaron

RyanSTI

iTrader: (1)

i think you'd want sothing to happen to it juding by my shock look in the books today.

Jamescsti

I suspect there will be a lot of insurance jobs on cars at the moment, i know a guy i used to work with had an A3 which mysteriously broke down on a road he would never use to drive to work one night, then the following morning, suprisingly he finds his car burnt out, was never convinced and i still think to this day he arranged to have his own car torched.

Norman Dog

iTrader: (1)

I thought GAP insurance only covered the difference between the insurance valuation of what the car is worth and the amount of finance owing on it?

If you got back what you paid for it I'd expect everyone to be torching their cars

stilover

2 types of Gap insurance.

Shortfall on Finance insurance
Back to invoice insurance.

Back to invioce costs more, but is worth more. I just took it out on my Golf. £120 for a £10k back to invoice cover, for 3 years.

Norman Dog

iTrader: (1)

Hope it didn't catch fire when it was 3 years old..

£120 well worth it though.

chrisdicko

iTrader: (21)

Cool, cheers for that guys!