GAP insurance
04-06-2003, 11:53 AM
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GAP insurance
Has anyone out there any advice on Gap insurance? The thread from last year didn't answer us particular questions:
- As we've bought the car outright do we still receive the invoice value of the S?
- has anyone had the misfortune to have to utilise the plan? and if so what kinda problems did you incur if any?
- are they quick at paying out?
The salesman advised us that this insurance for the S would cost
- As we've bought the car outright do we still receive the invoice value of the S?
- has anyone had the misfortune to have to utilise the plan? and if so what kinda problems did you incur if any?
- are they quick at paying out?
The salesman advised us that this insurance for the S would cost
04-06-2003, 11:57 AM
#2
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Not an expert by any means Karen, but I've always thought GAP insurance was specifically designed to handle the difference between an insurance payout and the remaining finance on the car, in the event of a write-off.
Could be wrong, but that's the way it's always been sold to me.
Could be wrong, but that's the way it's always been sold to me.
04-06-2003, 12:07 PM
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sort out your main insurance first. ask your insurer what they will replace? eg new for old, or just market value
Tescos is new for old provided you bought from new (within 1 year)
therefore no need for gap insurance
Tescos is new for old provided you bought from new (within 1 year)
therefore no need for gap insurance
04-06-2003, 12:49 PM
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yeah, so the gap insurance is useless in year 1. 300 quid sounds too cheap for 3 year cover which might equate to 10 grands worth of car (25K less resale value after 3 years)
check the smallprint
check the smallprint
04-06-2003, 12:59 PM
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I bought mine in January and the way it was explained to me was that I paid 19.5k for the car and if at any time in the next three years I have the misfortune of writing it off the Gap insurance will top up the normal insurance to the tune of 19.5k (a maximum of 10K) This seemed to good to be true but for
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04-06-2003, 01:05 PM
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Originally posted by eibutler
Not an expert by any means Karen, but I've always thought GAP insurance was specifically designed to handle the difference between an insurance payout and the remaining finance on the car, in the event of a write-off.
Could be wrong, but that's the way it's always been sold to me.
Not an expert by any means Karen, but I've always thought GAP insurance was specifically designed to handle the difference between an insurance payout and the remaining finance on the car, in the event of a write-off.
Could be wrong, but that's the way it's always been sold to me.
As far as costs go its like most forms of insurance they can ask what they feel they can get away with, usually a lot more than what they buy it in at!
We supply GAP when requested by our customers at cost,
04-06-2003, 01:21 PM
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Biker,
I assume that you are in the trade.
Does GAP have to be taken at the time of purchase of the vehicle?
Can it only be purchased through the dealer?
How much would it be if I were to do it this way?
I assume that you are in the trade.
Does GAP have to be taken at the time of purchase of the vehicle?
Can it only be purchased through the dealer?
How much would it be if I were to do it this way?