GAP Insurance

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Tue 12 Sep 2006 23:11
GAP Insurance - Walton2
Given that my Mondeo will depreciate fairly steeply even though it's 14 months old, I'm considering Total Loss GAP insurance which should pay the difference between the car insurance payout and what I paid for the car should it be written off. Got quotes for £125-£160 for 3-5 years which doesn't seem too bad even though I hope never to claim on it. Has anybody any knowledge of how good these firms are at actually coughing up if the brown stuff hits the rotating blades?
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Tue 12 Sep 2006 23:19
GAP Insurance - bristolmotorspeedway {P}
I'd imagine there is really no way they can avoid paying up - they are very simple policies. I would stick with mainstream names though to be on the safe side. I took my GAP cover through the dealer, paid about £50 more than a net quote, but around £80 less than the dealers' original price. Was happy to put the business their way because it had been such a good 'buying experience' (!).

I would take it out on any car worth £10k+, especially heavy depreciating stuff. You'll soon forget the cost, but if you ever need it you will be very pleased that you took it out.
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Wed 13 Sep 2006 12:46
GAP Insurance - Bill Payer
Total Loss GAP insurance which should pay the difference between the car insurance payout and what I
paid for the car should it be written off.


You may fully understand this, but just in case - be careful you get the right thing. What you've described is often called GAP Plus, or 'return to invoice'. As standard, GAP only pays the difference between the insurance valuation and what's due on finance.
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Wed 13 Sep 2006 15:42
GAP Insurance - mountainkat


Generally I'm not a great believer in many of the so called insurance products that retailers constantly try to sell us, however in this case I'm completely for GAP insurance

I have it on my vehicle & it will pay out the difference between the price I paid for the car & the "write-off" value given by the insurance company. A colleague had exactly the same type of policy & has just unfortunately had their car written off - the insurance company paid the difference without any problem & within 2 weeks of the vehicle been written off

I guess that these policies can differ between companies so it's important to check all details (some only cover you if you purchase your replacement vehicle from the same dealer/garage). On the whole though they seem to do "exactly as it says on the tin" !!
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Wed 13 Sep 2006 20:19
GAP Insurance - Walton2
Yes, I had realised the difference, well the dealer pointed it out, but thanks for the warning. It does seem worth it for the peace of mind
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