Gap Insurance.

July 21, 2009

Has anyone taken advantage of this?

Gap Insurance will protect you if you write off your vehicle. Your motor insurer may not pay you enough either to settle any finance outstanding on your vehicle or purchase a replacement vehicle. Gap Insurance will ensure that you are not left out of pocket if you have a total insurance loss by covering any shortfall between your insurance pay out and the amount outstanding on the finance agreement.

:unsure:

We have been offered this when we sort out normal insurance on the Yaris......wanted to get some info on it first.

July 21, 2009

Yeah I've had it on all my cars since the 1st Yaris, which obviously considering it was written off after 9 months, came very much in handy! :thumbsup:

Basically the insurance would only offer so much and the Gap insurance paid the rest of the car off for me, so I was left with no debt from it. :yes: You can potentially lose so much from new car ownership that me personally, the insurance is something I wouldn't not take.... there are far too many idiots on the road and I'd rather not pay for their mistakes...

Had I not had it I'd have been £3k in debt as the car was bought for 10.5k and the insurance offered me 7.5k. So basically I'd lost £3k in 9 months. The Gap insurance sorted all that out for me. I could have maybe bartered for a better offer from the insurance, but it made no difference to me financially, as the Gap covered it all anyway. :yes:

July 21, 2009

Yes Ash, it has it's worth like any other insurance product. The thing is, how much are they selling it for? There is profit for the dealer in selling it (nothing wrong with that-thats why they are in business) but haggle on the price, Google it and compare the product with others before buying, nothing like doing your homework before buying it, you wouldnt go in and pay the screen price for something would you?.....Would you? :lol:

Kingo :thumbsup:

July 22, 2009

Do it... :thumbsup:

July 22, 2009

nothing like doing your homework before buying it, you wouldnt go in and pay the screen price for something would you?.....Would you?
Kingo

Cor , i caught that last comment square in the go-nads :lol: kind of made my eyes water a bit :crybaby: :lol2: , seriously though Kingo , you give sound advice as ever :king: :thumbsup:

July 22, 2009

It is insurance and we buy insurance for peace of mind.

I have bought GAP insurance for the last 4 cars and so has my wife.... there is no way we want to be left high and dry if the worst should happen :o

Some people say that GAP can be bought cheaper via the internet.... a good product does not come cheap so I am happy to pay the cost.... as I say 'for peace of mind' :)