Hi I'm New To Forums, Should I Buy Gap Insurance ?

[yashar]

Hi evryone

I have bought an auris 07(upgrade from corolla) for cash no finance i have been offered gap insurance should i buy one or not worth it for £299?

Thanks

[dangermooser]

Hi, GAP insurance is a great product if you are ever unfortunate to have a total loss claim, thats the gamble of it....like any other insurance. Have a search on the t'internet for Gap insurance as there are suppliers who will sell it a lot cheaper. I guess its the dealer who is offering it to you at £299???? they will be making around £200 profit on this, plenty on the web who will do it for half or even less than that.

Make sure you go for total loss/ return to invoice cover as this is the best level of cover for the car

[Jan&tone]

Welcome to TOC

GAP insurance is just that, insurance.... it really depends on what your attitude to insurance is - you could go for years not needing it, then all of a sudden you do need it and - oops - you don't have it!

The choice is yours.....

[acetip]

welcome to toc,Yashar.

[bothwell_buyer]

Welcome to the forum. Gap insurance is a new one on me - is that something to do with the London Underground ??

[Jan&tone]

Welcome to the forum. Gap insurance is a new one on me - is that something to do with the London Underground ??

Hi Bothie....

I thought you would have known about GAP insurance!!

There are three definitions

1) a policy designed to provide the difference between what your insurance company will

pay out in the event of a write off, and the cost of a new/replacement vehicle.

2) the filling in a gap to prevent mice entering a food store

3) a rip off...

Nothing to do with the London Underground, they're always on strike anyway, so you can take your pick!

[acetip]

Welcome to the forum. Gap insurance is a new one on me - is that something to do with the London Underground ??

Hi Bothie....

I thought you would have known about GAP insurance!!

There are three definitions

1) a policy designed to provide the difference between what your insurance company will

pay out in the event of a write off, and the cost of a new/replacement vehicle.

2) the filling in a gap to prevent mice entering a food store

3) a rip off...

Nothing to do with the London Underground, they're always on strike anyway, so you can take your pick!

there is a fourth option

the space between Raistlins ears.

[bothwell_buyer]

So if I figure my 1994 RAV is worth £20,000, but my insurance says they will only pay me £3000, then the balance would be paid by a Gap headed insurance person ??

[Jan&tone]

So if I figure my 1994 RAV is worth £20,000, but my insurance says they will only pay me £3000, then the balance would be paid by a Gap headed insurance person ??

Lol, not quite! I think it is only for the first 3 years or something like that. I've never bothered with it so although i know what it is supposed to do, I've never gone into the details.

[hertsnminds]

GAP insurance may well be a useful product. However, as others have said and just like any other financial product you can find better prices by shopping around. Also consider the fact that most standard insurance in the first year of a car's life will pay full market value for the vehicle if it is written off (so paying for 3 year cover only gives you 2 years of cover).

[bothwell_buyer]

So theres a market out there for Gap Insurance on the Gap between Gap Insurance and ordinary insurance?

[yashar]

Thanks very much for your reply's, I have found for £95 for three years or £137 for four years, :thumbsup:

[dangermooser]

Glad you found a better deal

hertsnminds, you are right about the first year on new cars but on used cars the same doesn't apply, I wouldn't be too surprised if you see insurers changing their policy on this and maybe not providing a new for old cover in the first year

[Parts-King]

Compare the cover. Some cheap policies vary

Like all financial products, it will be suitable for some and not others. Not all fully comp policies will replace your car inside 12 months. If you were to have your car written off, you could very well be responsible for the difference. To some people that would be unfortunate, but they would be able to pay, for others it might be the difference between paying your mortgage or not!

Kingo

[leekemirror]

yes pls try more and you will found a more better deal with more cheaper price,GOOD,Congratuations!

James pass by 2011.3.7

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