Insurance Question

[T V O R]

Anyway, had my YTS 2 weeks today, just received a leaflet/letter from the dealers asking if I want to take out a 'Guaranteed Asset Protection' (GAP) policy.

Basically in the event of my car being written off or stolen and declared a total loss this GAP covers the difference between any total loss and the motor insurance payout.

So if the cars worth 12k, it gets written off, the Insurance offer 8k, this GAP policy covers the difference (4k)

My questions are:

Does anyone have this?

Have they used it?

What do you think about it?

I have legal protection, and the car is written off by a third party, could I pursue damages and any losses from them so consequently not needing additional insurance?

Is it another way of getting money out of me?

And finally, will we get a mention on Top Gear on Sunday night?

Cheers all...

[jaxx]

Does anyone have this?

yes

Have they used it?

no

What do you think about it?

it had better work or there will be some cracked skulls if i need it

Is it another way of getting money out of me?

yep

[T V O R]

How much did you pay Jaxx?

[Moffmo]

And finally, will we get a mention on Top Gear on Sunday night?

of course!

[jaxx]

think it was somat like an extra 30 quid a month?

[Blue84]

I've got it.

It's been added to my monthly repayments so I'm not sure of the cost.

No havent used it, and don't want to. It's just there as a "back-up", plus my Dad who was with me when I brought her thought it was a good idea aswell.

Say for instance your car was written off by the Third Party Insurance then they would still only pay the market value of your car on the day of the accident, it's the same for your own insurance if you've got Fully Comp.

[Demonic Angel]

Mine was free when I took out my bank loan for the car

Think it was a special offer or something!

It seems a good idea to me though, to make up the difference between what your insurance give you and what the cars actually worth.....

[SMW]

Hmmm . . . . don't lose sight of the fact that £30 a month over say 3 years is over a £1000 premium - a lot for £4000 cover.

[Viper_7]

If my insurance company only offered my 8k for a 12k car..I'd take em to court.

It's 12k ffs. trouble is...insurance companies always talk market Value these days.

If you push the issue that it will cost you x much to replace the car..like for like...you'll get it...may take a few letters but you will...bartering in a way I guess.

If anyone accepts an insurance companies first offer..or even the second, they are a muppet....obviously theey try and pay out as little as possible,

The only really HONEST insruance I've know is with my boat. it's about 6 years old...and the preimum is around £70...that covered everything. Now...if my sail tears...that costs around £500...they pay up...if I hole her.. they pay up. If it can't be fixed...it's replaced like for like....easy...that's how insurance should be....car insurance is a joke!

Vipes

[Moffmo]

hmm, im gonna get a boat!

[Taylor6971]

I bought my wife a Yaris T Spirit at the weekend and was offered the "Gap Insurance" by the salesman for a price of £299. This was the only low point in the dealings I hd with Toyota, as when I refused it he began lying by telling me that "by law" he has to offer me this policy.

As mentioned above, this is a very steep premium for a very low cover. They have no liability on this policy at all, as the maximum they will pay is the difference between market value and your insurance payout.

However with protected no claims and this policy it would be very unfortunate to write off your car at the 35 month point!!

[FlashFunk]

the total price for the gap is like about £395 - £400. Or thats what they told me anyways.

I think its a good idea. My brother was hit by an uninsured driver a little while back and lost thousands on the price of his car.

[john23]

I've been offered it before on previous cars I've bought, but decided that for the money its not worth it. It is another way of getting money out of you, although if your car does get written off after say 2 years then it could prove to be quite useful.

Don't forget that some insurance companies have new for old cover for a set period of time if you buy a new car. For example, my insurance company Eagle Star would have provided me with a new car rather than market value if my car had been written off in the first 12 months. It would be worth finding this out before deciding either way on gap insurance.