Gap Cover

[marty32]

anybody any suggestions on whos any good for this type of cover...pick up new motor at weekend been told is worthwhile to protect my investment

been told you can get cover for 100 quid that returns you to invoice price if you write the car off... sounds like a good idea wouldn mind knowing where

[malco 666]

Hello, are you getting your car from a toyota dealer , ask them about GAP they asked me when i picked up my auris, you might be lucky and get a good deal they wanted £300 when they asked me either monthly payments or a pay full amount on the day. hope this helps.

[Fidgits]

waste of money IMO.

[Demonic Angel]

waste of money IMO.

Your best mate doesnt think so ;)

[Fidgits]

waste of money IMO.

Your best mate doesnt think so ;)

Fair enough.

However, HP from a car dealership is usually the most expensive way to buy a car - you could very easily get an unsecured loan with a much lower cost by spending 5 minutes on the web.

GAAP insurance makes a lot of money - that speaks volumes, yes, if you take out a huge HP on a brand new car that gets written off in the first year, the insurance payout vs what the car is worth can be significant - but this is more due to the crappy finance deals the garage do - and the fact all cars suffer significant depreciation in the first year.

I would still never advise anyone to take out GAAP insurance. ever. But then I would advise people never to take a HP loan secured against the car from a dealership - thats where the salesman makes the most money.

[cabcurtains]

Looking back to when i was a Business Manager in a dealer, oh the good old days......

GAP-Guaranteed Auto Protection

If your car is stolen or written off this policy pays the difference between what you owe on HP and what the insurance company offers you, so if you have a small deposit you should take GAP as the moment you leave the dealer you will be in negative equity eg Car at 10k interest at 4k total 14k, car written off next day your offered 10k by the ins company but the shortfall between the offer and the outstanding fiancé is 4k the GAP pays the difference.

VRI-Vehicle Replacement Insurance

If your car is stolen or written off in a set period (usually 36mths) the policy pays you the invoice value of the car from when you first bought it.

You can get these policies after you have bought the car.

I hope this helps

[Parts-King]

GAP-Guaranteed Auto Protection

Sorry to be picky

GAP Guarenteed Asset Protection

Yes it makes money, but then again so does everything that is sold. Thats life.

Not for everybody just like HP, PCP, secured loans, unsecured loans etc etc are not for everybody. Don't think for one minuet your insurance company will stump up to replace your car, you will get market value regardless of how much you paid for it. A lot of insurance companies will replace your car in the first year, but months 13 to 36 are vulnerable should the worse happen. If you are unlikely to have funds to add to what your insurance company pay out, then GAP is for you as this is what is covered. Like all insurance, it's a waste of money until you need it!

Kingo