Gap Insurance

[T V O R]

Does anyone know much about it?

I’ve been reading that I could buy GAP Insurance for my T-Sport in the event of a total loss.

£5000 cover to make up any shortfall for £84

Am I missing anything?

Cheers

[Parts-King]

GAP Guaranteed Asset Protection

You pay £6K for your car, you take it down the road a few months later and write it off. The insurance company only pay you £5K, so you lost £1K in a month. GAP will cover the difference between what you paid and what you get paid out. About £100 per year is about average for a premium so £84 is a good price, I don't know who is offering you the GAP but get a copy of the T&C's, there maybe a limit on what is paid out and you need to know how much that is

Kingo

[Demonic Angel]

It was very handy when I wrote my Yaris off after only 9 months! I owed 10.5k and the insurance would only pay 7.5k which left me with a 3 grand shortfall which my GAP covered :D

Toyota charge £300 for it, which to me is good value considering it paid out £3k, so if you can get it for £84, its well worth considering but make sure you read the small print to see what you are actually covered for!

[T V O R]

It was very handy when I wrote my Yaris off after only 9 months! I owed 10.5k and the insurance would only pay 7.5k which left me with a 3 grand shortfall which my GAP covered :D

Toyota charge £300 for it, which to me is good value considering it paid out £3k, so if you can get it for £84, its well worth considering but make sure you read the small print to see what you are actually covered for!

Sounds good. There a lot of firms on the net doing GAP. Do you have it on your Aygo?

Click

[Demonic Angel]

I do have it on the Aygo yes, I wouldn't not have it on a brand new car

[marty32]

just read terms as per usual i paid 80 quid for a 3 year cover with surf and protect

[TheNissanMan]

£80 is ruddy cheap, I can't buy it for that yet alone sell it, as said double check the T's & C's, if it's full cover snap there hands of matey thats a cracking deal :)

[Jeffrz]

Hi,

My brother wrote off his 407 estate that was 8mths old. It had dropped a significant amount in value as he had put 20k miles on it. GAP insurance did not pay out. As the car was under a year old there was a clause in his insurance that resulted in him getting a brand spanking new replacement car! Result. Check your isurance beforehand through.

Cheers

Jeff

[Parts-King]

Hi,

My brother wrote off his 407 estate that was 8mths old. It had dropped a significant amount in value as he had put 20k miles on it. GAP insurance did not pay out. As the car was under a year old there was a clause in his insurance that resulted in him getting a brand spanking new replacement car! Result. Check your isurance beforehand through.

Cheers

Jeff

That is standard on most policies. An insurance policy will not pay out if another insurance policy is already in place. IE Your car insurance company gives you another brand new car if your car is under 12 months old, then you dont suffer a loss, therefore the GAP insurance will have nothing to pay out anyway as it is already being covered by your car insurance company

Kingo

[hertsnminds]

That is standard on most policies. An insurance policy will not pay out if another insurance policy is already in place. IE Your car insurance company gives you another brand new car if your car is under 12 months old, then you dont suffer a loss, therefore the GAP insurance will have nothing to pay out anyway as it is already being covered by your car insurance company

But they will still charge you a premium for the GAP insurance in year 1 meaning you pay a premium for 3 years of cover and only get 2. Or am I reading that incorrectly?

[Parts-King]

That is standard on most policies. An insurance policy will not pay out if another insurance policy is already in place. IE Your car insurance company gives you another brand new car if your car is under 12 months old, then you dont suffer a loss, therefore the GAP insurance will have nothing to pay out anyway as it is already being covered by your car insurance company

But they will still charge you a premium for the GAP insurance in year 1 meaning you pay a premium for 3 years of cover and only get 2. Or am I reading that incorrectly?

Not all policies give you a replacement car within the first 12 months, if your company does, then you are losing out, if it doesnt, then you are covered. Thats why I say read the small print first

Kingo