GAP insurance

[Maz]

Sorry if there is a thread somewhere else, I tried to search for GAP and it wouldn't let me as its too short.

Does anyone know what the difference is between what the dealer trys to sell you at the dealership and places like www.ala.co.uk and www.click4gap.co.uk apart from the price which is a nearly a third less?

Any help would be great.

 

[Mike]

http://www.autotrader.co.uk/gap_insurance/what_is_gap_insurance.jsp

That has a bit about it

 

[Matt197]

Also have a look here.

http://www.gapinsurance.co.uk

 

[Maz]

Thanks, why is everything so confusing, im trying to work out wich is the best to go with.

 

[Matt197]

I have RTI on my, that's the return to invoice one.

If I was getting another new car I think I would got the replacement GAP, when I added GAP I was not told all the facts so just went with the one the dealer was offering.

 

[Maz]

Thats what im trying not to do as I want to make sure its the right thing for me.

I was looking at RTI, Replacement and there is one called back to invoice plus too!?!

 

[Maz]

If I get an insurance company that will replace the car like for like in the first year of owning a brand new car, I dont need this right?

 

[Ed...]

what about the other years of the finance where the car maybe worth more than the insurance pay out?

 

[Maz]

Im just thinking about now for the time being becase you can take it out later on can't you?

 

[Ed...]

yes but its more expensive if you buy it further down the line.

 

[Ed...]

£100 a year for 3 years, and they will cover up to £10k shortfall of insurance. thats a great deal for piece of mind.

 

[Maz]

Ah right I didnt realise it was more expensive the further you go, I dont mind paying the money I just dont know which one I need and its confusing me !!

 

[Ed...]

its called Total loss cover or GAP they offer it you when u sign the paper. with the nature of the car i strongly recommend it. not just for right offs but it covers you for theft aswell.

 

[Maz]

When I sign the paper at the dealership? if thats what you mean its not £100 more like £399, which I do mind paying if its the same as what you can get on the sites in my opening post, only problem is I can't work out the difference between all the different ones available.. maybe its just me being thick!!

 

[R32pete]

Ive sold gap for many years invoice + is the best IMO Your then covered for the full invoice value for 3 years, So if you pay by finance your ok and if you pay by Cash you covered, The Dealers charge near £400 on first attempt as the salesman will be getting at least £50 commission from it, I used to sell it at £250 this way i would get commission and the dealer for the admin work involved and also to say thank you to the sales guy....me, :kiss: (an 8k basic doesnt go very far!) however you should be able to get it from the dealer for as little as £200 i would recomend going through the dealers as it makes life alot easier for the sake of a few quid and theres alot of cowboy outfits on the web.

Negociate all you can, its no different from buying the car,

 

[R32pete]

I would imagine the full invoice value of the car?

 

[Deako]

Your GAP insurance total value should only be what you think the max difference will be between what your insurance pay out and what it would cost to get a replacement car. I think i have mine set as £10k.

 

[Maz]

Do insurance companies pay out based on the glass guide?

I should be more than covered if I go for a max of £15k then? its only £96 for 2 years ?!? very strange as the dealer wanted nearly £400 iirc.

I really dont get all this, sorry for the questions.

 

[Ed...]

no glass's strictly say that they shud not be used for insurance purposes

 

[Maz]

What do they use then?

This GAP policy im looking at says:

Back to Invoice Plus+ GAP Insurance
Cover features:

•Available for 1 to 4 years
•Pays the first £250 of your insurance excess
•All named drives on the Fully Comprehensive insurance policy including provisional licence holders
•Maximum payout 105% of Glass’s Guide retail price at time of vehicle delivery
•Maximum level of GAP cover available is £25,000
•Pays back to your original invoice price before any deposit deduction
•Doesn’t cover arrears or negative equity shown on purchase invoice
•Available for cars and vans up to 3.5 tons (unladden)
•Vehicles owned outright
•Vehicles on finance - Hire Purchase, Personal Contract Purchase (PCP), Lease Purchase agreements or Personal Loan
•Free transfer for the remaining balance of the GAP policy if you change your vehicle before the insurance end date
•We cover under 18's with a Provisional Driving Licence
•If your primary insurer replaces your vehicle new for old in the first and or second year, we will transfer the whole policy to your replacement vehicle FREE of charge
•Any amendment you wish to make to your existing policy, for example; change of address or registration number can also be made, again FREE of charge
•If your Fully Comprehensive Insurance provider accepts your ‘Total Loss’ claim, your GAP Insurance policy will pay out
•We cover for theft of keys