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Post by BritPete on Oct 11, 2020 12:08:01 GMT
Has anyone ever taken out Gap Insurance?
Was offered it when I bought my new car - 3 years and they pay difference between insurance payout and what I paid cost £499
Been online today and can get the same cover for £135 via Go Compare !!!!!!!!!!!!!!!!!!
Is it worth it
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stevegbr
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Post by stevegbr on Oct 11, 2020 12:18:14 GMT
this is what google came up with.
That's because GAP insurance is only designed to cover you in situations where you owe more than the car is worth — and in these cases, you probably won't. However, if you finance the vehicle over a longer term (more than 48 months) or put only a small amount down, you should seriously consider GAP insurance.
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Post by BritPete on Oct 11, 2020 12:34:02 GMT
Thanks Steve
I have bought a pre registered job 9 months old no mileage - the non dealer quote pays the Gap between any write off cost and my initial purchase price
My thoughts are in 6 moths time the car will be worth about £4k less than I paid for it
Its a gamble - worth it if you need it - sunk money if you dont
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Post by na44superdream on Oct 11, 2020 14:15:12 GMT
It is a bit of a gamble, Dad did not take it on his Arona (a couple of years ago) as I think the insurance gave a new replacement if written off in the first year..but he is relatively low mileage
On the otherhand a chap at work (about 4 years ago?) was glad he had it, from a finance point of view, when he was sandwiched in a multi on the dual carraigeway / motorway. There was a police patrol car in their vantage point beside the accident who were anticipating a problem, and it happened!
Is there a standard 14 days when you can refund the 499 and get the other cover?
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Post by BritPete on Oct 11, 2020 17:47:31 GMT
It is a bit of a gamble, Dad did not take it on his Arona (a couple of years ago) as I think the insurance gave a new replacement if written off in the first year..but he is relatively low mileage On the otherhand a chap at work (about 4 years ago?) was glad he had it, from a finance point of view, when he was sandwiched in a multi on the dual carraigeway / motorway. There was a police patrol car in their vantage point beside the accident who were anticipating a problem, and it happened! Is there a standard 14 days when you can refund the 499 and get the other cover? I did not take the £499, at that cost take the risk - at £135 I am thinking about it
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Deleted
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Post by Deleted on Oct 11, 2020 18:03:35 GMT
I always think it’s a bit of a con TBH.
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Post by earlystock on Oct 12, 2020 10:01:28 GMT
AS others have said if you have the car on a lease, then not having it can leave you seriously exposed (on my I-Pace it would be potentially £10k exposure). However do check your insurance mine (happens to be with LV) has the first year, as new for old, so no need for gap insurance, after that I will have paid off enough on the lease for the likely insurance payout to ALMOST cover the cost. But the price of this from the dealer when buying the car new is insane, as you have found it can be had way cheaper. Also very much depends on car depreciation levels as payouts are MEANT to be on market value
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