|
Junior Senior
|
 |
« on: January 11, 2010, 08:40:59 PM » |
|
Anyone got any useful advice on GAP insurance. i.e. where to get it from? do I bother? what would be a reasonable amount to pay for say 3-5 years GAP cover?
Thanks in advance.
|
|
|
|
|
Logged
|
|
|
|
|
LeedsRhodesy
|
|
« Reply #1 on: January 11, 2010, 08:47:24 PM » |
|
How much is the car your buying?? How much is the finance in full? i bought a mini for £11k crashed it the insurance is only paying out £7k the gap is going to pay the rest of my finance for me so in my case it was worth it
You should only pay around £250 for the gap
|
|
|
|
|
Logged
|
|
|
|
|
MPOWER
|
|
« Reply #2 on: January 11, 2010, 08:54:04 PM » |
|
Hi Junior
GAP £250 for a £15k car. 3yr unlimited mileage policy back to full invoice price.
I've done mates rates on a £35k BMW for £320.
Buy from the dealer just for a point of contact/support if it goes tits up.
Regards
M
|
|
|
|
|
Logged
|
|
|
|
|
LeedsRhodesy
|
|
« Reply #3 on: January 11, 2010, 09:30:19 PM » |
|
Hi Junior
GAP £250 for a £15k car. 3yr unlimited mileage policy back to full invoice price.
I've done mates rates on a £35k BMW for £320.
Buy from the dealer just for a point of contact/support if it goes tits up.
Regards
M
snap is fingers off IMO |
|
|
|
|
Logged
|
|
|
|
|
Junior Senior
|
|
« Reply #4 on: January 11, 2010, 10:43:45 PM » |
|
buying the car cash for £15K. so no finance but obv worried about prangage and write off in first 3 years.
|
|
|
|
|
Logged
|
|
|
|
|
I KNOW IT
|
|
« Reply #5 on: January 11, 2010, 11:49:14 PM » |
|
buying the car cash for £15K. so no finance but obv worried about prangage and write off in first 3 years.
Audi R8 for 15k? |
|
|
|
|
Logged
|
You have to expect things of yourself before you can do them." "Heart is what separates the good from the great. '
"All money is good, just the quantity makes it better"
My Dad
"Poker Players and Vultures are alike. They both live off the flesh of the weak"
Tony Bolto
|
|
|
|
Junior Senior
|
|
« Reply #6 on: January 12, 2010, 08:37:45 PM » |
|
buying the car cash for £15K. so no finance but obv worried about prangage and write off in first 3 years.
Audi R8 for 15k? it's who you know!! obv not getting an R8, was lying... so any more views on GAP insurance? |
|
|
|
|
Logged
|
|
|
|
|
StuartHopkin
|
|
« Reply #7 on: January 12, 2010, 08:50:25 PM » |
|
Only looked at it with work and our insurance broker told us that its a waste of money unless you have shite insurance.
|
|
|
|
|
Logged
|
|
|
|
|
The Baron
|
|
« Reply #8 on: January 12, 2010, 08:59:39 PM » |
|
Only looked at it with work and our insurance broker told us that its a waste of money unless you have shite insurance.
Sort of. It also comes down to how the used car market is doing which is what I'm guessing happened to Rhodesy in his post if he pranged it during the recession. If the used car market is strong (like right now) there most likely wont be a gap between valuations, and the UK used car maket is projected to be very strong in the next 24 months or so, but with financial uncertainty never far away in the real economy I would probably plump for gap right now. |
|
|
|
|
Logged
|
|
|
|
|
henrik777
|
|
« Reply #9 on: January 12, 2010, 09:35:14 PM » |
|
Without saying yes or no to the actual insurance i would advise you to check the price from insurance companies. Add ons in many industries tend to be high profit. Extended warranties, travel insurance, payment protection etc etc.
Sandy
|
|
|
|
|
Logged
|
|
|
|
|
StuartHopkin
|
|
« Reply #10 on: January 12, 2010, 10:12:26 PM » |
|
Hang on? Can you even have gap insurance if your paying cash?
It covers the gap between the finance outstanding and the market value?
If you have no finance, you would only need the market value to replace it?
|
|
|
|
|
Logged
|
|
|
|
|
Junior Senior
|
|
« Reply #11 on: January 12, 2010, 10:17:32 PM » |
|
i thought it guarenteed the price of the vehicle at what you pad for it so if i the wife writes it off within 2 years we will get back what we paid for it rather than the current value of the car. So say I am buying it for £15K now and it is worth £9k in 2 years i will still get the £15k for it.
that's my read anyway.
|
|
|
|
|
Logged
|
|
|
|
|
RED-DOG
|
|
« Reply #12 on: January 12, 2010, 10:25:35 PM » |
|
Only looked at it with work and our insurance broker told us that its a waste of money unless you have shite insurance.
You can insure shite? |
|
|
|
|
Logged
|
The older I get, the better I was.
|
|
|
|
Tuffster
|
|
« Reply #13 on: January 12, 2010, 10:35:19 PM » |
|
Only looked at it with work and our insurance broker told us that its a waste of money unless you have shite insurance.
You can insure shite? I've got Life Insurance  |
|
|
|
|
Logged
|
Insanity Takes it toll......
......Please have correct change.
|
|
|
|
StuartHopkin
|
|
« Reply #14 on: January 12, 2010, 11:08:08 PM » |
|
I could well be wrong. There is a first for everything.
It was about 4 years ago when we first started getting contract hire cars at work. The company who arranged the cars tried the hard sell on the GAP insurance. We checked with our insurance broker and he said it was worthless to us as our insurance would cover the value owed.
Very diifferent as they are leased, and our insurance is corporate covering a fleet.
|
|
|
|
|
Logged
|
|
|
|
|
Author