Gap Insurance - Yes or No?

[dunc69]

As per the title, I have just spent £14,990 on a MkIII vRS estate and I can get three years gap insurance through this site for £85.  

 

Seems a good deal, even accepting that a total loss claim is an unlikely event - i.e. the insurers get to keep most people's money....

 

Thoughts?

 

Thanks guys. 

Edited 26 May, 2017 by dunc69

[SC03OTT]

Me personally, I think GAP is one type of insurance that is worth it. So it's a yes from me. 

[JD52]

6 minutes ago, SC03OTT said:

Me personally, I think GAP is one type of insurance that is worth it. So it's a yes from me. 

 

+1

 

It's potentially an £85 investment against the the other idiots that are out there.

 

 

[ahenners]

Depends on how risk averse you are, but ultimately £85 isn't bad for 3 years cover and far less headaches and hassle should you find yourself in that write off situation.

 

I took it for mine.

[penguin17]

I got it on mine; bought from gapinsurance.co.uk via this forum.  Great to deal with throughout but I hope I never have to find out how good the policy is....

 

Very good price compared to what a dealer would charge.  

[DAN@ADRIAN FLUX]

Hi,

Just to let you know we offer a product called Total Loss Protection. Whilst it's not the exactly the same as your traditional GAP insurance we feel for some customers it can make a cost effective alternative.

https://www.adrianflux.co.uk/extras/total-loss/

Regards,

Dan.

[Gaz]

11 hours ago, JD52 said:

 

+1

 

 

+2 from me 

 

This is my first brand new car, and I saw it as a real investment in mitigating a potential risk I didn't like the idea of.

 

Gaz

[threadbear]

I paid £85 from Chris Knott for 3 years. Never had it before but that is good value. Paid the same amount for my Octavia SE. 

[dunc69]

Thanks all. Will buy it today! 

 

Cheers, 

Dunc

[dunc69]

9 hours ago, dunc69 said:

Thanks all. Will buy it today! 

 

Cheers, 

Dunc

Done. Comfortable feeling. 

 

Thanks all!

[grotesk]

I bought gap insurance for a Yeti (don't know quite why because I never buy these extras). A tree fell down on it two months after the insurance expired. Never again...

[dunc69]

22 minutes ago, grotesk said:

I bought gap insurance for a Yeti (don't know quite why because I never buy these extras). A tree fell down on it two months after the insurance expired. Never again...

Bad luck bud!  That's tough to take.

 

I never normally buy extras either, especially at dealer prices, but at £85 for three years I think this one is worth it. 

[DGW]

51 minutes ago, grotesk said:

I bought gap insurance for a Yeti (don't know quite why because I never buy these extras). A tree fell down on it two months after the insurance expired. Never again...

 

How many years of GAP cover did you buy?  My Yeti is covered for 5 years.

[Jcbl2]

Thanks all, just got mine for similar amount from total loss gap. Helpful reminder.

 

One interesting question is how insurance companies use list prices in determining market value. There's big discounts on FL currently which take new prices below what Skoda are advertising 66 plate cars with same specs and a few thousand miles on. So as an insurer do you start with the list or the invoice?

[bigjim73]

You just never know when you are going to need it!

Had my car repaired recently and I was crapping myself that they would write it off.

 

On PCP if the insurance doesn't pay up to what you owe you're liable for the rest.

 

For the money PCP is definitely worth it

[G8VRS]

I think at that price it is definitely worth getting. No brainier. 

[Geek42]

I don't normally go in for extras (I paid £14.5k for a used Octy and the dealer tried to add £2.5k of other stuff!!). That said, £85 certainly doesn't sound prohibitively expensive, it's the least of your worries cost-wise!

[RupertsTrooper]

My insurance has always given "new-for-old" for the first 12 months, but I expect to take an annual hit on depreciation anyway so I've never done GAP in the past - except buying my Touareg at over £50,000 the potential hit looked too much to take so I have GAP covering years 2-5.

 

It comes down to whether you could cope with the shortfall if it happened - not cope easily as that takes serious wealth but cope with difficulty - if you couldn't cope then GAP is for you, as long as you research the type needed.

[cherry evo]

Doing over 30k per year, I took it out - mine was considerably more than you guys seems to have paid - £220...... Like 'RupertsTrooper' my insurance was "new for old" for the 1st 12 months but its now 15 months old....... However, despite quizzing the adviser deeply about the way it works and being HUGELY pessimistic, I took it out. I still find it hard to believe though.... So, scenario, this time next year the car is written off, AXA (my insurance company) pay me, say, 15k. My Gap policy is "return to invoice" so as I paid £28,425 then Gap will pay me £13,425? For a £220 premium I find this extremely hard to believe!! Does anyone know anyone that has actually claimed on Gap and been paid out as I am very curious! 

[juan27]

4 hours ago, cherry evo said:

Doing over 30k per year, I took it out - mine was considerably more than you guys seems to have paid - £220...... Like 'RupertsTrooper' my insurance was "new for old" for the 1st 12 months but its now 15 months old....... However, despite quizzing the adviser deeply about the way it works and being HUGELY pessimistic, I took it out. I still find it hard to believe though.... So, scenario, this time next year the car is written off, AXA (my insurance company) pay me, say, 15k. My Gap policy is "return to invoice" so as I paid £28,425 then Gap will pay me £13,425? For a £220 premium I find this extremely hard to believe!! Does anyone know anyone that has actually claimed on Gap and been paid out as I am very curious! 

Bear in mind that relitively new cars are less often a total loss than older models as their greater value means they are more worth repairing. 

[mikey vrs]

Having just paid out nearly £20k for my latest car ive bought Gap insurance for the first time,i paid £100 for 3 years cover. I feel happier knowing i have it should i require it for the next 3 years. 

[RupertsTrooper]

5 hours ago, cherry evo said:

Doing over 30k per year, I took it out - mine was considerably more than you guys seems to have paid - £220...... Like 'RupertsTrooper' my insurance was "new for old" for the 1st 12 months but its now 15 months old....... However, despite quizzing the adviser deeply about the way it works and being HUGELY pessimistic, I took it out. I still find it hard to believe though.... So, scenario, this time next year the car is written off, AXA (my insurance company) pay me, say, 15k. My Gap policy is "return to invoice" so as I paid £28,425 then Gap will pay me £13,425? For a £220 premium I find this extremely hard to believe!! Does anyone know anyone that has actually claimed on Gap and been paid out as I am very curious! 

Gap Insurance only has to cover the difference and only applies if it's a total write-off - your main insurance has to cover all third party costs plus minor damage to your car in non-write-off situations, as well as write-offs - that's why the difference in premium.

 

A contributor on the Touareg forum spilt builders' acid which wrecked the interior from the fumes - the car was written of so he invoked his Gap insurance - there was initially a significant difference between the two insurers but the contributor refused to become the middle-man and made the two insurers sort it out between themselves - it was the size of his shortfall (on an expensive car) that prompted me to take out Gap for my Touareg.

 

 

[harrykins]

On 26 May 2017 at 12:43, ahenners said:

Depends on how risk averse you are, but ultimately £85 isn't bad for 3 years cover and far less headaches and hassle should you find yourself in that write off situation.

 

I took it for mine.

Where can I find details for Gap on this forum

[dunc69]

11 hours ago, harrykins said:

Where can I find details for Gap on this forum

Chris Knott Insurance - 01424 200477

 

My gap insurance with then was £85 for three years. 

 

 

[harrykins]

28 minutes ago, dunc69 said:

Chris Knott Insurance - 01424 200477

 

My gap insurance with then was £85 for three years. 

 

 

I have just written my Superb off and I had Gap insurance ,I paid £10,300 for my car 21/2 years ago ,my insurance paid me market value of £6200 and Gap paid me £4100 so it was well worth it for me