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amwphotos

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Hi,

I'm going to cancel the GAP insurance I bought from the dealer as its way more expensive than yours!

 

Can you tell me, does the 4yr policy run for 4 years from the date I buy it, or for 4yrs from when I bought the car? I bought it 8 months ago.

 

Thanks!

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On 10/22/2017 at 11:32, amwphotos said:

Hi,

I'm going to cancel the GAP insurance I bought from the dealer as its way more expensive than yours!

 

Can you tell me, does the 4yr policy run for 4 years from the date I buy it, or for 4yrs from when I bought the car? I bought it 8 months ago.

 

Thanks!

 

amwphotos - I'm really sorry but I wasn't notified of you having posted this question so I missed it and have just stumbled across it.

 

You may well have already established an answer to your question but if you haven't and/or for the benefit of anyone else reading this... If (by the time of buying the GAP insurance policy) you had already taken delivery of the vehicle, the GAP insurance policy start date will be the day you buy the GAP insurance policy*.  If however you were organising the GAP insurance policy prior to taking delivery of the vehicle the start date of the GAP Insurance policy will be the date that you take ownership of the vehicle*.

 

* - The main exception to either of these rules is that if the vehicle is brand new and you are the first registered keeper... if you are covered in the first 12 months on a new-for-old basis by your motor insurance, if you're sorting the GAP insurance whilst the vehicle is still less than 12 months old, you can elect to defer the start date of the GAP insurance policy so that it starts on any date up to the anniversary of the 1st registration date.

 

I hope this helps and I apologise once again for the delay.

 

David

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No worries David, I decided to get it anyway as the saving over the stealers price was significant. I ended up over £100 better off even after the cancellation fee from my old policy, and taking out your 4yr cover rather than 3.

 

My Octavia MK3 is the most expensive car I've ever bought so the gap insurance does give peace of mind, I organised it for my girlfriends skoda rapid too, and recommended you to some other friends who have purchased cars recently.

 

The dealer gap cover prices are corrupt! I would say on a par with the ppi scandals!

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19 hours ago, amwphotos said:

No worries David, I decided to get it anyway as the saving over the stealers price was significant. I ended up over £100 better off even after the cancellation fee from my old policy, and taking out your 4yr cover rather than 3.

 

My Octavia MK3 is the most expensive car I've ever bought so the gap insurance does give peace of mind, I organised it for my girlfriends skoda rapid too, and recommended you to some other friends who have purchased cars recently.

 

The dealer gap cover prices are corrupt! I would say on a par with the ppi scandals!

 

You're not wrong there!  I spoke with someone yesterday who'd been quoted ~£1200 for a 3yr Invoice GAP insurance policy by their dealer.  Our 5yr Replacement GAP insurance (superior to invoice gap insurance) with a higher claim limit and more favourable policy terms was a touch over £300.  Some motor dealer prices really are incredible.

 

I do wonder what's going to happen though.  The FCA have recently reopened their 2013-2015 investigation in to motor dealers mis-selling GAP insurance... given what's happening in the US and OZ recently (large insurers being forced to refund £Millions back to policyholders who were mis-sold policies by their motor dealer) it's going to be incredibly interesting to see what develops here in the UK.

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