Do I need gap on a used car?

[Guest]

I’ve chosen a hire purchase agreement for my used Fabia in order to get an extra years warrenty and cheap servicing, which I intend to pay off early. I put down a £7k for a £8.5k car - do I need gap?

 

@David@GAPInsurance

[David@GAPInsurance]

23 hours ago, inversesandwich said:

I’ve chosen a hire purchase agreement for my used Fabia in order to get an extra years warrenty and cheap servicing, which I intend to pay off early. I put down a £7k for a £8.5k car - do I need gap?

 

@David@GAPInsurance

 

GAP insurance still works for used vehicles, afterall with the march of time, most vehicles depreciate in value from their original purchase price and therein lies the "gap".

 

As for whether you "need" GAP? It's really a matter of your personal preference in terms of the potential risk of the car being written off through accident, fire, theft or flood... when weighed up against the cost of and your desire for protecting against that risk.

 

We offer two types of GAP insurance which in the event of your vehicle being written off, work as follows:

 

Invoice GAP insurance

Aims to pay the difference between your motor insurance payout and the greater of either:

 

1.    The amount outstanding on finance at the time of claim (where applicable) or
2.    The original invoice price (after discount) that you paid for the vehicle when you first bought it.

 

Replacement GAP insurance

Aims to pay the difference between your motor insurance payout and the greater of either:

 

1.    The amount outstanding on finance at the time of claim (where applicable) or
2.    The original invoice price (after discount) that you paid for the vehicle when you first bought it or
3.    What it would cost at the time of claim to replace your vehicle with one of the same (or nearest equivalent) make, model, specification, age and mileage as was relevant to your original vehicle at the time you bought it.

 

Prices....

 

To give you an indication of price... if you were looking at say, a 3yr policy with a £7,500 Claim Limit (the most that the policy would be prepared to pay out in addition to what you receive from your motor insurer) our prices would be as follows:

 

Invoice GAP insurance @ £124.86 less BRISKODA10 discount = £112.37

Replacement GAP insurance @ £148.29 less BRISKODA10 discount = £133.46

 

At an equivalent of either £37.46 or £44.49 per year we take the view that it's a small price to pay for benefit that could run in to £000's of pounds but, only you can really decide whether you believe that to be good value or not.

 

Note that other durations (1-5 years) and claim limits (£5k to £Unlimited) are available.  If you'd like an alternative quote please either visit GAPinsurance.co.uk for more details or, call us on 01484 490095.

 

If you have any other questions, please don't hesitate to ask either here or via DM or via email to [email protected] - whichever you prefer.

 

Best wishes

 

David

[Guest]

Thanks for you help David, so far you have quoted the cheapest price for the highest level of cover I have found.