Gap insurance

[NGD]

A  neighbour of mine has just bought a new car and not bothered with gap insurance as, because of the long delivery times, used models are fetching as much, if not more, than new ones so any amount he'll receive in the event of a write off is pretty much the same.. That's got me thinking, I ordered a new Octavia last September because the price of nearly new ones, if you can get them,, was the same so what would be the point of spending £500 on gap insurance when mine eventually arrives?

[TheWanderer]

I didn't get it through the dealer as it's hideously expensive via them.

 

You can get it on the web cheaper, there's several different options available for it too. 

 

I would do it, but I don't have the cash to do it at the moment due to severe difficulties with my employer, which could result in me being made unemployed, so my main duty it's to pay for the car in total, not gap insurance.

[DAN@ADRIAN FLUX]

Hi.

If it's of any help to we offer a 12 month product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance we feel for some customers it can make a cost effective alternative.

Please feel free to take a look if you wish.

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

Regards,

Dan. 

[SC03OTT]

£500 is a ridiculous price for GAP. So no, that wouldn’t be worth it, regardless of the situation. As said, it’s available much cheaper elsewhere.  ALA is where I’ve got mine in the past. 

[NGD]

Thank you for your replies but the point I was trying to make in my original post was that residual values of nearly new cars can be even more than those of new ones, so any insurance payout, in the event of a write off, would not result in a substantial loss, as opposed to previously when new models lost a big proportion of their value as soon as they were driven off the forecourt. Is GAP insurance necessary at the present time therefore?

[SurreyJohn]

It's also worth checking your policy, I have seen policies where a car less than X months old is replaced by a new one if written off.

 

GAP insurance is if you cause the loss, if it is a third party they need to put you back in position would have been, so shouldn't have an financial loss (yes, I know they might try a lower payout, but that is just an offer, not what you are obliged to get)