Gap insurance

[Binary]

is anyone able to make a recommendation for gap insurance please?

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[AllanG]

ALA are very competitive and always get good reviews. If you use code MSE25, you can get a discount.

 

[Tyrrell]

Yep ALA all the way ?

 

[simcity]

Last time I bought GAP insurance was over twenty years ago.

FCA are now investigating GAP firms....

https://www.fca.org.uk/news/press-r...-sales-following-fca-concerns-over-fair-value

 

[Murph7355]

Last time I bought GAP insurance was over twenty years ago.

FCA are now investigating GAP firms....

https://www.fca.org.uk/news/press-r...-sales-following-fca-concerns-over-fair-value

Least surprising thing ever.

Have never been able to fathom how this sort of thing could realistically work.

 

[RGBArgee]

is anyone able to make a recommendation for gap insurance please?

I’ve never bothered. Your insurer generally covers year one with a new car. Not sure the balance between cost and risk is worth it.

 

[PCASSOO]

I sell Gap insurance and Warranties for a living. The only time you would want Gap is when you don't put a lot of Money down on your Loan. If your at 50% down on your loan you should be all good.
Gap Insurance covers the amount between what you Owe in Total and what your Insurance left behind. That's why it's called Gap Insurance, it covers the Gap of what you Owe.
Hope this makes a little more sense of it.
Not putting enough down get it. It can really save your ass.
Another FYI, it has to be done when you Finance the Car Loan and all your other Goidies except for Negative Equity.
?

 

[WuffvonTrips]

I sell Gap insurance and Warranties for a living. The only time you would want Gap is when you don't put a lot of Money down on your Loan. If your at 50% down on your loan you should be all good.
Gap Insurance covers the amount between what you Owe in Total and what your Insurance left behind. That's why it's called Gap Insurance, it covers the Gap of what you Owe.

My GAP insurance policy (sold by my Porsche dealer) is twofold- as well as the Financial Shortfall Gap which you describe above (and which is irrelevant to me as I didn't use finance), it covers any Return To Invoice Gap (limit of £50k) for the first 3 years of ownership. With the Taycan's depreciation, I find the cost of the policy worthwhile for that cover after the first year (when cover is usually already included in the main insurance policy).

 

[Remedy234]

Gapinsurance123
£300 for 4 years cover

 

[PCASSOO]

Yeah different Countries and even different States have various laws in what you can offer and buy for Gap insurance.

 

[icegrey4S]

Another vote for ALA using the MSE25 discount code - GAP is an absolute must in my opinion for the £400 it cost me for four years on a return to invoice policy. I’d be massively out of pocket as a cash buyer if my car was to be written off, so at least if the worst was to ever happen, I’d get every single penny back. No brainer!

 

[BigBob]

Last time I bought GAP insurance was over twenty years ago.

FCA are now investigating GAP firms....

https://www.fca.org.uk/news/press-r...-sales-following-fca-concerns-over-fair-value

Interesting. Only 10% historical pay outs.

I did buy it for first time ever, about £100 per year from memory. Seems pretty cheap, assuming it actually does what it says.

 

[kurand]

I believe that the remaining few companies have agreed to suspend sales of GAP insurance, so it’s likely unavailable for the moment.

https://cardealermagazine.co.uk/pub...e-provider-to-pull-product-from-market/298555

 

[WuffvonTrips]

I believe that the remaining few companies have agreed to suspend sales of GAP insurance, so it’s likely unavailable for the moment.

https://cardealermagazine.co.uk/pub...e-provider-to-pull-product-from-market/298555

So tough luck for anyone who has figured out that the product is worth it for their own circumstances?

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