elo people i got gap insurance on my car am still waiting for the papaer work i just wonted to know does any1 now what it covers i have got an idea what it cover but wanna no for sure

thank you

tjones

Correct me if im wrong - but it covers the difference between what the insurance actually pay out compared with the actual car value?

Thats about the size of it, kind of guarantees you get the price you paid for your car back with an extra payout if its a total loss.

Yes a bit of a rip off IMO. I.e if you crash your car and its written off and insurance company pay you current market value say £6500 and you paid £11,000 they would pay you £4,500 .

ChrisUK said:

Yes a bit of a rip off IMO. I.e if you crash your car and its written off and insurance company pay you current market value say £6500 and you paid £11,000 they would pay you £4,500 .

Click to expand...

Or if you buy a £11K car and 18 months later before your GAP insurance runs out you decide you don't want the car. rather than take a hit on the trade in price you can always park it at the bottom of your local harbour.

Result = £11K to spend on something else.

i have got gap insurance on my car cause i got my car on fiance some people are sayin if you wirte your car off and the insurance give you say 6grande and you have 6grand felt to pay of your fiance they pay the rest of the fiance off is that true

thank you ppl you have been a great help

tjones

If you wrote the car off with money owing on the finance then when the gap policy pays out the initial purchase price of the car you would have to pay off the existing finance first, then use whatever you have left to buy a new car. So obviously if you didnt have GAP and you wrote it off you'd only get back what the insurance pays out which would be less, still have to pay off the existing finance leaving you less you buy a new car with

make sense?

activematt if i wonted to change the car this year does for a diffrent car does the gap insurance keep the price to sell bk to the dealer if you understand what am saying doesnt make sence to me lol


thanks

tjones

AJJONES said:

activematt if i wonted to change the car this year does for a diffrent car does the gap insurance keep the price to sell bk to the dealer if you understand what am saying doesnt make sence to me lol


thanks

tjones

Click to expand...

Nope, as that would be insurance against depreciation which is completly different. If you want a new car after a year and get the GAP to pay out it would be ideal best for you if it got "Stolen" and burnt out

ChrisUK said:

Nope, as that would be insurance against depreciation which is completly different. If you want a new car after a year and get the GAP to pay out it would be ideal best for you if it got "Stolen" and burnt out

Click to expand...

Not that anyone would do that but do remember to register it Stolen first with the plod!

GAP is purely there to bridge the gap between what you paid for the car and what insurance pay out if you wrote the car off, had it stolen etc.....thats the only time you can take advantage of it.

As with all insurances, great if you need to call on them, total waste of money if you dont

I have taken out GAP insurance against my GPS, as its too much to lose if the worse did happen and it got written off. Worthe the extra £300 i think it was.

well the reason i asked this is cause when i got the car i got it at 0%fiance but i got a 2grand cash bk at 7.1 apr i had my brother go gide and tour the paper work got sent to him 2weeks later then after about a month he decides to tell me that hes got my paper work for my car and when i get it its 19.9apr which i got told it would be 0%fiance i phone up and complained and there was **** all i could do so the car is worth 8200 andi got a 2grand cash bk for insurance so that was 10200 and now have got to pay bk 15000 over 5years i no be for you say am a dick ed the reason for this i let my bro do all the paper work and he ****ed up so i thought gap insurance would pay the rest of my fiance off cause in a way thats what the fella said but not pay the 2grand cash bk so i was guna rite my car off but i thought i would ask people on her first and thanks alot i understand know i ad to send my gap insurance paperwork bk as it wasnt mine they give me someone else so am waiting for my paper work :bang: so thanks for all your replys lads sorry for boring ya


thanks again

tjones

I didn't understand a word of that...

blagged my head a little but i think i understand what your saying

I think he is posting on a public forum that he is going to purposefully write off his car for the insurance pay outs....

just hope that his insurance company don't see it

Simple terms.
Gap will make up the difference between the market value insurance payout and the invoice price of the car.

It will NOT cover the interest accumulated on the finance.

You're not boring us.....but you have got to make the EFFORT to write in proper, coherent English if you want to stand any chance of someone who might be able to help you actually understanding you in the first place....ok?

Love to know what commission the car salesman gets for these GAP policies. I personally think they are a complete waste of money. Most car insurance policies offer new replacement vehicle in first year of ownership. So gap only kicks in from year two. Also if you shop around you will pay much less for your GAP insurance than you will from your dealer. If you are paying £300 you are being seriously ripped off.