General GAP insurance???

[JoBo7]

Hi all just a general enquiry as I have noticed a few times on here that a lot of you don't think Gap insurance from dealers is a good idea. I would be really interested to know and understand why you think this. I have purchase Gap insurance for my past 3 cars and always believed it was a good idea in case you do write off your car and the insurance company can not cover the remainder of your loan. I would be very grateful to hear your views on this so that I can take it into consideration for when myself or my husband change our cars.
Many thanks

 

[jrkitching]

We don't think it's a good idea to buy GAP insurance from dealers because you can buy the same or better for 1/3 of the price elsewhere.

 

[RobinPJ]

It is a good idea - dealers just charge way too much. Buy online. Maxi will tell you who he used when he pops up.

 

[RobinPJ]

We don't think it's a good idea to buy GAP insurance from dealers because you can buy the same or better for 1/3 of the price elsewhere.

It is a good idea - dealers just charge way too much. Buy online. Maxi will tell you who he used when he pops up.

Probably the one and only time in my life when I will have been more economical than you, JRK (oh, and slower).

 

[Most Easterly Pandas]

:yeahthat:

 

[Purple500]

We went for it on ours, I didn't want it due to the price like what's said above. My partner wanted it on the car and she'd pretty much made up her mind on the matter.
I said I wasn't going to pay £400 quid on it and the guy said he'd do it for £250 and again I said no. He basically just added money on the p/x and ended up paying £150 for it. Thought it was quite good for 3 years, considering insurance is naff all on the 500.
If you want it, like most things, just haggle on the price. They will go down.

 

[JoBo7]

That's great,I had idea that you could buy it elsewhere or even haggle the price. I have a lot to learn x

 

[Xrayferret]

Hi
when we bought our cars the dealer offered it at £299, which we declined, he then came back with £199, which we also declined saying that it was in his benefit for us as customers to come back to him for the new car, he agreed and we got it for £159.

 

[306maxi]

think mine was surfandprotect, much cheaper than what the dealer offered

 

[deepee121]

Hi

I think GAP insurance is a great idea on a new car when I brought my Corsa Limited edition they VX wanted close to £400. I not surprisingly walked away from this offer and have since purchased online. As I had 180 days from purchase date to buy it I made sure I did my research especially around the legalities and I have 3 years worth of cover for £90.

When my partner gets a 500 soon I will be signing her up for that additional piece of mind.

 

[arorat]

think mine was surfandprotect, much cheaper than what the dealer offered

I got mine from surfandprotect too underwritten by Ageas Insurance Limited, had a mail on 25/9/2012 from Frank Pickles Insurance Brokers saying surfandprotect had ceased trading and I could manage the policy via;

[FONT=&quot]Frank Pickles (Insurance Brokers) Ltd[/FONT][FONT=&quot]
www.GapInsurance.co.uk
[FONT=&quot]Tel: 01943 850999[/FONT][/FONT]

anyway some information... if its useful

 

[RobinPJ]

I got mine from surfandprotect too underwritten by Ageas Insurance Limited, had a mail on 25/9/2012 from Frank Pickles Insurance Brokers saying surfandprotect had ceased trading and I could manage the policy via;

[FONT=&quot]Frank Pickles (Insurance Brokers) Ltd[/FONT][FONT=&quot]
www.GapInsurance.co.uk
[FONT=&quot]Tel: 01943 850999[/FONT][/FONT]

anyway some information... if its useful

Frank Pickles? He knows his onions....

 

[chas379]

Frank Pickles? He knows his onions....

Aye Aye That's Shallot

 

[RobinPJ]

Aye Aye That's Shallot

I was going to do a joke about him working in "the Gherkin", which would have been quite funny seeing as the building was also known as the "Swiss Re" building, named after an insurer, and it is smack in the middle of the insurance part of the city, with a fair few insurers as tenants of the building (I think).

However, as someone once said, if you have to explain a joke then it is not funny.

http://www.youtube.com/watch?feature=player_embedded&v=xlIrI80og8c

 

[Carenza]

I got mine from surfandprotect too underwritten by Ageas Insurance Limited, had a mail on 25/9/2012 from Frank Pickles Insurance Brokers saying surfandprotect had ceased trading and I could manage the policy via;

[FONT=&quot]Frank Pickles (Insurance Brokers) Ltd[/FONT][FONT=&quot]
www.GapInsurance.co.uk
[FONT=&quot]Tel: 01943 850999[/FONT][/FONT]

anyway some information... if its useful

Thanks for posting that. Just bought mine with them as they were way ahead on price than anyone else I'd looked at!

 

[arorat]

Thanks for posting that. Just bought mine with them as they were way ahead on price than anyone else I'd looked at!

Could you put price / deal up here without your name, useful for future searches.

 

[Carenza]

£63 for three year RTI GAP insurance, £5000 of cover. Full value would have been just a few quid more at £72 but figure the car won't depreciate massively enough in that time to warrant that. The car I bought is a year old so doesn't qualify for the Replacement type sadly. The site does state they currently have a sale until the end of March but don't know how that is affecting prices. The cheapest I'd found elsewhere third party was just over £100 for the same level of cover, don't recall precisely what the dealer offered but was about the £200 mark against full value.

 

[jrkitching]

Just wondering, has anyone on this forum ever made a claim against a GAP policy?

 

[Super Uwe]

We went for it on ours, I didn't want it due to the price like what's said above. My partner wanted it on the car and she'd pretty much made up her mind on the matter.
I said I wasn't going to pay £400 quid on it and the guy said he'd do it for £250 and again I said no. He basically just added money on the p/x and ended up paying £150 for it. Thought it was quite good for 3 years, considering insurance is naff all on the 500.
If you want it, like most things, just haggle on the price. They will go down.

Good result in the end!

But what you've described there still makes me really angry and leaves a sour taste. Basically the dealer would have screwed you over on the price if you hadn't challenged it.

I'm sure they only do it because people end up paying the price quoted anyway. But it's still not right, whatever way you want to look at it. Just offer the product at a price that offers you a decent margin and the customer value for money, rather than deliberately trying to rip your customer off.

It's not friggin rocket science is it?

 

[jrkitching]

Basically the dealer would have screwed you over on the price if you hadn't challenged it.

Sadly, this seems to be becoming the way of the world. This is yet another example of the (perhaps not-so) new business model: "Get the customer at (almost) any price, then work out how to extract profit from the relationship". You need to be on your toes, all day and every day. Otherwise, sooner or later, someone will rip you off .