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Thread: GAP Insurance

  1. #1
    Regular stava's Avatar
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    GAP Insurance

    Who's had it, used it, recommends it, would never use it?

    I'm using a PCP deal to finance a used car. Should I be looking at GAP insurance?

    Any help or advice would be appreciated. This is a bit new to me.

    Cheer
    Steve

  2. #2
    Regular Ian H's Avatar
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    I took it but on a brand new car as they depreciate immediately so may have an issue in the first few years if the worst happened.

    It's like all insurance, only useful if you need it.

    On a used car, depending on age, I wouldn't bother as depreciation will have already happened.
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  3. #3
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    I donít think Iíd take it on a used car. The risk of being out-of-pocket is minimal - the car will almost always be worth what you owe, or more.

    I donít know your personal circumstances or what youíre buying, but do a few CarWow searches on new cars and see what the resulting PCP deals would be. In many cases, I bet you could get the new car PCP price really close to the used car PCP price. Something mega money and mega special might not work out that way, but if I was looking at a nearly new car with a sticker price of ~£30k or less, Iíd definitely run the sums on new.

    Oh, and many insurers give you 12 months gap insurance on a brand new car and also promise to replace with another brand new car if the worst happens.
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  4. #4
    Regular stava's Avatar
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    Awesome, cheers for the info gents.

  5. #5
    Regular Dave G's Avatar
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    GAP return to invoice - Iíd definitely go for. It just be RTI GAP not normal GAP (up to your outstanding equity from the payout)

    They will do a deal on it.

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    As a 'used car' means anything from a couple of days old to 20 plus years old, I'd seriously look at the amount your purchase cost before dismissing it out of hand. A £2k shitter probably isn't worth it, a £10k or £20k one would be, but like most insurance, you're paying for something you hope you don't ever need.
    ALA seem very popular, use HJ19 for some discount. A quick check shows £12500 cover for 3 years for a 6mth old £22k car is £172. Pretty good value IMO
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  7. #7
    Regular Dave G's Avatar
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    I went for it on my 135.

    They do get nicked / written off

    If this happened after 2.5 years itíd take the edge off.

  8. #8
    Regular Kev_G's Avatar
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    Hypothetically you buy a 30k car cash you'd want to be looking at Return to invoice Gap insurance I guess?
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  9. #9
    Regular stava's Avatar
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    I've been looking at Return to Invoice Gap.

    A quote from Click4Gap (recommended on MSE) came in at just less than £100 for 3 years. Maximum claim was £7500. I can't see the gap being that big on the car I'm looking at.

  10. #10
    Regular Dave G's Avatar
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    **** yeah.

  11. #11
    Regular Dave G's Avatar
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    Quote Originally Posted by stava View Post
    I've been looking at Return to Invoice Gap.

    A quote from Click4Gap (recommended on MSE) came in at just less than £100 for 3 years. Maximum claim was £7500. I can't see the gap being that big on the car I'm looking at.

    List price vs value in 3 years? Depending on what car itís likely to be more than £7.5k

  12. #12
    Regular stava's Avatar
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    Quote Originally Posted by Dave G View Post
    List price vs value in 3 years? Depending on what car itís likely to be more than £7.5k
    Invoice price will be 18k

    Value in 3 years is likely to be around 13/13.5k.

    I think.

  13. #13
    Regular Chris D's Avatar
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    Talking

    I've had it. On cars bought new, on HP. Never needed it, thankfully. Nice to know you've got it though.

    My current daily is 2.5 yrs old and I put 1/3 of the forecourt price down as a deposit. It's on PCP too.

    I'm probably jinxing myself here but I decided against it this time.

    As Ian said above, it depends on how much you owe, the value and what your risk appetite is like.
    Last edited by Chris D; 25-06-2019 at 07:16 AM.
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  14. #14
    Regular stava's Avatar
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    Cheers Chris, appreciate the input.

    I'm not a gambling man really. I'll get something sorted.

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