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GAP insurance?


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#1 Nipz

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Posted 17 February 2009 - 10:56 AM

Hey all,

Just wondered who got GAP insurance with their new (or old) cars and why they thought it was a good idea.

I understand the idea of GAP but not sure whether or not to get it.

Also who actually owns the car doing it through the ford options, Me or Ford?

Thanks

Ben

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#2 adzmcp

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Posted 17 February 2009 - 10:59 AM

A

#3 Nipz

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Posted 17 February 2009 - 11:02 AM

Thanks for that!

Im def going to be PX the car every 2 years.

I think i will end up getting it, but its all adding up :) just been down to the garage to see if i can change my order to a Zetec S but its an extra 65 a month which i cant really afford just for a car atm :) however nice it looks!

#4 adzmcp

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Posted 17 February 2009 - 11:29 AM

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#5 KeithC

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Posted 17 February 2009 - 11:50 AM

Hi

GAP can seem very expensive when you buy it BUT if you ever have to use it its worth its weight in Gold. Helpped so many people I know out after a write off.

Ford Options is like any finance the car is registered to you but the finance compnay really own the car till paid off. So if you on Options and youhad it back you have to pay for any damage to the car when you hand it back or return it to standard if you modded it. If you PX the car you wont need to worry about all that.

Cheers

Adam

Adam.McPhillips@Ringways.co.uk



Thanks for that!

Im def going to be PX the car every 2 years.


I presume you mean hand the car back and start again. Surely, you can only p/ex the car if it is worth more than the GMVH. If it's not, then the car has to be returned or the outstanding finance paid for.

That is how I understood the Options finance to work, unless I'm wrong?

#6 Mark M.K

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Posted 17 February 2009 - 12:05 PM

I got GAP on my fiesta just incase something did go wrong. Better being safe on such an expensive car. If you really want GAP, don't pay the dealers 295. Print off some quotes from the internet for around 90 for 3 years and see if they will match or beat it. I did this with my dealer and after 10 mins they finaly agreed to give it me for 99! This was on top of my 2000+ discount :)

Remember the dealers need you more than anything else. They will get money for selling the insurance whatever the price. Its a buyers makert atm so use it to your advantage ;)

#7 charlie866

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Posted 17 February 2009 - 12:08 PM

I presume you mean hand the car back and start again. Surely, you can only p/ex the car if it is worth more than the GMVH. If it's not, then the car has to be returned or the outstanding finance paid for.

That is how I understood the Options finance to work, unless I'm wrong?


If you are going to go for the GAP dont let ford talk you into it. They quoted on the new fiesta for me 349 you can get private for same cover if you shop around for as little as 120. Ah the person above jus beat me to it :)

#8 KeithC

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Posted 17 February 2009 - 12:41 PM

I'm not doing.

#9 Nipz

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Posted 17 February 2009 - 12:46 PM

could someone post a link to where they got the GAP insurance cheap from so I can either go with them or try and get ford to match them.

Thanks for the replys tho :)

O and yea I mean give the car back and use it for the deposit for my next car. This is what I was told anyway. Hope it's not wrong.

#10 Inked

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Posted 17 February 2009 - 01:53 PM

O and yea I mean give the car back and use it for the deposit for my next car. This is what I was told anyway. Hope it's not wrong.


You can only use any money over the guaranteed value as deposit on the next car, so if the car is actually worth less than the GV then you would just be clearing the outstanding finance

#11 adzmcp

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Posted 17 February 2009 - 02:35 PM

C

#12 Nipz

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Posted 17 February 2009 - 03:35 PM

what a reply :)

Thanks for saying about the other GAP choices.

I think I will go with the ford gap insurance and pay it over the 24 months.

#13 Mark M.K

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Posted 17 February 2009 - 09:14 PM

Not seen the latest figures for new car sales then? DOWN almost 40% each month. If your turning customers away, your a twit. Its YOUR job you will lose for not selling cars. We the customer dont give a toss if you lose your job as its not our problem. Simple really

As for the "internet GAP insurance" they DO cover the same thing. My dealer said it themselfs. Its exatcly the same product from a different company. You can even phone my dealer yourself and they will tell you the same thing. IT'S THE SAME PRODUCT. Don't come on here saying its not because thats a load of bull.

Without customers, you will go under. That is fact so you DO need customers otherwise it's byebye.....and best thing of all is none of us will really care. Posted Image

Edit:

This company here http://www.surfandprotect.com/ uses AXA insurance company to underwrite the policy....going to argue with a big insurance company like them? 50% cheaper than dealer GAP too...

#14 Nipz

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Posted 17 February 2009 - 09:26 PM

Ive been looking online and can get the insurance for 93 for 2 years... need to look into this cause if its the same id be stupid to spend over 200 more for the same thing!

#15 hedgepig

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Posted 17 February 2009 - 10:34 PM

Sorry but Dealers really dont need customers more than you need dealers. Dealers are turning away customers becasue they think they can get a stupid deal because "ITS A BUYERS MARKET" this is the worst phrase ever made. Dealers only have so much they can give away and the more you rape dealers the more you will see go down and struggle then where will the car industry go???

As regarding GAP yes you can buy on the internet for cheap but it DOES NOT cover the same as what the dealer cover look into it read it all. We had customers who bought GAP on internet and tried to claim and it all goes wrong then. Think about it, COST price is around 80 for cash GAP and 120 for Finance GAP so if the internet is selling it cheaper you gotta ask your self how and why????? You can not blame a company trying to sell GAP for a profite we certnly dont make enought profit in cars anymore, Would you run a buisness losing money all the time. This is why we saying no to deals now. Too many people wanting deals that lose money will affect a buisness. Ford are not giving dealer a big bonus this year the bonus has been cut in half possibly more so dealer have to be careful to stay afloat.

If customers want to rape dealers all time be prepaired for bad after service etc etc the money has to come out of somewhere else. Also look at Pendragon a company so big very nearly went bust they still not stable even now. People in car industry are losing jobs every day because manufactures need to cut things down becasuse people want silly deals that lose companys money. Dont think that Ford want to made redundancys because figure out show Ford sales are up on all manufactures the fiesta and focus have been the no1 and no2 best seller for past 3 months. Ever since the credit crush sales of fords have risen with people coming out of there Audi Merc BMW etc etc. But the people who do come out get deals that lost money and it now starting to affect us.

Here where we work I am telling customers NO to deals, I am sending them away to deal with other manufactures because I have my Job to think about.

It may seem very small just you but where we get customer after customer like this its not right for a buisness


Once again, I'm afraid I disagree. Have you not heard the expression "the customer is king"?

We do not want to "rape" the dealer but conversely we're not going to pay over inflated prices because you are not prepared to meet the market conditions and offer competitive deals.

To say that after sales service will suffer as a result of a fair price is absolute rubbish and frankly it's an insult to our intelligence.

The reason the car industry is suffering is because of the recession and all of us are suffering in one way or another.

If your company condones the fact that you are turning away business all it shows is that you are trying to "rape" us instead of doing what other dealers are doing ie offering the consumer a fair deal--we're not saying we want something for nothing but we don't want to be exploited either.

As for GAP insurance well imo that's just a waste of money--I've never bothered with it--but I suppose it does depend on which insurance company you favour as some of them are far far better at paying out than others.

One thing's certain--if you at your dealership are not prepared to match prices---other dealers will.......and still make money.

OK, I agree that they will probably have to sell more vehicles to make the money but those who wish to stay afloat and look after their existing customers certainly will because they realise the importance of customers---something which you sadly do not.

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