EzzyRallyBoy Posted July 5, 2009 Share Posted July 5, 2009 Gap Insurance - Any good or a con ?? - Thoughts please ...................... Quote Link to comment Share on other sites More sharing options...
DanGull Posted July 5, 2009 Share Posted July 5, 2009 I had it on the last car and have added to the one I've just ordered. I went with Ford's own policy but there are cheaper ways to do it. My last car was written off a matter of weeks after it ran out. I got £3250 for it. If the GAP had been running still, I'd have got close to the full purchase price for it - £8K That's worth a few hundred quid in my opinion. Also to note, is check your car insurance. If it offers as new replacement in the first 12 months it's worth deferring your GAP to not start until the second year of ownership. You can usually get 3, 4 or even 5 years cover if you push hard enough and defer it. Quote Link to comment Share on other sites More sharing options...
Nipz Posted July 5, 2009 Share Posted July 5, 2009 Hey, In the sort, YES its well worth it on a brand new car. I got 2 years cover for £90 on a website compared to over £300 with Ford. Heres a topic i started ages ago when i asked the same question :) Click me Hope this helps. Quote Link to comment Share on other sites More sharing options...
EzzyRallyBoy Posted July 5, 2009 Author Share Posted July 5, 2009 I am a little confused as to what is the GAP covering ??? Is it intended to be a good scheme for everyone or just those with outstanding finance ?? We have been fortunate to buy our new car CASH - so NO finance - Is it of any advantage to us ?? Quote Link to comment Share on other sites More sharing options...
Ronnie Roberts Posted July 5, 2009 Share Posted July 5, 2009 I am a little confused as to what is the GAP covering ???Is it intended to be a good scheme for everyone or just those with outstanding finance ?? We have been fortunate to buy our new car CASH - so NO finance - Is it of any advantage to us ?? Gap insurance is used if the car is written off in first 3 years of owning it. it pays the difference from original purchase price and insurance payout... in effect if u buy a car for £15000, and in 2 years time the car is worth £6000 and it gets written off ur insurance company will give u the £6k its worth. gap insurance will then pay the other £9k so u get ur full £15k back that u paid for the car. (to much fsa training!!) i got it on mine..... rrp is around £300-400 for 3 years but im sure u could haggle it down to £200-250ish throught ford! (ours is underwritten by abraxas which is one of the largest insurace/investmant companies in the world) Quote Link to comment Share on other sites More sharing options...
fiestafun Posted July 5, 2009 Share Posted July 5, 2009 Gap Insurance - Any good or a con ?? - Thoughts please ...................... i though it was a con at 1st but then my car got stolen after 3 weeks and they payed up the full amount of my car is worth so well worth it i think Quote Link to comment Share on other sites More sharing options...
Martyn Posted July 5, 2009 Share Posted July 5, 2009 heya, got it on mine, would not buy a new car without it, esp if you write it off with the way new cars deprechate even if you think ur a careful driver, rememeber other people may write it off whe your not even near the car ie in car park etc... not worth a risk, piece of mind insurance. Quote Link to comment Share on other sites More sharing options...
fezzidebz Posted July 5, 2009 Share Posted July 5, 2009 Hi ya I took out the Gap insurance, as i thought it was a good deal..... but my insurance covers me for the 1st year, so i got it to start nxt year for 3 years ;) Quote Link to comment Share on other sites More sharing options...
Air Hostess Posted July 5, 2009 Share Posted July 5, 2009 I have GAP insurance aswell........£199 from the A.A Quote Link to comment Share on other sites More sharing options...
Beermonster Posted July 6, 2009 Share Posted July 6, 2009 Make sure you get return to invoice GAP, no matter who you get it with you will still have to battle with the insurance company to get the full amount, as you would with any insurance claim, for cheap GAP go to click4gap.co.uk get a quote then go to surfandprotect.com they will beat the quote and it's under written by AXA, this is the cheapest way I've found to get it, got it for my wife's Aygo cost just over £80 for 3 years. Quote Link to comment Share on other sites More sharing options...
Jemo Posted July 20, 2009 Share Posted July 20, 2009 I've got a 3 year old Ford Fiesta and when I renewed the insurance on confused.com last week I found they have "Car Depreciation Insurance" that I can buy for my Fiesta even though I've owned it for 3 years! As I understand it - it pays back to the value of my car today rather than the invoice - but that seems to be the only difference. Has any-one bought one of these policies from confused.com? Thanks Jem Quote Link to comment Share on other sites More sharing options...
Beermonster Posted July 20, 2009 Share Posted July 20, 2009 I've got a 3 year old Ford Fiesta and when I renewed the insurance on confused.com last week I found they have "Car Depreciation Insurance" that I can buy for my Fiesta even though I've owned it for 3 years!As I understand it - it pays back to the value of my car today rather than the invoice - but that seems to be the only difference. Has any-one bought one of these policies from confused.com? Thanks Jem The policy, offered by Confused.com, essentially offers the same type of protection as GAP insurance (guaranteed asset protection), which is a very lucrative add-on for car dealers, piling hundreds of pounds onto the purchase price of a new car, but which many consider a rip-off. GAP insurance ensures that the car's owner gets the full value of a suitable replacement back should it be written off or stolen, as opposed to the actual market value, which is usually much lower. Car depreciation is the highest real cost of owning a car - including fuel, servicing and insurance - and so the new policy effectively protects against it for a modest monthly premium. Policies start at £72 I've just got my GAP for £99 which I didn't think was bad, how much did that cost you? Quote Link to comment Share on other sites More sharing options...
Jemo Posted July 21, 2009 Share Posted July 21, 2009 Thanks for your help Beermonster. I have just purchased my Gap insurance through confused.com for £86. When I phoned them they were so helpful and offered me great peace of mind! Where did you purchase your Gap Insurance from? Quote Link to comment Share on other sites More sharing options...
Beermonster Posted July 21, 2009 Share Posted July 21, 2009 Thanks for your help Beermonster.I have just purchased my Gap insurance through confused.com for £86. When I phoned them they were so helpful and offered me great peace of mind! Where did you purchase your Gap Insurance from? I got it from surfandprotect.co.uk Quote Link to comment Share on other sites More sharing options...
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