Gap Insurance

[PaulLFC]

Hi everyone,

Just wondering who those of you who've taken out GAP insurance would recommend going with? First time I've looked into this type of insurance, I did find one site (gapinsurance123) which had two levels of cover:

- Difference between insurance value and invoice price ("Combined Return to Invoice")

- The more expensive "Combined Vehicle Replacement" which states "Pays the difference between vehicles value at the point of loss and the cost of replacing it with another vehicle matching the vehicles original specification age and mileage or amount outstanding on finance which ever is the higher.")

I'm probably being stupid here, but although return to invoice is cheaper, would that not work out better value given I'm buying used (2012 Zetec)?

For example if the car is worth £5k less in 4 years, so option 1 if I understand correctly would pay the £5k that the insurance company don't cover, to take me to the amount I paid for the car.

If I take option 2, am I right in thinking they replace with a 2012 Fiesta Zetec, which I assume would be worth less than 5k by 2018... therefore option 1 would give me 'more for my money'?

That is unless I'm misunderstanding the "original specification, age and mileage" clause and they actually mean "a car 2 and a half years old", so in 2018, they would replace with a 2015 car.

I hope this makes sense, and someone who knows more about these sorts of policies could clarify... my main reservation at the moment is looking at the prices (well under £200 for 5 years no matter which of the above options I choose), it all seems a bit "too good to be true"!

[dmizz93]

That is unless I'm misunderstanding the "original specification, age and mileage" clause and they actually mean "a car 2 and a half years old", so in 2018, they would replace with a 2015 car.

Think that is what it means by original age/spec and what not.. Could call them for clarification? Or see if competitors offer similar policies but explain them better

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[Mental_Atom]

I used ALA, look them up :) They have it all in simple language and they're cheap too. They're also the same company Autotrader recommend :)

[MarksST]

Vehicle replacement GAP is only on new cars, the policy has to be taken out within 105 days of purchase.

On a used car, GAP return to I voice will pay the difference between your insurance payout and the purchase price or pay off any outstanding finance.

They is a giid guide on the Which website that explains it better.

[dmizz93]

Vehicle replacement GAP is only on new cars, the policy has to be taken out within 105 days of purchase.

....

They is a giid guide on the Which website that explains it better.

Cheers for the heads up, will have to have a look before time runs out!

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[DAN@ADRIAN FLUX]

Hi,

Just to let you know that we offer a a product called Total Loss Protection. Whilst it's not exactly the same as a traditional GAP product we feel it can offer a cost effective alternative. If you'd like any further details then please feel free to drop me some contact details and I'd be happy to arrange for one of my quotes team to give you a call back.

Regards,

Dan.

[PaulLFC]

Think that is what it means by original age/spec and what not.. Could call them for clarification? Or see if competitors offer similar policies but explain them better

Thanks, having read round other places it does seem that's the case - if it's a 2 year old car when you buy it, you'll get enough for a car that's 2 years old at the time of your claim whenever that is.

I used ALA, look them up :) They have it all in simple language and they're cheap too. They're also the same company Autotrader recommend :)

Thanks for the heads up, took a look at ALA and they do seem very good - I'll probably end up going with them once I take the GAP insurance out :)

Vehicle replacement GAP is only on new cars, the policy has to be taken out within 105 days of purchase.

On a used car, GAP return to I voice will pay the difference between your insurance payout and the purchase price or pay off any outstanding finance.

They is a giid guide on the Which website that explains it better.

Hmm, I'll need to do some more reading of the terms but from ALA's site it seemed that they cover used cars with vehicle replacement too, the only difference being your replacement will also be a used car of the same age your original car was when purchased.

Hi,

Just to let you know that we offer a a product called Total Loss Protection. Whilst it's not exactly the same as a traditional GAP product we feel it can offer a cost effective alternative. If you'd like any further details then please feel free to drop me some contact details and I'd be happy to arrange for one of my quotes team to give you a call back.

Regards,

Dan.

Thanks, I'll keep that in mind!